Average Condo Price Continues to Climb in Q2 '18
The Toronto Real Estate Board announced that the average selling price for condos and lofts in the second quarter of 2018 was up by 5.4% year-over-year to $561,338.
The highest average selling price was in the City of Toronto, at $603,480 – up 6.5% compared to Q2 2017.
Condos and lofts have outperformed other housing types over the past year, in terms of price growth. It has been a seller's market in many neighbourhoods for this home type, which is why they have continued to report average price growth more than twice the rate of inflation.
Condo and loft sales amounted to 6,837 in Q2 2018 – down 16.5% cent from 8,188 sales reported in Q2 2017. However, the number of new condo and loft listings was down by 15.9% cent on a year-over-year basis. The fact that sales and new listings were down by similar annual rates suggests that market conditions have remained similar over the past year, which has supported continued price growth.
First time buyers continue to be a key driver of condo and loft demand. The relative affordability of condos and lofts versus low-rise homes, especially with the onset of stricter mortgage qualification guidelines and generally higher borrowing costs, has also been a key factor underpinning tight condo market conditions and continued average price growth.
If you want to buy or sell a Toronto condo or loft, contact Casey Ragan at 416-486-5588 or by email at firstname.lastname@example.org
“Toronto’s Condo Authority”