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GTA REALTORS(R) Release New Quarterly Condo Market Report

(October 24, 2011)

TORONTO, ONTARIO -- (Marketwire) -- 10/24/11 -- Greater Toronto REALTORS?? reported 5,770 condominium apartment transactions through the TorontoMLS?? system in the third quarter of 2011, representing a 24 per cent increase over the same period in 2010. The average selling price increased by almost nine per cent to $333,352.

"Condominium apartments have accounted for about one-quarter of total existing home sales in the GTA this year. This share is expected to increase moving forward, as new home sales and construction has become increasingly driven by high-rise construction," said Toronto Real Estate Board President Richard Silver.

In line with new home sales and construction trends over the last few years, condominium apartment completions have been high so far in 2011. When condo projects reach the completion stage, investors and end users whose housing needs have changed often list their units for sale or rent.

"The average annual rate of price growth remained strong in the third quarter, despite the upward trend in completions and active listings. This is because the pace of sales remained brisk, keeping sellers' market conditions in place," said Jason Mercer, the Toronto Real Estate Board's Senior Manager of Market Analysis.


---------------------------------------------------------------------------- Condominium Apartment Market Summary ---------------------------------------------------------------------------- Third Quarter 2011 ---------------------------------------------------------------------------- 2011 2010 ---------------------------------------------------------------------------- Sales Average Price Sales Average Price ---------------------------------------------------------------------------- Total TREB 5,770 $ 333,352 4,648 $ 306,134 ---------------------------------------------------------------------------- Halton Region 88 $ 296,067 62 $ 255,024 ---------------------------------------------------------------------------- Peel Region 875 $ 253,246 744 $ 229,831 ---------------------------------------------------------------------------- City of Toronto 4,156 $ 356,182 3,298 $ 329,917 ---------------------------------------------------------------------------- York Region 539 $ 319,399 445 $ 287,337 ---------------------------------------------------------------------------- Durham Region 101 $ 201,503 84 $ 201,978 ---------------------------------------------------------------------------- Other Areas 11 $ 272,455 15 $ 213,703 ----------------------------------------------------------------------------

Greater Toronto REALTORS?? are passionate about their work. They are governed by a strict Code of Ethics and share a state-of-the-art Multiple Listing Service. Over 32,000 TREB Members serve consumers in the Greater Toronto Area. The Toronto Real Estate Board is Canada's largest real estate board.

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Contacts:
Media Inquiries:
Toronto Real Estate Board
Mary Gallagher, Senior Manager Public Affairs
(416) 443-8158
[email protected]


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