A recent report from the Toronto Real Estate Board (TREB) found that despite high supply, the GTA condo market showed strong sales growth and an increase in average selling price in the first quarter of 2014.

A total of 4,454 condominium apartments were sold through the Toronto MLS system in the first three months of the year, up nine per cent from 2013. The average selling price in the GTA was also up, reaching $351,213.

“The number of new condominium apartment completions was up substantially in 2014,” says Jason Mercer, TREB’s senior manager of market analysis. “Because of this, we could see stronger growth in listings in the second half of 2014 as some investors choose to list their units for sale. If this occurs, buyers would benefit from more choice in the marketplace and thus could have more negotiating power with regard to price.”

Within the City of Toronto itself, TREB reports 3,121 sales, accounting for 70 per cent of all transactions in the GTA. The average selling price in Toronto was $376,226.

“Home buyers remained confident in purchasing condominium apartments during the first three months of 2014,” says Dianne Usher, president of TREB. “This included first-time buyers and seasoned home owners looking to change their housing situation. Despite the condo market segment being well-supplied, strong sales growth translated into a robust increase in the average selling price.”

New condo apartment listings in the region were up 3.1 per cent, year-over-year.