According to the latest Condo Market Report for Q3 2012, the 4,541 condo apartment sales during the third quarter of 2012 represents a 20.5 per cent drop over the same time last year. New listings also shot up during this period to 11,456, a growth of 6.5 per cent.
“The condominium apartment market was the best supplied market segment in the third quarter of this year,” said the Toronto Real Estate Board’s president, Ann Hannah. “Strong condominium apartment completions in 2011 and the first half of 2012 resulted in many investor-held units listed for sale. At the same time, sales dropped off relative to last year as some buyers moved to the sidelines as stricter mortgage lending guidelines resulted in increased costs of homeownership.”
The selling price for condominium apartments in the third quarter of this year was about the same as last year, at $334,204.
“With more listings to choose from and fewer sales, condo buyers have not been as aggressive with regard to offers, and sellers have has to price their units competitively. The result was little upward pressure on the average selling price compared to last year,” said the Toronto Real Estate Board’s senior manager of market analysis, Jason Mercer. “Given the supply of listings currently in the market place, the average rate of price growth for condo apartments should continue to lag price growth for low-rise home types over the next year.”
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