GTA REALTORS® Release Condominium Market Statistics
Posted by: Toronto Real Estate Admin / Category: Toronto RealtorTORONTO, January 26, 2017 — 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.
Article source: http://www.trebhome.com/market_news/release_market_updates/news2016/nr_condo_report_Q4-2016.htm
Tags: Toronto Realtor