The Toronto Real Estate Board (TREB) reported 7,656 condominium apartment transactions through TREB’s MLS system in Q2-2015, a 17-per-cent increase over the same period in 2014. The number of new listings increased 7.3 per cent year-over-year, while active listings at the end of Q2 fell by 1.3 per cent.
“Much of the new condominium apartment inventory that has been brought to bear on the market in the recent past has been absorbed. In fact, market conditions have tightened with months of inventory trending lower. This suggests that recent condominium apartment completions, while strong from a historic perspective, simply helped satisfy a growing demand for this housing type. Absorption rates and price growth statistics point to a healthy market,” said Mark McLean, president of TREB, in a press release.
The average selling price of GTA-area condos increased by 5.8 per cent over the same period last year to $388,066. In the city of Toronto, where 70 per cent of condo sales took place, the average selling price of condos grew 6.1 per cent year-over-year to $416,728.
“Condominium apartment prices have been appreciating at a moderate pace, on average, over the past year, especially when compared to low-rise home types like detached and semi-detached houses and townhouses. However, it is possible that we could see an acceleration in condo price growth in the second half of this year, as growth in sales remains strong relative to growth in listings,” said Jason Mercer, director of market analysis for TREB, in a press release.