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TORONTO, April 25, 2017 — Toronto Real Estate Board President Larry Cerqua announced that Greater Toronto Area REALTORS® reported a double-digit annual increase in condominium apartment sales in the first quarter of 2017. A total of 7,251 condominium apartments changed hands through TREB’s MLS® System during the first three months of 2017 – up 21.7 per cent compared to the same period in 2016.
“Condominium apartments have historically been the housing type of choice for many first-time buyers due to the relatively lower price point compared to ground-oriented housing options. Given that more than half of intending home buyers are expected to be first-time buyers in 2017, according to a recent Ipsos poll conducted for TREB, it makes sense that demand for this housing type has remained strong,” said Mr. Cerqua.
The average selling price for condominium apartments in the first quarter of 2017 was $ 489,551 – up 24.3 per cent compared to an average of $ 393,858 for the first quarter of 2016. The average price was highest in the City of Toronto, at $ 521,842, representing a year-over-year increase of 24.3 per cent.
“Market conditions became much tighter in the condominium apartment segment over the past year, with sales accounting for a greater share of listings. As competition between buyers increased further, the pace of price growth accelerated,” said Jason Mercer, TREB’s Director of Market Analysis.