Greater Toronto Area Condo Sales and Average Price Rebound in Q3 2013

City of Toronto, which accounted for 72 per cent of condominium apartment transactions, sales were up by 19.5 per cent.

Greater Toronto Area REALTORS® reported 5,307 condominium apartment transactions through the TorontoMLS system in the third quarter of 2013. This result was up by 18 per cent in comparison to 4,498 condominium apartment sales reported for the third quarter of 2012. In the City of Toronto, which accounted for 72 per cent of condominium apartment transactions, sales were up by 19.5 per cent.
“The Echo Generation wants to live close to where they work and play. It makes sense that they have turned to condominium apartments as they have moved into home ownership. Many condominium apartments in the GTA are characterized by their proximity to a diversity of employment, transportation and leisure alternatives,” said Toronto Real Estate Board President Dianne Usher.

“A growing number of buyers have restarted their search for a condominium apartment since the summer. Despite the onset of stricter lending guidelines, buyers have found that home ownership remains affordable,” continued Ms. Usher.

The average selling price for condominium apartments in the third quarter of 2013 was $340,069 – up almost two per cent in comparison to the average of $333,846 in the third quarter of 2012.

“We experienced a moderate annual rate of increase in the average condo price. However, while condo sales were up, listings were down in the third quarter. If this trend continues, it could point to increased competition between condo buyers and an uptick in the pace of price growth moving forward,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

For information about Buyer Representation Agreements (BRA) visit samirsafadi.com

 
Greater Toronto Area open house listings are available on http://www.realestatesnatch.com/p/open-house-listings.html
 
For Media/Public Inquiries:
Mary Gallagher, Senior Manager Media Relations.
Toronto Real Estate Board 1400 Don Mills Road Toronto,
ON M3B 3N1,
Office: (416) 443-8158,
 
 
Greater Toronto REALTORS® are passionate about their work. They adhere to a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Serving over 36,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada’s largest real estate board. 
 
READ FULL REPORT:  Courtesy of (TREB)


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REAL ESTATE SNATCH is the independent real estate blog of Samir Safadi, Sales Representative of West-100 Metro View Realty Ltd, brokerage it is dedicated to covering Real Estate News, digital culture, social media and technology, providing analysis of trends, Market Data , reviewing new development. Offering Real Estate services resources and guides. Services are provided to prospective buyers and sellers of real estate by Samir Safadi, Sales Representative, West-100 Metro View Realty Ltd, brokerage, duly registered in the province of Ontario, under Real Estate and Business Brokers Act, 2002 (REBBA 2002) and Member in good standing with



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