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The first quarterly report of 2019 released by the Toronto Real Estate Board (TREB) shows a continued decline in condominium apartment sales in the Greater Toronto Area, as average home prices continue to climb higher. The latest sales and price figures coupled with an increase in new listings points to loosening of what has been a historically tight market in recent years.
A total of 4,731 condominium sales were reported in the GTA in the first quarter of 2019, marking a 6.8% decline from the 5,074 sales recorded in Q1 2018. Listings increased 2.8% year-over-year during the same period, with 8,222 listings recorded in the first quarter of 2019 versus the 8,029 listings added in the first three months of 2018.
Price growth remains top of mind for most in the industry, and the average price of a new condominium apartment in the region has been increasing steadily. The first quarter of 2019 saw a 4.5% increase in the average price of a condominium apartment, jumping from the $533,520 recorded in Q1 2018 to $557,377 in Q1 2019. Price growth was even more pronounced within Toronto proper, rising 5.4% to a new average price of $603,243.
“While we experienced a slightly better-supplied condo market in the first quarter of 2019, the market segment remained tight enough to retain the highest year-over-year rate of price growth compared to other major home types. Condos continue to provide prospective buyers with a relatively affordable housing option in the GTA, especially given the impact of the OSFI-mandated mortgage stress test,” reads a statement issued by TREB President Garry Bhaura.
A substantial year-over-year increase in the number of new condominium project completions in Q4 2018, which may be a factor in the added number of new listings in Q1 2019. In contrast, new project completions were down for the first quarter of 2019, which may impact the number of new listings in the coming months.
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