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Toronto Real Estate Board President Tim Syrianosreported continued average price growth on a year-over-year basis for condominiumapartments listed and sold through TREB’s MLS® System by Greater Toronto AreaREALTORS®. The average selling price was $510,206 in Q3 2017 – up by 22.7 per centcompared to the average of $415,894 reported in Q3 2016.“The condominium apartment market segment has exhibited the strongest average rates ofprice growth since the spring, relative to other major market segments. Competition betweenbuyers remains strong, as listings remain below last year’s very constrained levels. Over thepast few months, TREB has participated in discussions at various levels of government pointedat developing solutions for the housing supply issue in the GTA. As these discussions continue,it will be important to remember that the condominium apartment market is not immune to alistings shortage,” said Mr. Syrianos.“TREB will also be paying close attention to the potential impacts of the new OSFI Guideline B-20 concerning new mortgage rules and underwriting standards, and the possibility of a vacancytax in the City of Toronto. We will be asking consumers about their opinion on these initiatives,from the prospective of buying and selling intentions, during our fall polling cycle,” continued Mr.Syrianos.There were 5,684 condominium apartment sales reported through TREB’s MLS® System in thethird quarter of 2017. This result was down from 7,991 sales reported during the same period in2016.New condominium apartment listings were also down on a year-over-year basis by 10 per centto 9,845 in Q3 2017 compared to 10,967 in Q3 2016.“Condominium apartments will likely account for a greater share of home sales as we moveforward. Consumer polling undertaken for TREB by Ipsos in the spring pointed to increasedbuying intentions for condominium apartments. With this in mind, it is not surprising that wehave continued to see robust price growth, as demand has remained strong relative to availablelistings,” said Jason Mercer, TREB’s Director of Market Analysis

 

Source: TREB Press Release