The Condominium Market in the GTA Displays Strength
The Toronto Real Estate Board announced results for the Condominium market for Q2 of 2014
Second Quarter sales showed a 10.4 percent increase when compared to the same quarter in 2013. A 4.4 percent increase was reported for condominiums listed in Q2 2014 versus Q2 2013.
“Condominium apartments represent an affordable entry point into the market for first time buyers… we are increasingly seeing households choose condos as the place where they will raise a family. This diversity of buyers explains why sales more than kept up with increased listings in the second quarter,” said Toronto Real Estate Board President Paul Etherington.
Condominiums in Toronto also gained 5.5 percent year-over-year in the second quarter of 2014, representing an average selling price of $367,010. An average selling price of $392,739 was hit in the Toronto core, representing an increase of 5.3 percent year-over-year.
“Even though inventory levels for condo apartments have been higher compared to inventory of low-rise home types like singles, semis and towns, there has been enough demand relative to supply to see strong price growth… we should see enough demand to sustain price growth above the rate of inflation in the second half of this year,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.