The number of condo-apartments that changed hands in the Greater Toronto Area in the third quarter was up 12.9 per cent from the same time last year, according to data released by the Toronto Real Estate Board (TREB).
TREB’s third quarter report shows that condo sale transactions through the Toronto Multiple Listing Service reached 5,954. New listings also climbed 4.5 per cent compared to the same period in 2013.
TREB’s president Paul Etherington said that while the past two years have seen record levels in condo completions — and many of those have been listed on the Toronto MLS — there has not been a surplus in inventory in the city.
“There have been enough buyers to keep market conditions balanced, with the average selling price increasing at an above-inflation pace,” Etherington said.
The average price for a condo-apartment sold by way of the MLS in the GTA was $359,352 in the last quarter — up by 5.7 per cent compared to the average of $339,878 in the same quarter a year earlier.
With a year-over-year increase of 6.1 per cent, the City of Toronto saw the highest average price, at $382,210.
TREB’s analysts expect that growth in condo-apartment listings will likely continue over the next year, but the fact that sales have been outstripping listings growth suggests tight market conditions will prompt price increases.