The Toronto Real Estate Board reported a total of 5,027 condominium transactions in the first quarter of 2012 compared to 4,932 in the first quarter of 2011. This is only a 2% increase from the same period in 2011.
As the number of condominium listings and sales increase year over year, the condominium market has become better supplied in the first quarter of 2012. With more listings, means more choice for condo buyers as prices grew at a slower pace than they did in the residential housing market.
In the first quarter of 2012, the average selling price for a condominium was $334,952 compared to $322,857 in the same quarter in 2011. This is a 3.7 per cent increase.
Condominiums completions were at their highest level in 2011. As most of the condo projects were completed, some of the units were held by investors and listed on MLS. As a result, it is not surprising to see only moderate increases in listings and price growth in 2012. With that said, the annual price growth remained above the rate of inflation, showing that demand remain strong for condominium units.
Here’s a look at the sales numbers from the fourth quarter of 2011 compared to the fourth quarter of 2010.
First Quarter 2012 vs. First Quarter 2011:
Toronto Condo Sales:
- 1st Qtr 2012: 5,027
- 1st Qtr 2011: 4,923
New Listings In Toronto:
- 1st Qtr 2012: 7,937
- 1st Qtr 2011: 6,748
Toronto Average Sale Price:
- 1st Qtr 2012: $334,952
- 1st Qtr 2011: $322,857
Avg. Days On Market:
- 1st Qtr 2012: 30
- 1st Qtr 2011: 32