Greater Toronto REALTORS® reported 5,770 condominium apartment Sold [VIDEO]

The average selling price increased nine per cent
Greater Toronto REALTORS® reported 5,770 condominium apartment transactions through the TorontoMLS® system in
the third quarter of 2011, representing a 24 per cent increase over the same period in 2010.

The average selling price increased by almost nine per cent to $333,352. The resale condominium apartment market tightened in the Greater Toronto Area since the Fall of 2010.

This tightening was in line with a broader trend in the existing home market, where listings through the end of the second quarter were in short supply compared to a year ago.

Condo sales, at 6,721, were up by almost 0.5 per cent in the second quarter, while active listings were down by 13 per cent to 5,641 at the end of June. With more competition between condo buyers, it was no surprise that the year-over-year rate of growth for the median selling price accelerated to over 10 per cent by the end of the quarter.

The supply situation will likely improve in the second half of 2011 and into 2012. Following a large spike in condo apartment completions in the second quarter (most notably in June), total completions through the first six months of the year, at 10,238, were up by 65 per cent compared to the same period in 2010. Generally speaking, increased completions of new condo apartments leads to increased listings in the resale market.

Many of these listings will come from investors who purchased one or more units at the pre-construction stage of development and who will now be looking to take advantage of an increase in value during the construction period.

More choice in the condo apartment market will result in more balanced market conditions and a moderation in the annual rate of price growth to a more sustainable pace over the long term

Watch Video Of  Full Report

Source: Toronto Real Estate Board (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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