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Strong Condo Sales and Price Growth in Q4

The Toronto Real Estate Board announced that condominium apartment sales in the fourth quarter of 2016 were up by 22.3% year-over-year to 6,831. Over the same period of time, new listings were down by 13.4%.

With a double-digit annual increase in sales and a double-digit annual decline in new listings, condo market conditions tightened substantially over the past year. 

Gone are the days when we were concerned about a potential glut in inventory in the condo market. The supply concerns that have been top-of-mind for ground-oriented home types are also now a reality for the condo market segment. Regardless of the price measure considered, heightened competition between condo buyers has resulted in double-digit price inflation.

At the end of the fourth quarter, the MLS® Home Price Index apartment benchmark price was up by 15.2%. The average condominium apartment selling price for the fourth quarter was up by 14.5% to $437,281.

First-time buyers represent an important component of home ownership demand. Many households looking to purchase their first home will consider a condo. Interest in this market segment has continued to grow as prices for low-rise home types have increased on a sustained basis.

Full market report

 

If you want to buy or sell a Toronto condo or loft, contact Casey Ragan at 416-486-5588 or by email at casey@remaxhallmark.com

 

Casey Ragan

“Toronto’s Condo Authority”

Toronto Condos and Lofts

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Address

RE/MAX Hallmark Realty Ltd., Brokerage
723 Mount Pleasant Road
Toronto, ON
M4S 2N4

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Toronto Real Estate Board - IDX Last Updated: 8/23/2017 1:56:48 PM