$533,447 $489,599 First Quarter 2018 First Quarter 2017 Condo Market Report TREB Member Inquiries: (416) 443-8158 Media/Public Inquiries: (416) 443-8152 Strong Price Growth Continues in Condo Segment TORONTO, ONTARIO, April 16, 2018 –Toronto Real Estate Board President Tim Syrianos announced that the average selling price for condominium apartments sold through TREB’s MLS® System was up by nine per cent year-over-year to $533,447 in the first quarter of 2018. While the number of condominium apartment sales reported by Greater Toronto Area REALTORS® in the first quarter was down by 29.7 per cent year-over-year to 5,084, so too were the number of new listings, which were down by 11.1 per cent annually to 8,030. “Seller’s market conditions for condominium apartments remained firmly in place in the first quarter of 2018. Strong competition between buyers underpinned price growth well above the rate of inflation. We expect the condo market segment to remain strong through the remainder of 2018 and over the longer term, as buyers continue to see ownership housing as a quality long-term investment,” said Mr. Syrianos. Inventory levels for condominium apartments in the first quarter of 2018 were above the record lows experienced during the first three months of 2017. However, with months of inventory continuing to trend between 1.5 and 2.0 months, market conditions remain very tight from a historic perspective. “The condominium apartment market segment continues to have the lowest price point on average compared to other major low-rise home types. It stands to reason that condos remain popular with first-time buyers. Strong demand relative to supply will see this segment perform well from a pricing standpoint for the remainder of 2018 and beyond,” said Jason Mercer, TREB’s Director of Market Analysis. TREB MLS® Average Condo Apartment Price Economic Indicators Condominium Apartment Market Summary Sources and Notes: i - Statistics Canada, Quarter-over-quarter growth, annualized ii - Statistics Canada, Year-over-year growth for the most recently reported month iii - Bank of Canada, Rate from most recent Bank of Canada announcement iv - Bank of Canada, rates for most recently completed month 5,084 7,234 First Quarter 2018 First Quarter 2017 Real GDP Growth Q4 2017 -- 1.7% Toronto Employment Growth March 2018 3.2% Toronto Unemployment Rate March 2018 5.8% Inflation (Yr./Yr. CPI Growth) February 2018 2.2% Bank of Canada Overnight Rate March 2018 -- 1.25% Prime Rate March 2018 -- 3.45% 2018 2017 Sales Average Price Sales Average Price Total TREB Halton Region Peel Region City of Toronto York Region Durham Region Other Areas 5,084 $533,447 7,234 $489,599 206 $468,686 246 $457,369 717 $410,006 975 $369,787 3,611 $572,391 5,061 $521,977 421 $489,989 816 $466,642 116 $382,653 120 $353,086 13 $303,319 16 $238,931 First Quarter 2018 First Quarter 2018 Total TREB MLS® Condo Apartment Rentals Year-Over-Year Summary 1,6 1,6 1,6 2018 2017 % Chg. Sales New Listings Active Listings Average Price Average DOM 5,084 7,234 -29.7% 8,030 9,037 -11.1% 3,012 1,922 56.7% $533,447 $489,599 9.0% 23 16 43.8% Active listings refer to last month of quarter. i Mortgage Rates March 2018 3.34% 4.15% 5.14% 1 Year 3 Year 5 Year -- -- -- 1,6 --
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$533,447
$489,599
First Quarter 2018 First Quarter 2017
Condo Market Report TREB Member Inquiries:
(416) 443-8158Media/Public Inquiries:
(416) 443-8152
Strong Price Growth Continues in Condo SegmentTORONTO, ONTARIO, April 16, 2018 –Toronto Real Estate Board President TimSyrianos announced that the average selling price for condominium apartments soldthrough TREB’s MLS® System was up by nine per cent year-over-year to $533,447in the first quarter of 2018.
While the number of condominium apartment sales reported by Greater Toronto AreaREALTORS® in the first quarter was down by 29.7 per cent year-over-year to 5,084,so too were the number of new listings, which were down by 11.1 per cent annuallyto 8,030.
“Seller’s market conditions for condominium apartments remained firmly in place inthe first quarter of 2018. Strong competition between buyers underpinned pricegrowth well above the rate of inflation. We expect the condo market segment toremain strong through the remainder of 2018 and over the longer term, as buyerscontinue to see ownership housing as a quality long-term investment,” said Mr.Syrianos.
