Strong Price Growth Continues in Condo Segment

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1 Condo Market Report First Quarter Economic Indicators Real GDP Growth Q4 7.7% Strong Price Growth Continues in Condo Segment TORONTO, ONTARIO, April, President Tim Syrianos announced that the average selling price for condominium apartments sold through TREB s MLS System was up by nine per cent yearoveryear to $5,447 in the first quarter of. TREB Member Inquiries: (4) 445 Media/Public Inquiries: (4) 445 Total TREB MLS Condo Apartment Rentals, Toronto Employment Growth March.% Toronto Unemployment Rate March 5.% Inflation (Yr./Yr. CPI Growth) February.% Bank of Canada Overnight Rate March.5% Prime Rate March.45% Mortgage Rates March Year Year 55 Year Sources and Notes: i Statistics Canada, Quarteroverquarter growth, annualized ii Statistics Canada, Yearoveryear growth for the most recently reported month iii Bank of Canada, Rate from most recent Bank of Canada announcement iv Bank of Canada, rates for most recently completed month.4% 4.5% 5.% While the number of condominium apartment sales reported by Greater Toronto Area REALTORS in the first quarter was down by.7 per cent yearoveryear to 5,4, so too were the number of new listings, which were down by. per cent annually to,. Seller s market conditions for condominium apartments remained firmly in place in the first quarter of. Strong competition between buyers underpinned price growth well above the rate of inflation. We expect the condo market segment to remain strong through the remainder of and over the longer term, as buyers continue to see ownership housing as a quality longterm investment, said Mr. Syrianos. Inventory levels for condominium apartments in the first quarter of were above the record lows experienced during the first three months of 7. However, with months of inventory continuing to trend between.5 and. months, market conditions remain very tight from a historic perspective. The condominium apartment market segment continues to have the lowest price point on average compared to other major lowrise home types. It stands to reason that condos remain popular with firsttime buyers. Strong demand relative to supply will see this segment perform well from a pricing standpoint for the remainder of and beyond, said Jason Mercer, TREB s Director of Market Analysis. Condominium Apartment Market Summary First Quarter Total TREB Halton Region Peel Region City of Toronto York Region Durham Region Other Areas 7 Sales Average Price Sales Average Price 5,4 $5,447 7,4 $4,5 $4, $457, 77 $4, 75 $,77, $57, 5, $5,77, 4 $4, $4,4 $,5 $5, $, $, 5,4 TREB MLS Average Condo Apartment Price $5,447 7,4 First Quarter First Quarter 7 $4,5 First Quarter First Quarter 7 YearOverYear Summary Sales New Listings Active Listings Average Price Average DOM i Active listings refer to last month of quarter. 7 % Chg. 5,4 7,4.7%,,7.%,, 5.7% $5,447 $4,5.% 4.%,,

2 ALL TREB AREAS FIRST QUARTER SUMMARY OF CONDOMINIUM APARTMENT TRANSACTIONS Sales TREB Total Halton Region Burlington Halton Hills Milton Oakville Peel Region Brampton Caledon Mississauga City of Toronto Toronto West Toronto Central Toronto East York Region Aurora E. Gwillimbury Georgina King Markham Newmarket Richmond Hill Vaughan WhitchurchStouffville Durham Region Ajax Brock Clarington Oshawa Pickering Scugog Uxbridge Whitby Dufferin County Orangeville Simcoe County AdjalaTosorontio Bradford West Gwillimbury Essa Innisfil New Tecumseth Dollar Volume Average Price Median Price New Listings Active Listings Avg. SP / LP 4 Avg. DOM 5 5, , 5, $,7,4, $,54, $4,, $,, $7,45,75 $4,, $,74,57 $,,7 $4, $54,4,7 $,,,45 $77,, $,44,, $4,,5 $,5, $5,7, $, $,5, $74,4,5 $5,4,4 $5,5, $7,4,5 $44,7,7 $5,4, $,,5 $,7, $,74,5 $,, $,5,55 $,4, $,4, $,,5 $5,447 $4, $47, $47, $45,7 $4,5 $4, $, $4, $4,5 $57, $4,4 $4,5 $4, $4, $47,75 $, $5,75 $5, $47,7 $454, $5, $,5 $4,5 $,5 $, $44, $44, $47,75 $,4 $,4 $7,47 $47, $47, $4,4 $47,75 $4, $45, $, $5, $4, $5, $5, $44, $557, $7, $4, $45, $, $5,5 $4, $45,4 $45, $47,5 $55,5 $, $, $7,5 $, $45, $, $,45 $,45 $5,, 5,7 5,45,7, , 7,54, % 5% % % % % % 5% 5% $57,5 $5, $57,5 $, $57,5 $, % 5% Condo Market Report, First Quarter

