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GTA REALTORS(R) Report Condominium Transactions in Q1

(April 18, 2012)

TORONTO, ONTARIO -- (Marketwire) -- 04/18/12 -- Greater Toronto REALTORS?? reported 5,027 condominium apartment transactions in the first quarter of 2012. This result was up by two per cent in comparison to the first quarter of 2011. Over the same period, the number of new listings of condominium apartments was up by 14 per cent.

"With sales increasing moderately year-over-year and listings growing strongly, the condo apartment market became better supplied in the first quarter. With more choice for buyers in the condo market segment compared to the low-rise segment, the average selling price for condos grew at a slower pace in comparison to some low-rise types including detached homes," said Toronto Real Estate Board President Richard Silver.

The average selling price for condominium apartments in the first quarter of 2012 was $334,952 - up by 3.7 per cent from $322,857 in the first quarter of 2011.

"Condominium apartment completions were at the highest level ever in 2011. As projects completed, some units held by investors were listed for sale. As a result, it is not surprising that we saw more moderate rates of price growth in the first quarter. However, the fact that annual price growth remained above the rate of inflation is testament to the fact that demand remains strong for this home type," said Jason Mercer, TREB's Senior Manager of Market Analysis.

Condominium Apartment Market Summary First Quarter 2012 ---------------------------------------------------------------------------- 2012 2011 -------------------------- -------------------------- Sales Average Price Sales Average Price Total TREB 5,027 $ 334,952 4,932 $ 322,857 Halton Region 82 $ 295,979 53 $ 276,566 Peel Region 768 $ 246,688 734 $ 231,010 City of Toronto 3,546 $ 360,892 3,539 $ 348,779 York Region 507 $ 324,182 506 $ 303,506 Durham Region 108 $ 208,544 92 $ 202,384 Other Areas 16 $ 217,000 8 $ 198,800 ---------------------------------------------------------------------------- Source: Toronto Real Estate Board

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 34,000 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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