Toronto Regional Real Estate Board Releases Q3 Condominium Report

Toronto Regional Real Estate Board
·2 min read

TORONTO, Oct. 23, 2020 (GLOBE NEWSWIRE) -- Toronto Regional Real Estate Board President Lisa Patel announced that third quarter 2020 condominium apartment sales reported by Greater Toronto Area REALTORS® totalled 7,072 – up 10.5 per cent from Q3 2019.

The number of new listings in Q3 2020 amounted to 17,613 – an 84.6 per cent increase over Q3 2019. Active listings at the end of Q3 were more than double that reported the same time last year.

“The condominium apartment segment experienced the second best third quarter on record in terms of sales and the best third quarter on record in terms of the average selling price. However, while the pace of year-over-year condo sales and price growth remained strong, it was lower than that reported for low-rise home types. The condo market became much better supplied as many investors moved to sell their units, due in part to softer rental market conditions and a short-term rental market that was impacted by stricter regulations and the COVID-19-related drop in tourism,” said Ms. Patel.

The overall average condominium apartment selling price was up by 8.3 per cent year-over-year in the third quarter to $633,484. The average selling price in the City of Toronto, at $680,963, was up by a similar rate over the same period.

“While condo buyers certainly benefitted from more choice in the third quarter compared to the past few years, there was still enough competition between buyers to support average selling prices substantially above last year’s levels. It is important to note that one quarter does not make a trend, either on the demand or supply sides of the market. How the relationship unfolds between condo sales and listings over the next three to six months will dictate the longer-term direction for selling prices,” said Jason Mercer, TRREB’s Chief Market Analyst.

Condominium Apartment Market Summary
Third Quarter 2020

2020

2019

Sales

Average Price

Sales

Average Price

Total TREB

7,072

$633,484

6,398

$584,746

Halton Region

400

$560,570

284

$500,941

Peel Region

895

$521,588

908

$469,381

City of Toronto

4,770

$680,963

4,467

$628,281

York Region

723

$579,509

570

$530,718

Durham Region

227

$427,298

147

$380,256

Other Areas

57

$434,642

22

$354,666

FOR FULL REPORT CLICK HERE

CONTACT:
Mary Gallagher,
Senior Manager, Public Affairs
maryg@trebnet.net
416-443-8158

The Toronto Regional Real Estate Board is Canada’s largest real estate board with more than 56,000 residential and commercial professionals connecting people, property and communities.

www.trreb.ca/

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