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TORONTO, April 16, 2018 — Toronto Real Estate Board President Tim Syrianos announced that the average selling price for condominium apartments sold through TREB’s MLS® System was up by nine per cent year-over-year to $ 533,447 in the first quarter of 2018.
While the number of condominium apartment sales reported by Greater Toronto Area REALTORS® in the first quarter was down by 29.7 per cent year-over-year to 5,084, so too were the number of new listings, which were down by 11.1 per cent annually to 8,030.
“Seller’s market conditions for condominium apartments remained firmly in place in the first quarter of 2018. 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 2018 and over the longer term, as buyers continue to see ownership housing as a quality long-term investment,” said Mr. Syrianos.
Inventory levels for condominium apartments in the first quarter of 2018 were above the record lows experienced during the first three months of 2017. However, with months of inventory continuing to trend between 1.5 and 2.0 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 low-rise home types. It stands to reason that condos remain popular with first-time buyers. Strong demand relative to supply will see this segment perform well from a pricing standpoint for the remainder of 2018 and beyond,” said Jason Mercer, TREB’s Director of Market Analysis.
On a related front, ideally, personal cultivation of cannabis should not be allowed inside homes as growing marijuana can pose significant health and safety issues for unsuspecting home buyers, such as the growth of mold and fungus. With the legalization of marijuana looming, there are no rules in place to protect a home buyer from purchasing a former grow operation.
“The Provincial Government needs to act now to bring forward measures that will ensure home buyers are protected from the health and safety risks associated with former grow ops. Policy makers must take action to protect Greater Toronto Area home owners and address the long-term impact of legal marijuana cultivation on the housing stock,” said Mr. Syrianos. “We are calling for measures to require inspection by municipal building officials; registration of remediation work orders on property title; mandate home inspectors to receive training on spotting former grow operations; and restrict the number of plants that a home owner can grow from four to one in units 1,000 square feet or smaller to protect multi unit dwellings such as condos and apartments. Visit protectontariohomes.ca launched by the Ontario Real Estate Association for more information on cannabis legalization and to take action.”