TREB Member Inquiries: Condo Market Report (4) 443- Media/Public Inquiries: Second Quarter Economic Indicators Real GDP Growth Q.3% Toronto Employment Growth June May Bank of Canada Overnight Rate June Prime Rate June Mortgage Rates TORONTO, ONTARIO, July 7, President Garry Bhaura announced that the average selling price for condominium apartments sold through TREB s MLS System in the second quarter of was up by.4 per cent year-over-year to $,33. The highest average selling price was in the City of Toronto, at $3,4 up. per cent compared to Q..3% Condominium apartments have outperformed other housing types over the past year, in terms of price growth. It has been a seller s market in many neighbourhoods for this home type, which is why we have continued to report average price growth more than twice the rate of inflation, said Mr. Bhaura. Inflation (Yr./Yr. CPI Growth) Total TREB MLS Condo Apartment Rentals, Average Condo Price Continues to Climb in Q '.3% Toronto Unemployment Rate June (4) 443-,,37.% Condominium apartment sales through TREB s MLS System amounted to,37 in Q down. per cent from, sales reported in Q. However, the number of new condominium apartment listings was down by.9 per cent on a year-over-year basis. The fact that sales and new listings were down by similar.% annual rates suggests that market conditions have remained similar over the past year, which has supported continued price growth. Second Quarter Second Quarter TREB MLS Average Condo Apartment Price, 3.4% First time buyers continue to be a key driver of condominium apartment demand. June 3.49% 4.3% Year Year.34% Sources and Notes: Condominium Apartment Market Summary, Second Quarter i - Statistics Canada, Quarter-over-quarter growth, annualized Total TREB Sales Average Price Sales Average Price,37 $,33, $3,43 ii - Statistics Canada, Year-over-year growth for the most recently reported month Halton Region 3 $3, 7 $,7 Peel Region 94 $4,79, $44,47 iii - Bank of Canada, Rate from most recent Bank of Canada announcement City of Toronto 4,9 $3,4, $,73 York Region 7 $49,7 73 $,7 iv - Bank of Canada, rates for most recently completed month Durham Region 37 $4, $39, Other Areas $34, $,4 $3,43 33Year Year $,33 Year Year The relative affordability of condos versus low-rise home types, especially with the onset of stricter mortgage qualification guidelines and generally higher borrowing costs, has also been a key factor underpinning tight condo market conditions and continued average price growth, said Jason Mercer, TREB s Director of Market Analysis. Second Quarter Second Quarter Year-Over-Year Summary, Sales New Listings Active Listings Average Price Average DOM i,37, 4, $,33, 3,9 3,97 $3,43 Active listings refer to last month of quarter. % Chg. -.% -.9%.%.4%.3%
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 SECOND QUARTER Active Listings 3 Avg. SP / LP 4 Avg. DOM,37 3 7 37 94 74 4,9,9 3,7 7 9 4 37 3 4 3 3 $3,37,7,47 $9,,4 $3,4,7 $,9, $,777, $,93, $37,9, $4,99, $, $3,,9 $,9,7,43 $,49, $,7,3,3 $7,,97 $,7, $3,7,9 $, $,37, $,39,93 $,9, $9,,9 $9,47,99 $4,,93 $4,47, $3,, $,3,4 $7,7, $, $,9, $,97, $,4, $,4, $4,4,4 $, $,33 $3, $4,3 $449, $43, $9,93 $4,79 $34,7 $, $43,749 $3,4 $49, $7, $43,3 $49,7 $4,99 $, $94, $43,3 $43,344 $47,4 $44, $4, $37,3 $34, $379, $44,4 $, $3, $439, $3,7 $3,7 $3,37 $93,333 $49, $4, $4, $4, $4, $44, $4, $3, $, $4, $3, $4, $, $4, $4, $4, $, $74, $449,9 $43, $43, $, $37, $3, $337, $3, $4, $, $33, $4, $, $, $333, $3,, 7,4 4,,,73,9,, 43 4 3 3 37 7 4 3 4 44 4, 7 4 77 4,4 9,4 3 9 9 4 44 % % % % % % 7% 9% 9% 9% 3 3 33 7 4 3 3 33 7 3 3 $79,9 $,7, $79,9 $343,3 $79,9 $334, % 3 Condo Market Report, Second Quarter
SUMMARY OF CONDOMINIUM APARTMENT TRANSACTIONS Sales TREB Total City of Toronto Total Toronto West Toronto W Toronto W Toronto W3 Toronto W4 Toronto W Dollar Volume Average Price Median Price New Listings CITY OF TORONTO SECOND QUARTER Active Listings 3 Avg. SP / LP 4 Avg. DOM,37 4,9,9 3 $3,37,7,47 $,9,7,43 $,49, $4,39, $,33 $3,4 $49, $,7 $49, $3, $4, $9,,,,73 34 4,,4 9 39 % % % 3% 7 3 Toronto W Toronto W7 Toronto W Toronto W9 Toronto W Toronto Central Toronto C Toronto C Toronto C3 Toronto C4 Toronto C Toronto C7 Toronto C Toronto C9 Toronto C Toronto C Toronto C Toronto C3 Toronto C Toronto C Toronto East Toronto E Toronto E Toronto E3 Toronto E4 Toronto E Toronto E Toronto E7 Toronto E Toronto E9 9 9 7 3,7,34 34 47 4 9 9 3 39 34 37 93 3 34 $33,3,7 $,, $4,,4 $33,,7 $3,43,93 $,3,9 $,,33 $,4,3 $37,4, $,7,3,3 $9,974,99 $,73, $,9,7 $3,9, $,, $,79, $34,74,4 $44,,799 $3,9,99 $,93, $9,7,3 $4,,3 $77,3, $,9, $7,,97 $9,,43 $,,7 $7,, $33,9,3 $47,9,9 $,94,9 $43,,9 $3,, $49,,433 $3,7 $4,97 $49,7 $3, $,44 $3,9 $,4 $39,97 $337, $7, $,7 $,4,4 $73, $7,9 $4, $,393 $7, $,,99 $,3 $4, $,,7 $39,39 $,34 $,3 $43,3 $749,4 $,4 $473, $37, $4,9 $34,377 $4,3 $4,33 $4,99 $, $4, $4, $3, $, $4,4 $4, $34, $3, $, $, $7, $3,9 $7, $47, $, $, $,43, $, $393, $9, $4, $43, $4, $4, $74, $, $3, $3, $4,444 $47, $43, $3, $4, 3 4 4 37 9,9,7 7 9 7 73 3 9 3 7 43, 47 43 7 4 7,4 9 3 4 47 7 3 7 7 3 77 77 7% % % % % % % % % % % % % % % % % % % % 7 3 9 Toronto E Toronto E 9 $,39, $,, $, $33, $, $33, Condo Market Report, Second Quarter 3
Condominium Apartment Market Summary Share of Total Condo Apartment Sales By TREB Area Condo Apartment Sales by Price Range (All Areas) % % % -9,999 City of Toronto Peel Region York Region Durham Region Halton Region 3% Selling Price Range K-99,999 3K-399,999 4K-499,999 K-99,999 K-99,999 7K-799,999 K-99,999 9K-999,999,,+ 7%,,, Number of Sales Share of Total Condo Apartment Sales By Bedroom Type (All Areas) Condo Apartment Price by Bedroom (All Areas) 7% % % % + Den + Den % $7, $, $, $, $, $4, $4, $3, $3, $, $, $, $, $, $ + Den + Den 3% Average Selling Price Three Bedroom Total Median Selling Price Condo Market Report, Second Quarter 4
Sub-Market Breakdown: Downtown Core Condo Apartment Sales by Price Range (Downtown Core) -9,999 K-99,999 Selling Price Range 3K-399,999 4K-499,999 K-99,999 K-99,999 7K-799,999 K-99,999 9K-999,999,,+ Condo Apartment Price by Bedroom Type (Downtown Core) $,4, $,3, $,, $,, $,, $9, $, $7, $, $, $4, $3, $, $, $ 4 Number of Sales Condo Apartment Sales By Bedroom Type (Downtown Core) 73 + Den 47 7 + Den + Den + Den Average Selling Price Median Selling Price Total 3 3 4 Condo Market Report, Second Quarter
Sub-Market Breakdown: North York City Centre Condo Apartment Sales by Price Range (North York City Centre) -9,999 K-99,999 Selling Price Range 3K-399,999 4K-499,999 K-99,999 K-99,999 7K-799,999 K-99,999 9K-999,999,,+ Number of Sales Condo Apartment Price by Bedroom Type (North York City Centre) $, $7, $7, $, $, $, $, $4, $4, $3, $3, $, $, $, $, $, $ Condo Apartment Sales By Bedroom Type (North York City Centre) + Den 9 9 + Den + Den + Den Average Selling Price Median Selling Price Total 7 Condo Market Report, Second Quarter
Sub-Market Breakdown: Mississauga City Centre Condo Apartment Sales by Price Range (Mississauga City Centre) -9,999 K-99,999 Selling Price Range 3K-399,999 4K-499,999 K-99,999 K-99,999 7K-799,999 K-99,999 9K-999,999,,+ Number of Sales Condo Apartment Price By Bedroom Type (Mississauga City Centre) $7, $, $, $, $, $4, $4, $3, $3, $, $, $, $, $, $ Condo Apartment Sales By Bedroom Type (Mississauga City Centre) + Den 9 + Den + Den + Den Average Selling Price Total 9 4 Median Selling Price Condo Market Report, Second Quarter 7
Rental Market Summary Number of Units Listed Double-Digit or Near Double-Digit Average Rent Increases in Q ' Q vs. Q The average one-bedroom condominium apartment rent increased by.4 per cent on a year-over-year basis to $, in Q. The number of onebedroom condominium apartments rented through TREB s MLS System amounted to 4,79 a.9 per cent decrease compared to Q., 4, 4, 3, 3, The average two-bedroom condominium apartment rent increased by. per cent on a year-over-year basis to $,7 in Q. The number of twobedroom condominium apartments rented through TREB s MLS System amounted to 3, a. per cent increase compared to Q.,,, Strong competition between renters continued to sustain double-digit or neardouble-digit annual average rent increases on a year-over-year basis., Downtown Core North York City Centre Mississauga City Centre Number of Units Rented Average One-Bedroom Rents Q vs. Q Q vs. Q $,4 4, 3, $, 3, $,,,, $, $, $4 Downtown Core North York City Centre Mississauga City Centre $ Total TREB Downtown Core North York City Centre Mississauga City Centre Condo Market Report, Second Quarter
Share of GTA Condo Apartments In Rental 3.4%.%.9%.%.9% Halton Peel Toronto York Durham Source: CMHC, Rental Market Report GTA Condo Apartment Vacancy Rate.%.9%.7% NOTES.%.3% 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. 3 - 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. - 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 year-to-date figures are revised monthly. Source: CMHC, Rental Market Report Copyright Condo Market Report, Second Quarter 9