Condo Prices Surge In Response To Fewer Listings – Dean Gibbons
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Condo Prices Surge In Response To Fewer Listings

By deangibbons | Market News

Apr 17

Toronto Real Estate Board President Tim Syrianos
announced that the average selling price for condominium apartments sold through TREB’s MLS®
System was up by nine percent year-over-year to $533,447 in the first quarter of 2018.

While the number of condominium apartment sales reported by Greater Toronto Area REALTORS® in the first quarter was down by 29.7 percent year-over-year to 5,084, so too were the number of new listings, which were down by 11.1 percent annually to 8,030.

“Seller’s market conditions for condominium apartments remained firmly in place in the first quarter of 2018.  Strong competition between buyers underpinned price growth well above the rate of inflation.  We expect the condo market segment to remain strong through the remainder of 2018 and over the longer term, as buyers continue to see ownership housing as a quality long term investment,” said Mr. Syrianos.


Inventory levels for condominium apartments in the first quarter of 2018 were above the record lows experienced during the first three months of 2017.  However, with months of inventory continuing to trend between 1.5 and 2.0 months, market conditions remain very tight from a historic perspective.


“The condominium apartment market segment continues to have the lowest price point on average compared to other major low-rise home types.  It stands to reason that condos remain popular with first-time buyers.  Strong demand relative to supply will see this segment perform
well from a pricing standpoint for the remainder of 2018 and beyond,” said Jason Mercer, TREB’s
Director of Market Analysis.

Condominium Apartment Market Summary First Quarter 2018

2018

2017

Sales

Average Price

Sales

Average Price

.

Total TREB

5,084

$533,447

 7,234

$489,599

Halton Region

206

$468,686

246

$457,369

Peel Region

717

$410,006

975

 $369,787

City of Toronto

 3,611

$572,391

5,061

$521,977

York Region

 421

$489,989

816

 $466,642

Durham Reg.

 116

$382,653

120

$353,086

Other Areas

13

  $303,319

16

$238,931

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