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Greater Toronto Area REALTORS’ Latest Report on Toronto Condominiums

On October 16th, 2012 Greater Toronto Area REALTORS released its report on Toronto Condominiums. The report mentions that in the third quarter of 2012 there were 4,541 condominium apartment sales through the TorontoMLS system which represents a 20.5% decline in sales relative to the comparable quarter in 2011; however, new listings during the same time period increased by 6.5% to 11,456 units. The average selling price of condominiums in the third quarter of 2012 remained stagnant at $334,204 when compared to the prior year same quarter.

Toronto Real Estate Board President, Ann Hannah, mentions that the supply of condominium apartments increased in the third quarter of 2012 while a simultaneous decline in sales occurred during the same period. The catalyst for the decline in sales was due to stricter mortgage lending guidelines which resulted in increased costs for home ownership.

Jason Mercer, Senior Manager of Market Analysis for the Toronto Real Estate Board states that condominium buyers have been less aggressive with regards to offers due to an increase in the amount of listings to choose from. This has resulted in sellers being forced to price their units more competitively resulting in stagnant upward price pressure. The average rate of price growth for condominiums will underperform relative to low-rise home types in the near future due to the increase in supply.

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