Photo: James Bombales
The 4,975 condo apartment sales recorded in the GTA in the first quarter of 2015 represented an 11.1 per cent increase over the same time last year. According to the Toronto Real Estate Board (TREB), new listings for existing condos also saw a notable increase of 6.2 per cent, year-over-year.
The City of Toronto was home to 70 per cent of the condos sold during the period. In the 416, the average price for a suite was $385,428, up 2.5 per cent from the previous year. Across the GTA, the average sale price was $363,973, a 3.6 per cent boost year-over-year. The MLS Home Price Index (HPI) benchmark was also saw a modest increase, rising between 3 and 4 per cent.
“The condo apartment price growth we experienced in the first quarter is indicative of a healthy marketplace where there is enough demand relative to the supply of listings to see moderate year-over-year price growth. In other words, we are very much experiencing balanced market conditions as it relates to condos,” said Jason Mercer, TREB’s Director of Market Analysis, in the news release.
TREB also indicated that 34 per cent of the GTA condos sold were two-bedroom units, the highest amount among all floorplans. One bedroom units with a den followed at 22 per cent of all stock sold in the first quarter.
The busiest part of the GTA for condo sales was the downtown C01 district, which counted 810 sales in the first quarter. C01 includes neighbourhoods along the western waterfront as well as Niagara/Liberty Village, Trinity Bellwoods and the University Corridor.
In C01, the average price for a unit was $432,269. As far as supply goes, there were 2,229 new listings in the region in Q1-2015 and 1,282 active listings.