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Summary of Condominium Market in 2nd Quarter:
– 6,435 condo apartment transactions in Q2 – down 2.6% (6,609 transactions in Q2 2011)
– New listings for condos up substantially, by 19% in comparison to 2011
– Average price for Q2 sales were $342,212 – a 3.2% increase compared to 2011
– Condo units were priced in line with buyer expectations – generally sold for 98% of asking price within a month’s time
According to TREB President, Ann Hannah:
“The condominium apartment market has been the best-supplied market segment in the GTA this year. Many condominium projects have completed over the past year and this has resulted in a substantial increase in listings and ultimately more choice for buyers. The greater degree of choice in the condo market translated into a moderate rate of price growth compared to what was experienced in the low-rise market segment.”