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According to the recently released Q3 housing report from the Toronto Real Estate Board (TREB), condominium sales have exhibited strong year-over-year growth in 2015's third quarter. Overall sales during this period rose by almost 11% compared to the third quarter of 2014, for a total of 6,586 sales. The new listings entered into the MLS system during this period showed growth when combined with active listings—though at lesser rate than sales. The rate of inflation was exceeded by average and median selling prices , which rose by 5.4% and 4.4% respectively.
“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 Toronto Real Estate Board President Mark McLean. “As the absorption rate for condos accelerated over the last year, tighter market conditions have resulted in sustained price growth,” continued McLean.
Third quarter rental activity was marked by a 22.6% increase over Q3 2014, with an impressive 9,635 condominium apartment rental transactions recorded. One and two-bedroom units accounted for a large majority of these rental transactions, at 95%. One-bedroom rentals rose by 24.7% when compared with the same period in 2014, while two-bedroom rentals were up by 18%. Rental rates are also on the rise, with average rents for one-bedroom and two-bedroom units climbing by 1.9% and 2.2% respectively, to $1,657 and $2,241 per month.
“Investor-owned condominium apartments remained a very popular option in the third quarter and, indeed, over the past year as well. Strong growth in rental listings were matched by strong growth rental transactions. This tells us that there are a lot of households looking to rent in the Greater Toronto Area and that many of these renters are choosing units in recently completed condominium apartment projects,” said Mr. McLean.
The increase in rental transactions may evidence growing popularity of rental living, marked by the recent modest upswing in construction of new certified-rental properties, alongside the increases in condo rentals. Although a single quarter of statistics does not provide definitive evidence of long-term trends, we will continue to return with regular updates following upcoming TREB housing reports.
