Toronto Condo Market – Prices January 2017
GTA REALTORS® RELEASE CONDOMINIUM MARKET STATISTICS
TORONTO, ONTARIO, January 26, 2017 – Toronto Real Estate Board President Larry
Cerqua announced that condominium apartment sales reported by Greater Toronto
REALTORS® in the fourth quarter of 2016 were up by 22.3 per cent year-over-year to
6,831. Over the same period of time, new listings were down by 13.4 per cent.
With a double-digit annual increase in sales and a double-digit annual decline in new
listings, condo market conditions tightened substantially over the past year.
“Gone are the days when we were concerned about a potential glut in inventory in the
condominium apartment market. The supply concerns that have been top-of-mind for
ground-oriented home types are also now a reality for the condo market segment.
Regardless of the price measure considered, heightened competition between condo
buyers has resulted in double-digit price inflation,” said Mr. Cerqua.
At the end of the fourth quarter, the MLS® Home Price Index apartment benchmark price
was up by 15.2 per cent. The average condominium apartment selling price for the fourth
quarter was up by 14.5 per cent to $437,281.
“First-time buyers represent an important component of home ownership demand. Many
households looking to purchase their first home will consider a condominium apartment.
Interest in this market segment has continued to grow as prices for low-rise home types
have increased on a sustained basis,” said Jason Mercer, TREB’s Director of Market
Provided by TREB
The WEIR Team knows a thing or two about condos. Here are some of our recent sales:
And click HERE to see all of the latest condos the Cameron Weir and Scott Hanton have sold.