The Toronto Real Estate Board (TREB) has released condominium market figures for the second quarter of 2019, pointing to growth in both the number of sales and overall home prices, echoed by a decline in the number of new listings. These figures underscore a continued tightening of market conditions for condominium units versus other types of housing.

TREB, market report, Toronto, GTA, real estateCondo towers in Toronto's Humber Bay Shores area, image by Jack Landau

A total of 7,038 condominium apartment sales were reported during the second quarter of 2019, marking a 3.2% year-over-year increase compared to Q2 of 2018. The number of listings during this period saw a 3.5% year-over-year decline, with 11,110 listings added in 2019 versus 11,512 listings added in 2018. 

“As has generally been the case in the region since the implementation of the Ontario Government’s Fair Housing Plan in 2017, the condo market segment has remained tight in comparison to other major housing types. However, from a price point perspective, condo apartments continue to offer prospective buyers a relatively affordable housing option when looking across the GTA,” reads a statement from TREB President Michael Collins.

Another factor contributing to the market's tightness is that condominium apartment completions through the first six months of 2019 were down substantially measured year-over-year. This decline in completions is suspected as one of the main causes for both the downturn in new listings and in the active listings count at the end of the second quarter. Increased competitiveness also affects home prices, with the average price of a condominium apartment increasing 5.1% in Q2, now reaching $589,887.

Let us know what you think in the comments section provided below.

* * *

UrbanToronto has a new way you can track projects through the planning process on a daily basis. Sign up for a free trial of our New Development Insider here.