Condo Market Tightened in Q4 2015
January 27, 2016 -- Toronto Real Estate Board President
Mark McLean announced that Greater Toronto Area REALTORS®
reported 5,595 condominium apartment sales through TREB's
MLS® System during the fourth quarter of 2015. This
result was up by 12.6 per cent compared to the same
period in 2014.
Over the same period of time, the number of new condominium
apartment listings entered into TREB's MLS® System was
also up, but by a substantially lower annual rate compared
to sales, at 3.3 per cent. The result was tighter market
conditions compared to a year earlier.
"The condominium apartment segment is integral
to the overall housing market in the Greater Toronto
Area. Over the past decade, the trend has been to increasingly
build up due to provincial land use policies. As new
projects have completed, a number of investor-held units
have been listed for sale on TREB's MLS® System.
These units have been absorbed quite rapidly, with enough
demand relative to supply to prompt continued price
growth," said Mr. McLean.
The average selling price for condominium apartments
in the fourth quarter was up by 4.1 per cent year over
year to $382,070. Throughout the fourth quarter, the
MLS® Home Price Index (HPI) Apartment Benchmark Price
was up by between four and six per cent on an annual
"First-time buyers account for approximately half
of all buyers in the GTA and even more so in the City
of Toronto. Condominium apartments represent an important
entry point into home ownership for a lot of households.
This is a key reason why we experienced continued growth
in sales for this home type over the past year,"
said Jason Mercer, TREB's Director of Market Analysis.