Toronto Real Estate Board President, Michael Collins, announced that Greater Toronto Area REALTORS® has sold 7,038 condominium apartment through TREB’s MLS® system in the second quarter of 2019. The figures are 3.2% more than that compared to the second quarter of 2018. In 2018, new condominium apartment listings, entered in second-quarter in TREB’s MLS® system, was 11,512 whereas for 2019, figure is 11,110 for the second quarter. The 2019 result is down by 3.5 percent as compared to 2018’s result.
Michael Collins said, “As has generally been the case in the region since the implementation of the Ontario Government’s Fair Housing Plan in 2017, the condo market segment has remained tight in comparison to other major housing types. However, from a price point perspective, condo apartments continue to offer prospective buyers a relatively affordable housing option when looking across the GTA.”
In Q2 2018, the average price of a condominium apartment was $561,343 and in Q2 2019 it is $589,887. There is a 5.1 percent increment in the average price of a condominium apartment in 2019 Q2 as compared to 2018 Q2. The price growth in the city of Toronto year over year accounted for almost 70 percent of transactions which was slightly higher at 5.9 percent and resulted in an average price of $639,316. The condominiums for sale in North York are showing good results for 2019 Q2, as they are in high demand.
For the first six months of 2019, condominium apartment completions reported by CMHC is down on a year over year basis as compared to the first half of 2018. Investors are choosing to list their units for sale when their titles transfer from them to the builder.