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The TREB Condo Market Commentary for the first quarter of 2011
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First Quarter 2011 GTA Resale Condo Market Remained Resilient in Q1 2011 New condominium apartment completions continued to trend upward in the
Greater Toronto Area during the last half of 2010 and first quarter of 2011.
Many of these completions translated into listings on the TorontoMLS®
system as investors and buyers whose housing needs had changed during
the construction period listed their units for sale. This resulted in increased
supply in the resale condominium apartment market. It is important to note,
however, that we have not seen an over-supply situation emerge.
Sales of condominium apartments continue to account for a healthy share of
listings. Resale market conditions for condos in the first quarter of 2011
were not as tight as those experienced in the first three months of 2010, but
we continued to see enough competition between buyers to exert upward
pressure on the median condominium apartment selling price. During the
first three months of the year, the median selling price ranged between
$280,000 and $302,000. This resulted in year-over-year price growth
ranging between four and five per cent, which is a sustainable pace of
growth reflecting more balanced market conditions compared to the same
period in 2010 when double-digit annual price growth was reported.
The rates of price growth reported through the first quarter were in line with
what was reported for all housing types in the GTA and in line with overall
expectations for 2011.
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
Source: CMHC; TREB Adjustment
Toronto CMA Condominium Apartment Completions(Annualized, 12-Month Moving Average)
-10%
-5%
0%
5%
10%
15%
20%
25%
0%
10%
20%
30%
40%
50%
60%
70%
An
nu
al Me
dian
Price
Gro
wth
Sale
s-to
-Act
ive
Lis
tin
gs r
atio
Source: Toronto Real Estate Board
Condominium Apartment Sales-to-Active Listings Ratio and
Median Price Growth (All Areas)Annual Median Price Change (Right Scale)
Sales-to-Active Listings Ratio (Left Scale)
Written By:
Jason Mercer
TREB Senior Manager of Market Analysis.
