How Did The Toronto Condo Market Fare In Q1 2014?

The Toronto Real Estate Board has released its Q1 condo market report for 2014, stating that 4,454 condo apartments were sold during the first quarter of this year, and increase of nine per cent over the same time period last year.

“Home buyers remained confident in purchasing condominium apartments during the first three months of 2014,” said Toronto Real Estate Board president Dianne Usher. “This included first-time buyers and seasoned home owners looking to change their housing situation. Despite the condo market segment being well-supplied, strong sales growth translated into a robust increase in the average selling price.”

The average selling price for these condos was up to $376,266, an increase of 5.6 per cent.

According to Jason Mercer, the senior manager of market analysis for the Toronto Real Estate Board, “The number of new condominium apartment completions was up substantially in 2014. Because of this, we could see stronger growth in listings in the second half of 2014 as some investors choose to list their units for sale. If this occurs buyers would benefit from more choice in the marketplace and this could have more negotiating power with regard to price.”

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