$379,006 $359,501 Third Quarter 2015 Third Quarter 2014 Condo Market Report TREB Member Inquiries: (416) 443-8158 Media/Public Inquiries: (416) 443-8152 Strong Condo Sales and Price Growth in Q3 2015 TORONTO, October 16, 2015 – Toronto Real Estate Board President Mark McLean announced strong year-over-year growth in condominium apartment sales reported through TREB’s MLS® System in the third quarter of 2015. Sales were up by close to 11 per cent to 6,586 compared to Q3 2014. New listings entered into the System during the quarter and active listings at the end of the quarter were also up on an annual basis, but by a lesser rate compared to sales. “The condominium apartment market segment has been a key contributor to overall growth in GTA home sales this year. With continued sales growth expected in the fourth quarter, we are on track for a new record in condo transactions through TREB’s MLS® System this year,” said Mr. McLean. “As the absorption rate for condos accelerated over the last year, tighter market conditions have resulted in sustained price growth,” continued McLean. Annual growth in the average and median selling prices and the MLS® HPI Benchmark for apartments exceeded the annual rate of inflation in the third quarter. For the TREB market area as a whole, the average selling price for condo apartments was up by 5.4 per cent year- over-year. The median selling price was up by 4.4 per cent. The MLS® HPI Benchmark for apartments was up by 5.6 per cent at the end of September. “The condominium apartment market has certainly benefited from an increase in the supply of listings over the past year. However, through the first three quarters of 2015, growth in sales has actually outstripped growth in listings. This suggests that there was a certain amount of pent-up demand for condominium apartments. As new projects have completed, investor-held units listed for sale have been absorbed very quickly by end users, to the point where price growth has remained strong,” 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 6,586 5,946 Third Quarter 2015 Third Quarter 2014 Real GDP Growth Q2 2015 -0.5% Toronto Employment Growth September 2015 5.1% Toronto Unemployment Rate September 2015 6.9% Inflation (Yr./Yr. CPI Growth) August 2015 1.3% Bank of Canada Overnight Rate September 2015 -- 0.50% Prime Rate September 2015 -- 2.70% 2015 2014 Sales Average Price Sales Average Price Total TREB Halton Region Peel Region City of Toronto York Region Durham Region Other Areas 6,586 $379,006 5,946 $359,501 210 $378,881 191 $328,850 938 $275,933 805 $273,155 4,642 $405,865 4,230 $382,324 655 $361,341 590 $348,174 131 $266,111 122 $248,889 10 $217,500 8 $234,061 Third Quarter 2015 Third Quarter 2015 Total TREB MLS® Condo Apartment Rentals Year-Over-Year Summary 1,6 1,6 1,6 2015 2014 % Chg. Sales New Listings Active Listings Average Price Average DOM 6,586 5,946 10.8% 12,633 11,848 6.6% 6,659 6,620 0.6% $379,006 $359,501 5.4% 32 34 -5.9% Active listings refer to last month of quarter. i Mortgage Rates September 2015 2.89% 3.39% 4.64% 1 Year 3 Year 5 Year -- -- -- 1,6
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$379,006
$359,501
Third Quarter 2015 Third Quarter 2014
Condo Market Report TREB Member Inquiries:
(416) 443-8158Media/Public Inquiries:
(416) 443-8152
Strong Condo Sales and Price Growth in Q3 2015TORONTO, October 16, 2015 – Toronto Real Estate Board President Mark McLeanannounced strong year-over-year growth in condominium apartment sales reported throughTREB’s MLS® System in the third quarter of 2015. Sales were up by close to 11 per cent to6,586 compared to Q3 2014. New listings entered into the System during the quarter andactive listings at the end of the quarter were also up on an annual basis, but by a lesser ratecompared to sales.
“The condominium apartment market segment has been a key contributor to overall growthin GTA home sales this year. With continued sales growth expected in the fourth quarter, weare on track for a new record in condo transactions through TREB’s MLS® System thisyear,” said Mr. McLean.
“As the absorption rate for condos accelerated over the last year, tighter market conditionshave resulted in sustained price growth,” continued McLean.
Annual growth in the average and median selling prices and the MLS® HPI Benchmark forapartments exceeded the annual rate of inflation in the third quarter. For the TREB marketarea as a whole, the average selling price for condo apartments was up by 5.4 per cent year-over-year. The median selling price was up by 4.4 per cent. The MLS® HPI Benchmark forapartments was up by 5.6 per cent at the end of September.
