Posted by: MonsterMortgage.ca
Second quarter sales for condominiums in the Greater Toronto Area were up by 10.4 percent when compared to the same period last year. Supply in the market was also higher, as new listings in the Multiple Listing Service system were up 4.4 percent year over year.
The average selling price for condominium apartments in the second quarter was up to $367,010. The increase in the average selling price for condominiums represented a 5.5 percent versus last years average price in the same period. The top three areas for condominium sales in the Greater Toronto Area were in the City of Toronto, Peel Region and York Region areas.
The City of Toronto accounted for 4,638 sales, approximately 71 percent of the total condominium sales in the GTA. The 4,638 sales in the City of Toronto was an increase over the 4,244 sold in Q2 2013. The increased number of condominium sales represented a 8.5 percent increase. Prices were also up in the City of Toronto to a tune of $392,739 versus $332,235 in the second quarter of 2013 – an 18 percent change.
Peel Region saw 951 condominium units change hands – a small increase compared to the 878 that changed hands last year. The average selling price of the condominiums in Peel Region was $270,921 compared to $258,426 in the same period of 2013.
York Region had similarly flat numbers as Peel Region. 620 condominiums were sold at an average price of $359,736 compared to 547 condominiums at an average price of $332,235 in the year prior.
All statstics provided by the Toronto Real Estate Board. The full news release can be found here.