/EINPresswire.com/ -- TORONTO, ONTARIO -- (Marketwired) -- 10/16/15 -- Toronto Real Estate Board President Mark McLean announced strong year-over-year growth in condominium apartment sales reported through TREB's MLS® System in the third quarter of 2015. Sales were up by close to 11 per cent to 6,586 compared to Q3 2014. New listings entered into the System during the quarter and active listings at the end of the quarter were also up on an annual basis, but by a lesser rate compared to sales.

"The condominium apartment market segment has been a key contributor to overall growth in GTA home sales this year. With continued sales growth expected in the fourth quarter, we are on track for a new record in condo transactions through TREB's MLS® System this year," said Mr. McLean.

"As the absorption rate for condos accelerated over the last year, tighter market conditions have resulted in sustained price growth," continued McLean.

Annual growth in the average and median selling prices and the MLS® HPI Benchmark for apartments exceeded the annual rate of inflation in the third quarter. For the TREB market area as a whole, the average selling price for condo apartments was up by 5.4 per cent year-over-year. The median selling price was up by 4.4 per cent. The MLS® HPI Benchmark for apartments was up by 5.6 per cent at the end of September.

"The condominium apartment market has certainly benefited from an increase in the supply of listings over the past year. However, through the first three quarters of 2015, growth in sales has actually outstripped growth in listings. This suggests that there was a certain amount of pent-up demand for condominium apartments. As new projects have completed, investor-held units listed for sale have been absorbed very quickly by end users, to the point where price growth has remained strong," said Jason Mercer, TREB's Director of Market Analysis.

Condominium Apartment Market Summary
Third Quarter
2015                             2015                       2014
                  -------------------------  -------------------------
                      Sales   Average Price      Sales   Average Price
Total TREB            6,586        $379,006      5,946        $359,501
Halton Region           210        $378,881        191        $328,850
Peel Region             938        $275,933        805        $273,155
City of Toronto       4,642        $405,865      4,230        $382,324
York Region             655        $361,341        590        $348,174
Durham Region           131        $266,111        122        $248,889
Other Areas              10        $217,500          8        $234,061
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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 42,000 TREB Members serve consumers in the Greater Toronto Area. TREB is Canada's largest real estate board.

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Senior Manager Public Affairs
maryg@trebnet.com

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