During the last 2 blogs under Marilyn's Market Minute I touched on the Condominium Market as it relates to the rest of the residential housing market. I thought it wise for you to know the First Quarter of 2019 results as announced by the Toronto Real Estate Board.
TREB reported 4,731 condominium apartment sales through the MLS® system in the first quarter - this was down 6.98% compared to the 1st Quarter of 2018. However, new condominium apartments put on the market saw a 2.4% increase. The average price of a condominium apartment increased by 4.5% from $533,520 in Q1 of 2018 to $557,377 in 2019. Year-over-year price growth in the City of Toronto, which accounted for 69% of the transactions, was up slightly higher at 5.4% resulting in an Average price of $603,243.
Condominium apartment listings (those on the market), in both ownershipn and rental markets can be influenced by the completion of new condominium apartment projects. According to CMHC, condo apartment completions were up substantially year-over-year in the 4th quarter of 2018, which could account for an uptick in condo ownership and rental listings in Q1 of 2019. Conversely, condo apartment completions were down year-over-year in Q1 of 2018, which could arguably impact listings in the opposite manner over the next 3 months.
Here are some interesting facts for the Mississauga, Burlington and Oakville areas:
Mississauga - saw a total of 562 sales with the Average Selling Price of $449,369
Burlington - saw a total of 151 sales with the Average Selling Price of $465,259
Oakville - saw a total of 367 sales with the Average Selling Price of $580,355