Condo Sales Report
City of Toronto Condo Prices Climb 5.9% in Q2 2019!
July 24, 2019 -- Toronto Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 7,038 condominium apartment sales through TREB's MLS® System in the second quarter of 2019. This result was up by 3.2 per cent compared to Q2 of 2018.
New condominium apartment listings entered into TREB's MLS® System were down by 3.5 per cent compared to Q2 2018, with 11,110 listings added in 2019 versus 11,512 listings added in 2018.
"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," said Mr. Collins.
The average price of a condominium apartment increased by 5.1 percent from $561,343 in Q2 2018 to $589,887 in Q2 2019. Year-over-year price growth in the City of Toronto, which accounted for almost 70 percent of transactions, was slightly higher at 5.9 per cent, resulting in an average price of $639,316.
“The condominium apartment rental market also remained quite tight in the second quarter, with average rents for one-bedroom and two-bedroom apartments increasing above the rate of inflation on a year-over-year basis. However, we have seen an acceleration in the number of units listed for rent, which has provided renters with more choice in the market place and has coincided with a slower pace of average rent growth over the past year,” said Jason Mercer, TREB’s Chief Market Analyst.
Just arrived! Click below for the 2019 Q2 Condo Market Statistics!