According to the latest data from the Toronto Real Estate Board (TREB), Q2 condo sales rose 10.4 per cent, outpacing a 4.4-per cent increase in new listings during the same period.

“Condominium apartments represent an affordable entry point into the market for first time buyers,” says Paul Etherington, president of TREB. “On top of this, some condo properties cater to households looking to move out of their traditional low-rise home, and we are increasingly seeing households choose condos as the place where they will raise a family. This diversity of buyers explains why sales more than kept up with increased listings in the second quarter.”

The average selling price for condominiums in Toronto, which accounts for 71 per cent of all sales in the GTA, increased by 5.3 per cent in Q2, to $392,739. Jason Mercer, TREB’s senior manager of market analysis, says that price growth is likely to continue through the second half of the year as demand persists.