A Strong Year for GTA Condo Sales
Although condo value appreciation is nothing like it was about eight years ago, Toronto condo selling prices are seeing a relatively good rise in value these days. Despite what appears to be an oversaturation of new condos hitting the market, there are plenty of excellent condos to buy that will deliver a good return on investment.
Regarding the third quarter of 2015, Mark McLean, Toronto Real Estate Board President reported strong year over year growth. There were 11 per cent more sales compared to the same period in 2014. McLean says, “The condominium apartment market segment has been a key contributor to overall growth in GTA home sales this year. With continued sales growth expected in the fourth quarter, we are on track for a new record in condo transactions through TREB’s MLS System this year. As the absorption rate for condos accelerated over the last year, tighter market conditions have resulted in sustained price growth.”
Also important for Greater Toronto Area condo buyers and condo sellers: the average selling price for condo apartments was up by 5.4 per cent year over year and the median selling price was up by 4.4 per cent.
Jason Mercer, the director of market analysis for the Toronto Real Estate Board says, “The condominium apartment market has certainly benefited from an increase in the supply of listings over the past year. However, through the first three quarters of 2015, growth in sales has actually outstripped growth in listings. This suggests that there was a certain amount of pent-up demand for condominium apartments. As new projects have completed, investor-held units listed for sale have been absorbed very quickly by end users, to the point where price growth has remained strong.”
During the third quarter of 2015 in the city of Toronto there were 4642 reported sales of condos. The average selling price of a condo in Toronto was $405,885 with more than 9100 new listings. The average time it took to sell a condo in the city of Toronto was 31 days on market.
Contact The Weir Team for further details on any area or any particular condominium buildings. We have years of experience buying and selling condos in Toronto as investment properties for ourselves as well as our clients.
Here are some of our recent condo sales in downtown Toronto:
399 Adelaide St W – Lofts 399
33 Charles St E – Casa Condos
35 Hayden St – BSN Condos
281 Mutual St – Radio City Condos