January 29, 2019 Battle Team

Toronto Q4 2018 Condo Market Stats

TREB Q4 2018 Condo Market Statistics

TORONTO, January 28, 2019 – Toronto Real Estate Board President Garry Bhaura
announced that Greater Toronto Area REALTORS® reported 5,191 condominium
apartment sales through TREB’s MLS® System in the fourth quarter of 2018. This result
was down by 9.9 percent compared to the last three months of 2017.

New condominium apartment listings entered into TREB’s MLS® System were down by
more than sales on a year-over-year basis – dropping 11.2 percent from 8,186 in Q4
2017 to 7,272 in Q4 2018. This points to tighter market conditions at the end of 2018
compared to year-end 2017.

“The condominium apartment segment was the best-performing segment in terms of
annual average rates of price growth in 2018. Condos represent a relatively affordable
housing option. With a substantial decrease in listings in 2018, competition between
intending buyers remained strong. This supported average price growth well above the
rate of inflation and annual rates of price growth reported for other ground-oriented
home types” said Mr. Bhaura.

The average price of a condominium apartment increased by 8.3 per cent from
$516,086 in Q4 2017 to $558,728 in Q4 2018. Year-over-year price growth in the City of
Toronto, which accounted for 72 percent of transactions, was slightly higher at 8.9 per
cent resulting in an average price of $598,664.

“The condominium apartment segment continued to be a key entry point into the GTA
homeownership market in 2018. Higher mortgage qualification standards meant that
many first-time buyers were looking for more affordable housing options. Moving
forward, the concern is that a continued lack of listings supply, despite relatively strong
new condo completions as of late, will hamper the ability of potential homebuyers to
meet their housing needs,” said Jason Mercer, TREB’s Director of Market Analysis

Toronto CONDO Q4 2018 Report

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