TORONTO, October16, 2012 Great Toronto Area REALTORS reported 4,541 condominium apartment sales through the Toronto MLS system in Q3 of 2012. This result represented a 20.5 per cent decline in transactions matched against quarter three of 2011.
"The condominium apartment market was the best supplied real estate market segment in the third quarter of this year. Strong condo unit completions in 2011 and the first half of 2012 led to many investor-held units listed for sale. At the very same time, condo sales dropped off relative to last year as some buyers moved to the sidelines as tougher mortgage lending guidelines resulted in increased costs of home ownership," said Toronto Real Estate Board ( TREB ) President Ann Hannah.
The average selling price for condominium apartments in the 3rd quarter, at $334,204, was flat compared to the same period last year.
"With more listings to make a choice from and less sales, condo buyers have not been as assertive with respect to offers, and sellers had to price their units competitively. The result was little upward pressure on condo average selling price matched against last year. Given the supply of listings currently in the real estate condo market, the average rate of price growth for condo residences should continue to lag price expansion for low-rise home types over the following year," said Jason Mercer, TREB's Senior Chief of Market Analysis.
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