Condo Market Report Fourth Quarter 8 Economic Indicators Real GDP Growth Q 8.% Toronto Employment Growth December 8.% Toronto Unemployment Rate December 8 6.% Inflation (Yr./Yr. CPI Growth) December 8.% Bank of Canada Overnight Rate December 8 --.% Prime Rate December 8 --.% Mortgage Rates December 8 Year Year Year Sources and Notes: i - Statistics Canada, Quarter-over-quarter growth, annualized ii - Statistics Canada, Year-over-year 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 -- -- --.6%.%.% TREB Releases Q 8 Condo Market Statistics TORONTO, January 8, President Garry Bhaura announced that Greater Toronto Area REALTORS reported, condominium apartment sales through TREB s MLS System in the fourth quarter of 8. This result was down by. per cent compared to the last three months of. New condominium apartment listings entered into TREB s MLS System were down by more than sales on a year-over-year basis dropping. per cent from 8,86 in Q to, in Q 8. This points to tighter market conditions at the end of 8 compared to year-end. The condominium apartment segment was the best-performing segment in terms of annual average rates of price growth in 8. Condos represent a relatively affordable housing option. With a substantial decrease in listings in 8, competition between intending buyers remained strong. This supported average price growth well-above the rate of inflation and annual rates of price growth reported for other ground-oriented home types, said Mr. Bhaura. The average price of a condominium apartment increased by 8. per cent from $6,86 in Q to $8,8 in Q 8. Year-over-year price growth in the City of Toronto, which accounted for per cent of transactions, was slightly higher at 8. per cent resulting in an average price of $8,66. The condominium apartment segment continued to be a key entry point into the GTA home ownership market in 8. Higher mortgage qualification standards meant that many first-time buyers were looking for more affordable housing options. Moving forward, the concern is that a continued lack of listings supply, despite relatively strong new condo completions as of late, will hamper the ability of potential home buyers to meet their housing needs, said Jason Mercer, TREB s Director of Market Analysis. Condominium Apartment Market Summary Fourth Quarter 8 Total TREB Halton Region Peel Region City of Toronto York Region Durham Region Other Areas 8 Sales Average Price Sales Average Price, $8,8,6 $6,86 $,6 $6, 6 $,86 6 $8,6,8 $8,66,88 $, $8,8 8 $8, $8,8 8 $8,8 $,6 $,6 TREB Member Inquiries: (6) -8 Media/Public Inquiries:,6 (6) -88 Total TREB MLS Condo Apartment Sales, TREB MLS Average Condo Apartment Price $8,8,6 Fourth Quarter 8 Fourth Quarter $6,86 Fourth Quarter 8 Fourth Quarter Year-Over-Year Summary Sales New Listings Active Listings Average Price Average DOM i Active listings refer to last month of quarter.,6,6 8 % Chg.,,6 -.%, 8,86 -.%,,6 -.% $8,8 $6,86 8.%.%,6
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 Whitchurch-Stouffville Durham Region Ajax Brock Clarington Oshawa Pickering Scugog Uxbridge Whitby Dufferin County Orangeville Simcoe County Adjala-Tosorontio Bradford West Gwillimbury Essa Innisfil New Tecumseth Dollar Volume Average Price Median Price New Listings ALL TREB AREAS FOURTH QUARTER 8 Active Listings Avg. SP / LP Avg. DOM, 88 6 8,8 8, 8 $,,, $,, $,86,88 $,6, $8,6, $,, $,88, $,, $66, $8,,6 $,,8, $,,8 $,,, $,6, $,68, $,,6 $, $,, $8,6,8 $,88, $,8,6 $6,, $,, $6,,6 $,, $,6, $6,, $8, $8, $,6, $,6, $,6, $,, $,, $8,8 $,6 $,6 $, $,88 $6,68 $,86 $, $66, $, $8,66 $,8 $6,6 $,6 $8,8 $, $6, $, $,6 $8,6 $, $,88 $8,8 $6,8 $6,6 $6, $8,8 $8, $, $,6 $, $, $8,88 $, $, $, $8, $, $, $, $, $6, $66, $, $, $6, $, $, $6, $, $6, $, $, $, $8, $8, $6, $, $, $, $, $8, $, $, $, $, $6, $,, 8 6 8 6 666,8,, 6 6 8 8 6 8,, 6 8 66 8 8 6 % % 8% 8% 8% 6% 8% 8% 6% 8% % % % % % % 8% 6% 8% 8% % % 8% 8% 8% 6% 8% 8% % 8% % % % 8% 6 6 8 8 6 6 8 $,, $,, $, $8,6 $, $8, 6 6% 8% 8 6 Condo Market Report, Fourth Quarter 8