“The condominium apartment market has certainly benefited from an increase in the supplyof listings over the past year. However, through the first three quarters of 2015, growth insales has actually outstripped growth in listings. This suggests that there was a certainamount of pent-up demand for condominium apartments. As new projects have completed,investor-held units listed for sale have been absorbed very quickly by end users, to the pointwhere price growth has remained strong,” said Jason Mercer, TREB’s Director of MarketAnalysis.
TREB MLS® AverageCondo Apartment Price
Economic Indicators
Condominium Apartment Market Summary
Sources 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
6,586 5,946
Third Quarter 2015 Third Quarter 2014
Real GDP GrowthQ2 2015 -0.5%
Toronto Employment GrowthSeptember 2015 5.1%
Toronto Unemployment RateSeptember 2015 6.9%
Inflation (Yr./Yr. CPI Growth)August 2015 1.3%
Bank of Canada OvernightRateSeptember 2015 -- 0.50%
Prime RateSeptember 2015 -- 2.70%
2015 2014Sales Average Price Sales Average Price
Total TREB
Halton Region
Peel Region
City of Toronto
York Region
Durham Region
Other Areas
6,586 $379,006 5,946 $359,501
210 $378,881 191 $328,850
938 $275,933 805 $273,155
4,642 $405,865 4,230 $382,324
655 $361,341 590 $348,174
131 $266,111 122 $248,889
10 $217,500 8 $234,061
Third Quarter 2015
Third Quarter 2015
Total TREB MLS®Condo Apartment Rentals
Year-Over-Year Summary
1,6
1,6
1,6
2015 2014 % Chg.SalesNew ListingsActive ListingsAverage PriceAverage DOM
Condo Apartment Sales by Price Range (Mississauga CityCentre)
Source: Toronto Real Estate Board
Condo Apartment Price By Bedroom Type (Mississauga City Centre)
Source: Toronto Real Estate Board
Source: Toronto Real Estate Board
Condo Apartment Sales By Bedroom Type (Mississauga CityCentre)
0 20 40 60 80 100 120
3
59
93
93
94
9
Bachelor
One Bedroom
One Bedroom + Den
Two Bedroom
Two Bedroom + Den
Three Bedroom$0
$50,000
$100,000
$150,000$200,000
$250,000
$300,000
$350,000
$400,000
$450,000$500,000
BachelorOne Bedroom
One Bedroom + DenTwo Bedroom
Two Bedroom + DenThree Bedroom
Total
Average Selling Price Median Selling Price
Condo Market Report, Third Quarter 2015
0 200 400
0-199,999
200K-299,999
300K-399,999
400K-499,999
500K-599,999
600K-699,999
700K-799,999
800K-899,999
900K-999,999
1,000,000+
Selli
ng P
rice
Ran
ge
Number of Sales
1
Toronto Real Estate Board
Rental Market Summary
8
Condominium Apartment Rentals and Listings Up in Q3 2015
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
Total condominium apartment rental transactions in the TREB market areawere up year-over-year in the third quarter of 2015 by 22.6 per cent to 9,635.This included more than 4,000 rentals in the Downtown Core of the City ofToronto (Toronto C01 and Toronto C08 combined).
For the TREB market area as a whole, the number of units listed during thethird quarter were also up on an annual basis, but by a slightly lesser annualrate compared to rentals. In the downtown core the situation was reversed,with the number of listings up slightly more than rentals.
The average one-bedroom condominium apartment rent for the TREB marketarea was up on a year-over-year basis by 1.9 per cent to $1,657. In thedowntown core, one-bedroom rents were flat, likely due to more of a balancebetween listings and rentals and because recently completed units havetypically been smaller compared to older units, which impacts the total rentpaid.
$0
$400
$800
$1,200
$1,600
$2,000
Total TREB Downtown Core North York City Centre Mississauga City Centre
Downtown Core North York City Centre Mississauga City Centre
20152014
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
Downtown Core North York City Centre Mississauga City Centre
20152014
Condo Market Report, Third Quarter 2015
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.
9
Source: CMHC, Rental Market Report
Source: CMHC, Rental Market Report
13.7%
25.6%
31.3%
23.8%
15.5%
Halton Peel Toronto York Durham
0.8%
1.2% 1.3%
2.1%
0.8%
Halton Peel Toronto York Durham
GTA Condo ApartmentVacancy Rate
Condo Market Report, Third Quarter 2015 Copyright® 2015 Toronto Real Estate Board