April 16, 2013 -- Greater Toronto Area REALTORS reported 4,133 condo house sales through the TorontoMLS system during the 1st quarter of 2013. This result was down by roughly 17 % contrasted to the first quarter of 2012.
New lists of condominium apartments were also down on a year-over-basis in quarter 1, but by a smaller yearly rate of five percent. This being said, the proven fact that new condo listings were down in the first quarter means that the market may become tighter moving forward.
"Buyers benefitted from a large amount of choice in the apartment market in the first quarter, especially contrasted to low-rise home types. This may also depend on the timing and scale of future condo apartment completions," recounted Toronto Property Board President Ann Hannah.
"With months of inventory high from a historic point of view, it is smart that the average selling price for condos edged lower over the last two quarters. However, March results were much more positive matched against Q1 as a whole, with the average apartment selling price up by two per cent annually for the GTA," said Jason Mercer, TREB's Senior Manager of Market Research.
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