Condo Sales and Average Price Up in Q3 2016

Toronto Real Estate Board President Larry Cerqua announced that condominium apartment sales reported through TREB’s MLS® System in the third quarter of 2016 were up by 22.1 per cent on a year-over-year basis to 8,014. Over the same period, new listings for condominium apartments were down 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. 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,” said Mr. Cerqua.

The average price of a condominium apartment in the Q3 2016 was $415,643 – up 9.6 per cent compared to Q3 2015. The MLS® Home Price Index (HPI) apartment benchmark price was up by a similar amount on an annual basis throughout the third quarter.

“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. 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,” said Jason Mercer, TREB’s Director of Market Analysis.

Take a look at the latest condos sold by Cameron Weir and Scott Hanton of The WEIR Team:

32 Davenport Rd – Suite 3005

33 Charles St E – Suite 4402 (check out our video fly-through virtual tour!)

33 Charles St E – Suite 805 (rare, two suites joined together)

33 Charles St E – Penthouse 4601

33 Charles St E – Suite 3004

33 Charles St E – Suite 1909

33 Charles St E – Suite 1010

35 Hayden Street -Suite 1505

110 Charles St E – Suite 4002

35 Hayden Street – Suite 518 (with an amazing terrace!)

35 Hayden Street – Suite 505

80 Charles St E – Suite 306

80 Charles St E – Suite 305

6 Wellesley Place – TH3

24 Wellesley St W – Suite 407

1001 Bay Street – Suite 1118

15 Maitland Place – Suite 912

 

And click HERE to see all of the latest condos the Cameron Weir and Scott Hanton have sold.

 

For superior service and terrific real estate results make sure to contact Scott Hanton or Cameron Weir to find out just how profitable we can make your move on Balmuto Street or with any Bloor Yorkville real estate. Whether pre-construction or resale condos, The Weir Team loves being the first and best choice for many real estate sellers and buyers. We have years of experience and a very long list of very happy clients.

Thanks to all of the real estate buyers and sellers for following Scott and Cameron from The Weir Team via InstagramTwitterFacebook

 

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