Greater Toronto Area condominium apartment sales in the third quarter of 2016 increased 22.1 per cent year-over-year to 8,014, according to the Toronto Real Estate Board (TREB). Over the same period, new listings for condominium apartments fell by 13.3 per cent.
“While the low-rise market has been top-of-mind in the supply discussion, it is very important to note that supply pressures have also been experienced in the condominium apartment market segment over the past year,” said TREB president Larry Cerqua in a press release. “The completion of new units was down substantially during the first three quarters of 2016 compared to the same period in 2015. This arguably played a role in the decline in new condominium apartment listings on TREB’s MLS System.”
The average price of a condominium apartment in the GTA during the third quarter was $415,643, a 9.6 per cent increase year-over-year. The MLS Home Price Index benchmark price for apartments increased by a similar amount.
“The annual rate of condominium apartment price growth has accelerated over the past year as the supply of units available for sale became more constrained while demand remained strong,” added Jason Mercer, TREB director of market analysis. “With this said, however, annual rates of price growth remain well-below those for low-rise home types. Condo apartments continue to be an affordable entry point into home ownership for first-time buyers.”