Inventory levels for condominium apartments in the first quarter of 2018 were abovethe record lows experienced during the first three months of 2017. However, withmonths of inventory continuing to trend between 1.5 and 2.0 months, marketconditions remain very tight from a historic perspective.
“The condominium apartment market segment continues to have the lowest pricepoint on average compared to other major low-rise home types. It stands to reasonthat condos remain popular with first-time buyers. Strong demand relative to supplywill see this segment perform well from a pricing standpoint for the remainder of 2018and beyond,” said Jason Mercer, TREB’s Director of Market Analysis.
TREB MLS® AverageCondo Apartment Price
Economic Indicators
Condominium Apartment Market SummarySources and Notes:
i - Statistics Canada, Quarter-over-quartergrowth, annualized
ii - Statistics Canada, Year-over-yeargrowth for the most recently reportedmonth
iii - Bank of Canada, Rate from mostrecent Bank of Canada announcement
iv - Bank of Canada, rates for mostrecently completed month
5,0847,234
First Quarter 2018 First Quarter 2017
Real GDP GrowthQ4 2017 -- 1.7%
Toronto Employment GrowthMarch 2018 3.2%
Toronto Unemployment RateMarch 2018 5.8%
Inflation (Yr./Yr. CPI Growth)February 2018 2.2%
Bank of Canada OvernightRateMarch 2018 -- 1.25%
Prime RateMarch 2018 -- 3.45%
2018 2017Sales Average Price Sales Average Price
Total TREB
Halton Region
Peel Region
City of Toronto
York Region
Durham Region
Other Areas
5,084 $533,447 7,234 $489,599
206 $468,686 246 $457,369
717 $410,006 975 $369,787
3,611 $572,391 5,061 $521,977
421 $489,989 816 $466,642
116 $382,653 120 $353,086
13 $303,319 16 $238,931
First Quarter 2018
First Quarter 2018Total TREB MLS®
Condo Apartment Rentals
Year-Over-Year Summary
1,6
1,6
1,6
2018 2017 % Chg.SalesNew ListingsActive ListingsAverage PriceAverage DOM
Average Rent Growth Above the Rate of Inflation Continues in Q1
Source: Toronto Real Estate Board
Number of Units Rented
Source: Toronto Real Estate Board
Average One-Bedroom Rents
Number of Units Listed
Source: Toronto Real Estate Board
The average rent for one-bedroom condominium apartments in the TREBmarket area was up 11.4 per cent on an annual basis to $1,995. The averagetwo-bedroom condominium apartment rent was up by 9.1 per cent over thesame time period to $2,653.
The number of condominium apartments listed during the first quarter wasdown 11.8 per cent compared to Q1 2017. The total number of units leasedwas down 7.5 per cent.
With a vacancy rate hovering at one percent for condominium apartments,there has been less supply available to would-be renters, which has resulted infewer lease agreements being signed.
$0
$400
$800
$1,200
$1,600
$2,000
$2,400
Total TREB Downtown Core North York City Centre Mississauga City Centre
20182017
Q1 2018 vs. Q1 2017
Q1 2018 vs. Q1 2017 Q1 2018 vs. Q1 2017
0
5001,000
1,5002,000
2,500
3,0003,500
4,0004,500
5,000
5,5006,000
Downtown Core North York City Centre Mississauga City Centre
20172016
0
500
1,000
1,500
2,000
2,500
3,000
Downtown Core North York City Centre Mississauga City Centre
20182017
Condo Market Report, First Quarter 2018
Toronto Real Estate Board
Share of GTA CondoApartments In Rental
NOTES1 - Sales, dollar volume, average sale prices and median sale prices are based on firm transactions entered into the TREB MLS® system between thefirst and last day of the quarter being reported.2 - New listings entered into the TREB MLS® system between the first and last day of the quarter being reported.3 - Active listings as of the end of the last day of the quarter being reported.4 - Ratio of the average selling price to the average listing price for firm transactions entered into the TREB MLS® system between the first and last dayof the quarter being reported.5 - Average number of days on the market for firm transactions entered into the TREB MLS® system between the first and last day of the quarter beingreported.6 - Past monthly and year-to-date figures are revised monthly.
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Source: CMHC, Rental Market Report
Source: CMHC, Rental Market Report
19.9%
27.5%
35.4%
26.9%
21.6%
Halton Peel Toronto York Durham
1.5%
0.5%
0.7%
0.9%
0.3%
Halton Peel Toronto York Durham
GTA Condo ApartmentVacancy Rate
Condo Market Report, First Quarter 2018 Copyright® 2018 Toronto Real Estate Board