Toronto condominium sales were up 8.3 per cent in the last quarter of 2014 compared to the last quarter of 2013, according to the Toronto Real Estate Board. There were 4,975 transactions total.
According to Paul Etherington, the president of the Toronto Real Estate Board, “Demand for condominium apartments remained strong in the fourth quarter of 2014. While the supply of condominium apartments listed for sale grew in the fourth quarter, including a large number of newly completed units, the number of sales grew at a faster pace. Competition between buyers increased in the condo market over the past year.”
He continued, “Interest in ownership housing in the GTA, including demand from first-time buyers in the condo market, is extremely strong. The majority of households understand that a home purchase represents a quality long-term investment.”
Average selling prices for condos were also up, by 3.8 per cent to an average selling price of $367,199 over $353,799.
“Despite very strong condominium apartment completions over the last two years, we have not experienced a glut in inventory,” said Toronto Real Estate Board director of market analysis Jason Mercer. “The number of buyers has more than kept up with the number of units available for sale. This is why we continued to experience above-inflation average price growth in the condo segment.