Photo: James Paolo/Flickr
Demand for condo units remained strong in the GTA in the fourth quarter of 2014 even as new condo listings rose 4.7 per cent.
In its Q4 report released today, the Toronto Real Estate Board (TREB) counted 4,975 sales of existing condos, an 8.3 per cent increase over the same period in 2013. The 3,564 sales in the 416 accounted for nearly three quarters — or 71.6 per cent — of all condos sales in the region.
Prices also saw an increase with the average resale price on MLS rising 3.8 per cent, year-over-year, to $367,199. Despite having the lion’s share of condo sales, the price of a condo in Toronto-proper was not the highest out of all the regions. Compared to Toronto’s $390,989 average, Halton Region recorded an average resale price of $395,550, though it should be noted it only counted 138 sales in Q4-2014.
“Despite very strong condominium apartment completions over the last two years, we have not experienced a glut in inventory,” said Jason Mercer, TREB’s Director of Market Analysis.
“The number of buyers has more than kept up with the number of units available for sale. This is why we continued to experience above-inflation average price growth in the condo segment.”
The TREB districts with the highest condo sales tended to be in the downtown core or near a subway line. C01 counted 849 sales, while its neighbouring district, C08 had the second highest amount at 322.
Here’s an closer look at condo sales throughout the districts, as well comparisons with last year’s numbers:
Condo sales, Q4-2014 vs Q4-2013
|District||Sales Q4-2014||Sales Q4-2013||% Change||Average sales price Q4-2014||Average sales price Q4-2013||% Change||New Listings Q4-2014||New Listings Q4-2013||% Change|