In the second quarter of 2014, Toronto condo sales increased by 10.4 per cent compared to the second quarter of 2013.
“Condominium apartments represent an affordable entry point into the market for first time buyers,” said the president of the Toronto Real Estate Board, Paul Etherington. “On top of this, some condo properties cater to households looking to move out of their traditional low-rise home, and we are increasingly seeing households choose condos as the place where they will raise a family. This diversity of buyers explains why sales more than kept up with increased listings in the second quarter.”
New condo listings increased by 4.4 per cent, while prices increased by 5.5 per cent to an average price of $367,010. However, in the City of Toronto, the average was up by 5.3 per cent to $392,739, accounting for 71 per cent of sales.
Jason Mercer, the senior manager of market analysis for the Toronto Real Estate Board, said that, “Even though inventory levels for condo apartments have been higher compared to inventory of low-rise home types like singles, semis and towns, there has been enough demand relative to supply to see strong price growth. Even as inventory levels increase due to record occupancies in 2013, we should see enough demand to sustain price growth above the rate of inflation in the second half of this year.”