$584,564 $552,766 Third Quarter 2019 Third Quarter 2018 Condo Market Report TREB Member Inquiries: (416) 443-8158 Media/Public Inquiries: (416) 443-8152 TREB Releases Q3 2019 Condo Market Statistics TORONTO, ONTARIO, October 16, 2019 – Toronto Real Estate Board President Michael Collins announced that Greater Toronto Area REALTORS® reported 6,407 condominium apartment sales through TREB’s MLS® System in the third quarter of 2019. This result was up by 11.1 per cent compared to Q3 2018. New condominium apartment listings entered into TREB’s MLS® System were down by one per cent compared to Q3 2018, with 9,538 listings added in 2019 compared to 9,636 listings added in 2018. “As economic conditions continue to be favourable for job growth in the Greater Toronto Area, people have continued to come to the city for work. Home ownership is important to many Canadians, and, as a relatively affordable housing option, condos in the GTA offer prospective buyers the chance to achieve their dreams of owning property,” said Mr. Collins. The average price of a condominium apartment increased by 5.8 per cent from $552,766 in Q3 2018 to $584,564 in Q3 2019. Year-over-year price growth in the City of Toronto, which accounted for nearly 70 per cent of transactions, was slightly lower at 5.6 per cent, resulting in an average price of $628,074. Strong price growth above the rate of inflation was driven by tightening market conditions, with sales up and listings down relative to last year. One factor underpinning the dip in listings may be the fact that, according to CMHC data, new condominium apartment completions were down year-to-date through August relative to the same time frame in 2018. This may have translated into fewer investor-owned units being listed for sale in Q3 2019 compared to Q3 2018. “Condominium apartments are obviously a popular choice amongst first-time home-buyers. Moreover, it is also important to remember that condominium apartments owned by investors represent a huge component of the GTA rental stock and certainly account for most additions to the rental stock, on net, over the past decade. With this in mind, a well-supplied condo segment will be important moving forward to ensure that we can keep up with population growth driven by a strong and diverse regional economy,” said Jason Mercer, TREB’s Chief Market Analyst. 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 6,407 5,766 Third Quarter 2019 Third Quarter 2018 Real GDP Growth Q2 2019 3.7% Toronto Employment Growth September 2019 5.0% Toronto Unemployment Rate September 2019 5.8% Inflation (Yr./Yr. CPI Growth) August 2019 1.9% Bank of Canada Overnight Rate September 2019 -- 1.75% Prime Rate September 2019 -- 3.95% 2019 2018 Sales Average Price Sales Average Price Total TREB Halton Region Peel Region City of Toronto York Region Durham Region Other Areas 6,407 $584,564 5,766 $552,766 284 $500,941 263 $529,436 911 $469,406 798 $417,577 4,472 $628,074 4,066 $594,627 571 $530,577 494 $487,371 147 $380,256 122 $395,603 22 $354,666 23 $347,858 Third Quarter 2019 Third Quarter 2019 Total TREB MLS® Condo Apartment Sales Year-Over-Year Summary 1,6 1,6 1,6 2019 2018 % Chg. Sales New Listings Active Listings Average Price Average DOM 6,407 5,766 11.1% 9,538 9,636 -1.0% 3,327 3,845 -13.5% $584,564 $552,766 5.8% 22 24 -8.3% Active listings refer to last month of quarter. i Mortgage Rates September 2019 3.64% 3.94% 5.19% 1 Year 3 Year 5 Year -- -- -- 1,6
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$584,564
$552,766
Third Quarter 2019 Third Quarter 2018
Condo Market Report TREB Member Inquiries:
(416) 443-8158Media/Public Inquiries:
(416) 443-8152
TREB Releases Q3 2019 Condo Market StatisticsTORONTO, ONTARIO, October 16, 2019 – Toronto Real Estate Board President MichaelCollins announced that Greater Toronto Area REALTORS® reported 6,407 condominiumapartment sales through TREB’s MLS® System in the third quarter of 2019. This result was upby 11.1 per cent compared to Q3 2018.
New condominium apartment listings entered into TREB’s MLS® System were down by oneper cent compared to Q3 2018, with 9,538 listings added in 2019 compared to 9,636 listingsadded in 2018.