SUMMARY OF CONDOMINIUM APARTMENT TRANSACTIONS Sales TREB Total City of Toronto Total Toronto West Toronto W Toronto W Toronto W Toronto W Toronto W Dollar Volume Average Price Median Price New Listings CITY OF TORONTO FOURTH QUARTER 8 Active Listings Avg. SP / LP Avg. DOM,,8 8 6 $,,, $,,8, $,,8 $,, $8,8 $8,66 $,8 $6,8 $, $, $6, $6,,,8,,, 6 % % % % 6 Toronto W6 Toronto W Toronto W8 Toronto W Toronto W Toronto Central Toronto C Toronto C Toronto C Toronto C Toronto C6 Toronto C Toronto C8 Toronto C Toronto C Toronto C Toronto C Toronto C Toronto C Toronto C Toronto East Toronto E Toronto E Toronto E Toronto E Toronto E Toronto E6 Toronto E Toronto E8 Toronto E 66 8 6 8, 8 6 8 6 8 6 8 68 $,68, $,,8 $,6, $6,8, $6,,6 $6,,6 $,, $,6, $6,86, $,,, $668,8,8 $,6,6 $,,68 $,8, $,, $8,,6 $6,,8 $,, $6,8, $,8, $,8, $,6, $,,86 $6,,8 $,6, $,, $,, $6,8, $,6, $8,,8 $,6, $,8,6 $,,8 $,8,668 $68, $6, $8,8 $6, $,8 $,6 $, $,8 $, $6,6 $, $,8,8 $8,8 $, $,8 $8, $66,6 $,,8 $,6 $6, $88,88 $,88 $8,6 $, $,6 $68, $68,8 $, $6, $8,8 $6,68 $8,8 $8, $,6 $8, $, $, $, $, $8, $6, $, $, $, $6, $, $6,8 $6, $, $, $6, $8, $6, $, $, $, $6,8 $8, $, $66, $, $6, $, $, $, $, $, $, 6 6,, 6 68 8 86 66 6 8 6 6 8 6 6 8 8 6 % % 8% 8% % % % % % % % % 8% % 8% 8% % % % % % % % 8% % % % % % 8% 8% 8% 8% % 6 6 6 6 6 6 Toronto E Toronto E $,8, $6,, $6,66 $, $, $, 66 % 8% 8 Condo Market Report, Fourth Quarter 8
Condominium Apartment Market Summary Share of Total Condo Apartment Sales By TREB Area % Condo Apartment Sales by Price Range (All Areas) % % -, City of Toronto Peel Region York Region Durham Region Halton Region % Selling Price Range K-, K-, K-, K-, 6K-6, K-, 8K-8, K-,,,+ %,,, Number of Sales Source: Source: Share of Total Condo Apartment Sales By Bedroom Type (All Areas) Condo Apartment Price by Bedroom (All Areas) % % % % + Den + Den % $, $6, $6, $, $, $, $, $, $, $, $, $, $, $, $ + Den + Den % Source: Average Selling Price Three Bedroom Total Median Selling Price Source: Condo Market Report, Fourth Quarter 8
Sub-Market Breakdown: Downtown Core Condo Apartment Sales by Price Range (Downtown Core) -, K-, Selling Price Range K-, K-, K-, 6K-6, K-, 8K-8, K-,,,+ Number of Sales Source: Condo Apartment Price by Bedroom Type (Downtown Core) $,, $,, $,, $,, $,, $, $8, $, $6, $, $, $, $, $, $ Condo Apartment Sales By Bedroom Type (Downtown Core) 6 8 86 + Den + Den + Den + Den Average Selling Price Source: Median Selling Price Total Source: Condo Market Report, Fourth Quarter 8
Sub-Market Breakdown: North York City Centre Condo Apartment Sales by Price Range (North York City Centre) -, K-, Selling Price Range K-, K-, K-, 6K-6, K-, 8K-8, K-,,,+ 8 Number of Sales Source: Condo Apartment Price by Bedroom Type (North York City Centre) $, $6, $6, $, $, $, $, $, $, $, $, $, $, $, $ Condo Apartment Sales By Bedroom Type (North York City Centre) + Den + Den + Den + Den Average Selling Price Source: Median Selling Price Total 6 Source: Condo Market Report, Fourth Quarter 8 6
Sub-Market Breakdown: Mississauga City Centre Condo Apartment Sales by Price Range (Mississauga City Centre) -, K-, Selling Price Range K-, K-, K-, 6K-6, K-, 8K-8, K-,,,+ Number of Sales Source: Condo Apartment Price By Bedroom Type (Mississauga City Centre) $, $6, $6, $, $, $, $, $, $, $, $, $, $, $, $ Condo Apartment Sales By Bedroom Type (Mississauga City Centre) 6 + Den + Den + Den + Den Average Selling Price Source: Total 8 6 6 8 Median Selling Price Source: Condo Market Report, Fourth Quarter 8
Rental Market Summary Number of Units Listed Tight Market Conditions and Strong Rent Growth Continued in Q '8 Q 8 vs. Q The average one-bedroom condominium apartment rent increased by 8.8 per cent on a year-over-year basis to $, in Q 8. The number of onebedroom condominium apartments rented through TREB s MLS System amounted to,6 a. per cent increase compared to Q.,,,,, The average two-bedroom condominium apartment rent increased by. per cent on a year-over-year basis to $, in Q 8. The number of twobedroom condominium apartments rented through TREB s MLS System amounted to, a. per cent decrease compared to Q. 8,,, As in previous quarters in 8, strong competition between renters continued to sustain double-digit or near-double-digit annual average rent increases on a year-over-year basis., Downtown Core North York City Centre Mississauga City Centre Source: Number of Units Rented Average One-Bedroom Rents Q 8 vs. Q Q 8 vs. Q $,, $,, $,6, 8 8 $,, $8 $ Downtown Core Source: North York City Centre Mississauga City Centre $ Total TREB Downtown Core North York City Centre Mississauga City Centre Source: Condo Market Report, Fourth Quarter 8 8
Share of GTA Condo Apartments In Rental.%.%.8%.%.6% Halton Peel Toronto York Durham Source: CMHC, Rental Market Report GTA Condo Apartment Vacancy Rate.%.%.8%.%.6% NOTES 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. - 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. - 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. 6 - Past monthly and year-to-date figures are revised monthly. Source: CMHC, Rental Market Report Copyright Condo Market Report, Fourth Quarter 8