The Toronto Real Estate Board’s latest report on condo sales says that condo apartment transactions throughout the Greater Toronto Area increased by two per cent compared to the same time last year, and listings also increased 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,” said Richard Silver, the president of the Toronto Real Estate Board. “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.”
Condo apartment prices also increased, by 3.7 per cent to an average sale price of $334,952.
“Condominium apartment completions were at the highest level ever in 2011,” said Jason Mercer, the senior manager of market analysis for the Toronto Real Estate Board. “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 a testament to the fact that demand remains strong for this home type,” he said.
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