A report from the Greater Toronto Area Realtors says that condominium apartment sales in the area were up 18 per cent in the in the third quarter of 2013 compared to the same period last year.

There were 5,307 condominium apartment transactions through the TorontoMLS system in the quarter. Units sold in the City of Toronto accounted for 72 per cent of the transactions, with sales in the city up 19.5 per cent.

“The Echo Generation wants to live close to where they work and play. It makes sense that they have turned to condominium apartments as they have moved into home ownership,” says Dianne Usher, president of the Toronto Real Estate Board (TREB). “Many condominium apartments in the GTA are characterized by their proximity to a diversity of employment, transportation and leisure alternatives.”

The average selling price for condominium apartments was up almost two per cent in the third quarter, reaching $340,069. The average price in the same period last year was $333,846.

“We experienced a moderate annual rate of increase in the average condo price,”
says Jason Mercer, senior manager of market analysis at TREB. “However, while condo sales were up, listings were down in the third quarter. If this trend continues, it could point to increased competition between condo buyers and an uptick in the pace of price growth moving forward.”