Though the tight low-rise market in Toronto often steals headlines for its price and sales growth, the condo market performed quite well in the second quarter of 2014 with a double digit boost in sales of existing suites. The Toronto Real Estate Board is reporting 6,553 sales in the GTA last quarter, a 10.4 per cent surge compared to the same period last year.
Toronto-proper accounted for 71 per cent of all condo sales in the region. The city counted 4,638 sales in total, a 9.3 per cent increase in sales over 2013. All of the other municipalities also saw a bump in sales, year over-year.
Hand-in-hand with the boost in sales, the average price for a GTA condo also saw an increase, rising 5.5 per cent to $367,010. The average sale price for a condo in the 416 rose 5.3 per cent to $392,739. The biggest jump in price was seen in York Region, the second most expensive condo market in the GTA. It recorded an 8.2 per cent increase to $359,736.
But how many condos are on the market? According to the report, there were 7,286, a 1.5 per cent uptick over the same time in 2013. New listings for the second quarter rose 4.4 per cent year-over-year to 13,742.
“Even though inventory levels for condo apartments have been higher compared to inventory of low-rise home types like singles, semis and towns, there has been enough demand relative to supply to see strong price growth,” said Jason Mercer, TREB’s Senior Manager of Market Analysis, in the news release.
“Even as inventory levels increase due to record occupancies in 2013, we should see enough demand to sustain price growth above the rate of inflation in the second half of this year.”
For more details check out the table below:
As for the condo rental market, TREB reported 7,342 rental transactions in Q2, a dramatic 25.7 per cent jump over 2013. The number of units listed also saw a substantial increase with a 22.2 per cent jump to 12,510.
However, average rents for one- and two-bedroom unit dipped slightly from 2013. The average one-bedroom rent was $1,583, a 1.7 per cent decrease from the year before. The average two-bedroom rent measured a 1.5 per cent drop to $2,142.
For more details, check out the table below: