2014 Q2 Condominium Apartment Sales

Toronto Real Estate Board President Paul Etherington announced robust results for the condominium apartment market in the second quarter of 2014. Q2 sales were up by 10.4 per cent compared to the same period in 2013. New listings were up over the same period, but by a lesser 4.4 per cent.

“Condominium apartments represent an affordable entry point into the market for first time buyers. On top of this, some condo properties cater to households looking to move out of their traditional low-rise home, and we are increasingly seeing households choose condos as the place where they will raise a family. This diversity of buyers explains why sales more than kept up with increased listings in the second quarter,” said Toronto Real Estate Board President Paul Etherington.

The average selling price for condominium apartments in the second quarter was up by 5.5 per cent year-over-year to $367,010. In the City of Toronto, which accounted for 71 per cent of total sales, the average selling price was $392,739, representing an increase of 5.3 per cent.

“Even though inventory levels for condo apartments have been higher compared to inventory of low-rise home types like singles, semis and towns, there has been enough demand relative to supply to see strong price growth. Even as inventory levels increase due to record occupancies in 2013, we should see enough demand to sustain price growth above the rate of inflation in the second half of this year,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

Condominium Apartment Summary Q2
  2014   2013
  Sales Average Price % Change Sales Average Price
Total TREB 6,553 $367,010 5.5% 5,936 $347,988
Halton Region 193 $345,387 5.4% 127 $327,748
Peel Region 951 $270,921 4.8% 878 $258,426
City of Toronto 4,638 $392,739 5.3% 4,244 $373,064
York Region 620 $359,736 8.3% 547 $332,235
Durham Region 137 $240,449 6.2% 128 $226,378
Other Areas 14 $229,371 -12.5% 12 $262,048


Source: TREB

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Donald Lum

Donald Lum

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CENTURY 21 Leading Edge Realty Inc., Brokerage*
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