“As economic conditions continue to be favourable for job growth in the Greater Toronto Area,people have continued to come to the city for work. Home ownership is important to manyCanadians, and, as a relatively affordable housing option, condos in the GTA offer prospectivebuyers the chance to achieve their dreams of owning property,” said Mr. Collins.
The average price of a condominium apartment increased by 5.8 per cent from $552,766 in Q32018 to $584,564 in Q3 2019. Year-over-year price growth in the City of Toronto, whichaccounted for nearly 70 per cent of transactions, was slightly lower at 5.6 per cent, resulting inan average price of $628,074.
Strong price growth above the rate of inflation was driven by tightening market conditions, withsales up and listings down relative to last year. One factor underpinning the dip in listings maybe the fact that, according to CMHC data, new condominium apartment completions weredown year-to-date through August relative to the same time frame in 2018. This may havetranslated into fewer investor-owned units being listed for sale in Q3 2019 compared to Q32018.
“Condominium apartments are obviously a popular choice amongst first-time home-buyers.Moreover, it is also important to remember that condominium apartments owned by investorsrepresent a huge component of the GTA rental stock and certainly account for most additionsto the rental stock, on net, over the past decade. With this in mind, a well-supplied condosegment will be important moving forward to ensure that we can keep up with populationgrowth driven by a strong and diverse regional economy,” said Jason Mercer, TREB’s ChiefMarket Analyst.
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
6,407 5,766
Third Quarter 2019 Third Quarter 2018
Real GDP GrowthQ2 2019 3.7%
Toronto Employment GrowthSeptember 2019 5.0%
Toronto Unemployment RateSeptember 2019 5.8%
Inflation (Yr./Yr. CPI Growth)August 2019 1.9%
Bank of Canada OvernightRateSeptember 2019 -- 1.75%
Prime RateSeptember 2019 -- 3.95%
2019 2018Sales Average Price Sales Average Price
Total TREB
Halton Region
Peel Region
City of Toronto
York Region
Durham Region
Other Areas
6,407 $584,564 5,766 $552,766
284 $500,941 263 $529,436
911 $469,406 798 $417,577
4,472 $628,074 4,066 $594,627
571 $530,577 494 $487,371
147 $380,256 122 $395,603
22 $354,666 23 $347,858
Third Quarter 2019
Third Quarter 2019Total TREB MLS®
Condo Apartment Sales
Year-Over-Year Summary
1,6
1,6
1,6
2019 2018 % Chg.SalesNew ListingsActive ListingsAverage PriceAverage DOM
GTA Condominium Apartment Rental Market Better Supplied in Q3 2019
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
There were 10,800 condominium apartment rentals reported through TREB’sMLS® System in the third quarter of 2019. This result was up by 17.3 percent compared to the third quarter of 2018.
The number of condominium apartments listed for rent at some point duringQ3 2019 was up by 30.1 per cent compared to Q3 2018. The fact that thenumber of units listed for rent increased at a greater annual rate than thenumber of rental transactions suggests that the condo rental market becamebetter supplied over the past year.
Average condominium apartment rents were up on a year-over-year basisacross all unit types. The average one-bedroom condominium apartment rentwas $2,262 in Q3 2019 – up 4.5 per cent compared to Q3 2018. The averagetwo-bedroom condominium apartment rent was up by 4.2 per cent over thesame period to $2,941.
$0
$400
$800
$1,200
$1,600
$2,000
$2,400
$2,800
Total TREB Downtown Core North York City Centre Mississauga City Centre
Downtown Core North York City Centre Mississauga City Centre
20192018
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
Downtown Core North York City Centre Mississauga City Centre
20192018
Condo Market Report, Third Quarter 2019
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
20.8%
28.4%
35.3%
28.3%
17.8%
Halton Peel Toronto York Durham
0.6%
1.0%
0.7%0.8%
1.1%
Halton Peel Toronto York Durham
GTA Condo ApartmentVacancy Rate
Condo Market Report, Third Quarter 2019 Copyright® 2019 Toronto Real Estate Board