Arrows by Christopher Sessums
GTA realtors recorded 5,770 condo transactions in the third quarter of 2011, according to the latest Quarterly Condo Market Report by TREB. This accounts for a 24% rise compared to the same period in 2010. The average selling price increased by almost 9% to $333,352 ($306,134 in 2010).
“Condominium apartments have accounted for about one-quarter of total existing home sales in the GTA this year. This share is expected to increase moving forward, as new home sales and construction has become increasingly driven by high-rise construction,” said TREB President Richard Silver.
In line with new home sales and construction trends over the last few years, condominium apartment completions have been high so far in 2011. When condo projects reach the completion stage, investors and end users whose housing needs have changed often list their units for sale or rent.
“The average annual rate of price growth remained strong in the third quarter, despite the upward trend in completions and active listings. This is because the pace of sales remained brisk, keeping sellers’ market conditions in place,” said Jason Mercer, the TREB’s Senior Manager of Market Analysis.