Greater Toronto area Realtors reported 5,191 condo apartment sales through the MLS in Q4 2018. The number of transactions represented a 9.9% decrease compared to 5,760 transactions reported in Q4 2017.
In the City of Toronto, which accounted for 71.8% of condo apartment sales in the GTA, sales were down by 12.3%. The average selling price in the City of Toronto was $598,664 up 8.9% from Q4 2017.
The number of new listings in the GTA reported in Q4 was down by 11.2% compared to the same period in 2017. The number of active listings in the GTA reported in Q4 was up by 10.5% compared to the same period in 2017.
"The condominium apartment segment was the best performing segment in terms of annual average rates of price growth in 2018. Condos represent a relatively affordable housing option. With a substantial decrease in listings in 2018, competition between intending buyers remained strong. This supported average price growth well-above the rate of inflation and annual rates of price growth reported for other ground-oriented home types," said Toronto Real Estate Board President Gary Bhaura.
The average GTA selling price grew in Q4 up by 8.3% from the same time last year to $558,728.
“The condominium apartment segment continued to be a key entry point into the GTA home ownership market in 2018. Higher mortgage qualification standards meant that many first-time buyers were looking for more affordable housing options. Moving forward, the concern is that a continued lack of listings supply, despite relatively strong new condo completions as of late, will hamper the ability of potential home buyers to meet their housing needs” said Jason Mercer, TREB’s Senior Manager of Market Analyses.
Other notable statistics include the average days on the market for Q4 2018 at 24 days, up from 23 days a year earlier.
Sellers are looking for market value for their property. I prepare a comparative market analysis (CMA) for all of my Buyer clients prior to submitting an offer to determine the property's market value range
Real estate is very building specific. The numbers as reported above are GTA averages. Results in one building do not indicate that all other buildings are experiencing the same results.
The average one-bedroom rent for the TREB market area as a whole was up by 8.8% on a year-over-year basis to $2,143 in Q4 2018. The number of one-bedroom condominium apartments rented through TREB’s MLs system amounted to 3,675- a 12.7% increase compared to Q4 2017.
The average two-bedroom rent for the TREB market area as a whole was up by 5.5% on a year-over-year basis to $2,774 in Q4 2018. The number of two-bedroom condominium apartments rented through TREB’s MLS system amounted to 2,044- a 0.3% increase compared to Q4 2017.
The vacancy rate for a condo apartment in the City of Toronto for Q4 2018 was 0.7%.
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