Condominium sales in Toronto increased by 12.6 per cent in the last quarter of 2015 compared to the same time in 2014, according to the Toronto Real Estate Board. There were 5,595 sales in total.
“The condominium apartment segment is integral to the overall housing market in the Greater Toronto Area,” said Mark McLean, president of the Toronto Real Estate Board. “Over the past decade, the trend has been to increasingly build up due to provincial land use policies. As new projects have been completed, a number of investor-held units have been listed for sale on TREB’s MLS System. These units have been absorbed quite rapidly, with enough demand relative to supply to prompt continued price growth.”
The average selling price for a condo in the GTA was $382,070, which us up by 4.1 per cent year over year. In the City of Toronto, the average price was $407,991 In Q4 2015 and $390,896 in Q4 2014.
Jason Mercer, Director of Market Analysis for the Toronto Real Estate Board, said that, “First-time buyers account for approximately half of all buyers in the GTA and even more so in the City of Toronto. Condominium apartments represent and important entry point into home ownership for a lot of households. This is a key reason why we experienced continued growth in sales for this home type over the past year.”