Condominium apartment sales increase by 22.3 pct y-o-y in Q4 2016 in Toronto

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Toronto Real Estate Board President Larry Cerqua announced that condominium apartment sales reported by Greater Toronto REALTORS® in the fourth quarter of 2016 were up by 22.3 per cent year-over-year to 6,831.  Over the same period of time, new listings were down by 13.4 per cent.

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 condominium apartment 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,” said Mr. Cerqua.

At the end of the fourth quarter, the MLS® Home Price Index apartment benchmark price was up by 15.2 per cent.  The average condominium apartment selling price for the fourth quarter was up by 14.5 per cent 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 condominium apartment.  Interest in this market segment has continued to grow as prices for low-rise home types have increased on a sustained basis,” said Jason Mercer, TREB’s Director of Market Analysis.

Source: TREB

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