Condo Market Keeps Going Up
Tighter condo market conditions were reported over the past year, with new condo listings diving by 11.9 per cent at the end 2019, compared to Q4 2018, says the Toronto Real Estate Board (TREB)
As for sales, GTA realtors accounted for 5,367 condo sales, up 3.8 per cent.
“Condominium apartments provide a relatively affordable entry point into the home ownership market for first-time buyers, who account for a substantial portion of demand each year,” noted Toronto Real Estate Board President Michael Collins.
Strong growth was also reported in average price, which stands at $616,591, an almost $60,000 difference compared to the end of 2018. Year-over-year price growth in Toronto, which accounted for 71 per cent of transactions, was similar to the GTA as whole, at 10.3 per cent, resulting in an average price of $660,379.
“Tighter market conditions in the GTA condo market translated into increased competition between buyers and an accelerated pace of price growth,” said Jason Mercer, TREB’s chief market analyst. “TREB continues to urge policy makers to develop strategies to bring more ownership and rental supply online, so that balanced market conditions and a moderate pace of price growth can be sustained over the long term,