There were just fewer than 9,000 condo apartment sales in the second quarter of 2016 according to the Toronto Real Estate Board, representing an increase of over 17 per cent over the same time last year.
“TREB Realtor members are involved in all aspects of the condominium apartment market in the Greater Toronto Area, from working with buyers at the pre-construction stage of development through to the resale or rental of existing units,” said the president of the Toronto Real Estate, Larry Cerqua. “While we have certainly seen a lot of condo construction over the last few years, project completions have not resulted in a glut of inventory.”
During this past quarter, the average selling price for a condo in Toronto reached $415,326, which is an increase of 7.1 per cent over the same time last year.
Jason Mercer, the director of market analysis for the Toronto Real Estate Board, said that, “Similar to the low-rise market segments, we have seen growth in condo sales outstrip growth in condo listings this year. Seller’s market conditions exist for condominium apartments in many parts of the GTA including Toronto’s downtown core. This is why we are seeing average price growth well-above the rate of inflation.”