Compared to the third quarter of 2018, the average selling price of Condominiums in the Greater Toronto Area (GTA) in Q3 2019 have appreciated by 5.8%, leading to a new average selling price of $584,564. With Toronto Condos increasing a little over 5.6% to reach a new average selling price of $628,074.
According to the latest report from TREB, this price appreciation is mainly due to tighter marketing conditions as a result of the lower number of listings compared to Q3 of 2018. A playing factor could be the decreased number of new condominiums completed so for this year, since this could lead to less investor-owned units coming up for sale.
Elsewhere across the GTA, the average selling price of Condominiums also increased, the Peel Region by an astonishing 12.4% , and 8.8% in the York Region, leading to a new average selling price of $469,406 and $530,577 respectively.
On the other side of the spectrum; the average selling price of Condominiums have depreciated in both the Halton Region and the Durham Region. The Halton Region witnessed a 5.2% decrease leading to a new average selling price of $500,941. Whereas the Durham Region witnessed a slight 3.8% decrease, leading to a new average selling price of $380,256.
Overall, the condominium market has remained relatively stable so far in 2019 and the average condo price across the province continued to rise since Q3 of 2018.
For more information feel free to read the full detailed report by the Toronto Real Estate Board here.