As per the new stat’s by the Toronto real estate Board, the condo real estate market remained tight with the average condo price rising up by 22.7% compared to the previous year. Although the sale of the condo this year was down remarkably, the average pricing increase was impressive. As per the statistics released by the Toronto real estate Board, the average selling price was $510,206 in Q3 2017 – up by 22.7 per cent compared to the average of $415,894 reported in Q3 2016. On the other hand, the sale of the condominium apartments was down at 5,684 this quarter as compared to 7,991 sales reported during the same period in 2016. With the introduction of new mortgage rules in January 2018, the impact is going to be substantial and everyone is keeping a close eye on the real estate market especially the condo market in the greater Toronto area.
- New condominium apartment listings were also down on a year-over-year basis by 10 percent to 9,845 in Q3 2017 compared to 10,967 in Q2 2016.
- The condominium rental market was also down with 8,716 condominium apartment lease transactions through TREB’s MLS® System during the third quarter of 2017. This result was down from 9,150 rentals in Q3 2016.
- All the region in the GTA reported your sales as compared to the previous year. The Peel region which comprises of Mississauga, Brampton and Caledon reported sales of 760 condo units as compared to 1,122 units in the year 2016.
- Halton region reported a sale of 168 units compared to 246 units in the previous year
- The city of Toronto had a sale of 4175 condo units compared to 5,604 units in the previous year.
- York region which has seen a surge in the condo market in the previous year’s had disastrous sales record of 469 units being sold this year as compared to 880 units in the previous year.
A lot of new upcoming condo projects have been launched this year including the coveted 1 Bloor Street. The response from the home buyers and the investors has been overwhelming so far. With the introduction of new mortgage rules and possible rate increase again in the future, it remains to be seen how the real estate market will react. The housing market, on the other hand, is slowly getting back on its feet with the region’s such as Brampton and Mississauga showing slight growth. If you are looking to buy a home or invest in the condo market are looking to buy the greater Toronto area, please contact us. We would be happy to share the market stats and make appointments as per your convenience.