According to the Toronto Real Estate Board (TREB), there were a total of 8,223 condominium apartment sales reported between April and the end of June in the Greater Toronto Area, which is eight per cent lower than the 8,942 sales reported in Q2-2016.
New listings of condominium apartments increased by 0.7 per cent year-over-year to 13,682.
“Despite the recent dip in overall GTA home sales, the condominium apartment market was quite resilient, especially when compared to low-rise market segments,” said TREB president Tim Syrianos, in a press release. “Condo apartment sales accounted for a greater share of overall transactions during the spring compared to the same period last year. Market conditions also remained tight, which resulted in the continuation of strong annual rates of price growth.”
The average selling price for condominium apartments climbed 28.1 per cent compared to the same period last year. The average selling price in the GTA was $532,032, with the average price in the City of Toronto slightly higher at $566,513.
“Recent consumer survey results from Ipsos suggest that condominium apartments will continue to gain in popularity with home buyers over the next year,” added Jason Mercer, TREB’s director of market analysis. “This makes sense given that many households, especially first-time buyers looking to live in the City of Toronto, have turned their attention in increasing numbers to less expensive forms of ownership housing.”