The GTA’s resale condo market had a robust fourth quarter in 2013 according to the latest figures from the Toronto Real Estate Board (TREB). Sales jumped 21 per cent from the same period in 2012.
The average selling price for a resale condo in the GTA rose 6.5 per cent, year-over-year to $353,665. In Toronto-proper, the average price of a resale condo rose 8.3 per cent to $381,008 during the fourth quarter.
“If market conditions in 2014 remain similar to what we experienced in the last six months of 2013, we will continue to experience year-over-year average price growth for condominium apartments above the rate of inflation,” said Jason Mercer, TREB’s Senior Manager of Market Analysis, in the news release.
“However, there was an increase in condo completions last year. The degree to which investors list their newly completed units for sale and the degree to which these units are absorbed will play a large role in dictating the pace of price growth.”
New listings edged down by 0.6 per cent last quarter compared to the same time in 2012. Active listings also dropped by 4.1 per cent.
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