3 CITY OF TORONTO FIRST QUARTER SUMMARY OF CONDOMINIUM APARTMENT TRANSACTIONS Sales TREB Total City of Toronto Total Toronto West Toronto W Toronto W Toronto W Toronto W4 Toronto W5 Dollar Volume Average Price Median Price New Listings Active Listings Avg. SP / LP 4 Avg. DOM 5 5,4, 5 7 $,7,4, $,,,45 $77,, $4,,4 $5,447 $57, $4,4 $5,5 $47, $5, $44, $54,, 5,45,7,,54 % % % % Toronto W Toronto W7 Toronto W Toronto W Toronto W Toronto Central Toronto C Toronto C Toronto C Toronto C4 Toronto C Toronto C7 Toronto C Toronto C Toronto C Toronto C Toronto C Toronto C Toronto C Toronto C5 Toronto East Toronto E Toronto E Toronto E Toronto E4 Toronto E5 Toronto E Toronto E7 Toronto E Toronto E 4 7 7, $5,,47 $,, $,57,5 $,, $,4,7 $,, $,, $,7, $,,5 $,44,, $4,45,75 $,5, $,5, $,,5 $7,, $7,7,7 $5,54, $,7, $54,545,7 $,7, $,7, $4,45,5 $4,,7 $,,7 $4,,5 $7,447, $,57, $7,5, $7,, $5,7,4 $,, $4,, $7,5, $,7,5 $545,7 $444,54 $4,7 $, $54, $4, $5, $57,4 $, $4,5 $5,5 $,, $7,5 $75, $4, $577,55 $7, $7,55 $5, $7, $, $5,7 $57,4 $5,74 $4, $7,5 $,4 $,5 $4,5 $,7 $, $, $7,7 $, $45,5 $4, $, $5, $4,5 $54,5 $4, $, $, $557, $57, $5, $, $5, $55, $55,5 $,5 $75,5 $5, $5, $, $445, $55,5 $4, $7, $5,5 $55, $4, $4, $77,5 $7, $5,5 $4, $5, ,5, , % % % % 7% % % % % % % % % % % % % % % 7% % % Toronto E Toronto E $,, $,7,5 $,5 $,55 $, $, % 4 Condo Market Report, First Quarter

4 Condominium Apartment Market Summary Share of Total Condo Apartment Sales By TREB Area % Condo Apartment Sales by Price Range (All Areas) 4% %, City of Toronto Peel Region York Region Durham Region Halton Region % Selling Price Range K, K, 4K4, 5K5, K, 7K7, K, K,,,+ 7% 5,,5 Number of Sales Share of Total Condo Apartment Sales By Bedroom Type (All Areas) Condo Apartment Price by Bedroom (All Areas) % 5% % % + Den + Den % % $7, $5, $, $55, $5, $45, $4, $5, $, $5, $, $5, $, $5, $ + Den + Den Average Selling Price Three Bedroom Total Median Selling Price Condo Market Report, First Quarter 4

5 SubMarket Breakdown: Downtown Core Condo Apartment Sales by Price Range (Downtown Core), K, Selling Price Range K, 4K4, 5K5, K, 7K7, K, K,,,+ Number of Sales Condo Apartment Price by Bedroom Type (Downtown Core) $,, $,5, $,4, $,, $,, $,, $,, $, $, $7, $, $5, $4, $, $, $, $ Condo Apartment Sales By Bedroom Type (Downtown Core) Den 5 + Den + Den + Den Average Selling Price Median Selling Price 4 Total 4 5 Condo Market Report, First Quarter 5

6 SubMarket Breakdown: North York City Centre Condo Apartment Sales by Price Range (North York City Centre), K, Selling Price Range K, 4K4, 5K5, K, 7K7, K, K,,,+ 4 Number of Sales Condo Apartment Price by Bedroom Type (North York City Centre) $, $75, $7, $5, $, $55, $5, $45, $4, $5, $, $5, $, $5, $, $5, $ Condo Apartment Sales By Bedroom Type (North York City Centre) + Den 7 + Den + Den + Den Average Selling Price Median Selling Price Total 5 5 Condo Market Report, First Quarter

7 SubMarket Breakdown: Mississauga City Centre Condo Apartment Sales by Price Range (Mississauga City Centre), K, Selling Price Range K, 4K4, 5K5, K, 7K7, K, K,,,+ Number of Sales Condo Apartment Price By Bedroom Type (Mississauga City Centre) $, $55, $5, $45, $4, $5, $, $5, $, $5, $, $5, $ Condo Apartment Sales By Bedroom Type (Mississauga City Centre) Den 75 + Den + Den Average Selling Price + Den Total Median Selling Price Condo Market Report, First Quarter 7

8 Rental Market Summary Number of Units Listed Average Rent Growth Above the Rate of Inflation Continues in Q Q vs. Q 7 The average rent for onebedroom condominium apartments in the TREB market area was up.4 per cent on an annual basis to $,5. The average twobedroom condominium apartment rent was up by. per cent over the same time period to $,5., 5,5 5, 4,5 The number of condominium apartments listed during the first quarter was down. per cent compared to Q 7. The total number of units leased was down 7.5 per cent. 4,,5 7,,5 With a vacancy rate hovering at one percent for condominium apartments, there has been less supply available to wouldbe renters, which has resulted in fewer lease agreements being signed.,,5, 5 Downtown Core North York City Centre Mississauga City Centre Number of Units Rented Average OneBedroom Rents Q vs. Q 7 Q vs. Q 7 $,4,,5 $,, $, 7,5, $ 5 7 $, $4 Downtown Core North York City Centre Mississauga City Centre $ Total TREB Downtown Core North York City Centre Mississauga City Centre Condo Market Report, First Quarter

9 Share of GTA Condo Apartments In Rental 5.4% 7.5%.%.%.% Halton Peel Toronto York Durham Source: CMHC, Rental Market Report GTA Condo Apartment Vacancy Rate.5%.%.7% NOTES.5%.% Halton Peel Toronto York Durham Sales, dollar volume, average sale prices and median sale prices are based on firm transactions entered into the TREB MLS system between the first and last day of the quarter being reported. New listings entered into the TREB MLS system between the first and last day of the quarter being reported. Active listings as of the end of the last day of the quarter being reported. 4 Ratio of the average selling price to the average listing price for firm transactions entered into the TREB MLS system between the first and last day of the quarter being reported. 5 Average number of days on the market for firm transactions entered into the TREB MLS system between the first and last day of the quarter being reported. Past monthly and yeartodate figures are revised monthly. Source: CMHC, Rental Market Report Copyright Condo Market Report, First Quarter