Photo: James Bombales
The GTA recorded 7,656 sales of existing condo apartments in the second quarter of the year, a 17 per cent jump over the amount of sales counted the same quarter last year. According to figures released Friday by the Toronto Real Estate Board (TREB), the City of Toronto accounted for 70 per cent of all condo sales in the region. It saw a sales increase of 15.9 per cent.
Sales across the region outpaced growth for the amount of condos being put up on the market: new listings rose 7.3 per cent year-over-year and active listings were down by 1.3 per cent.
“Much of the new condominium apartment inventory that has been brought to bear on the market in the recent past has been absorbed,” said Mark McLean, president of TREB.
“This suggests that recent condominium apartment completions, while strong from a historic perspective, simply helped satisfy a growing demand for this housing type.”
In light of the growing demand, GTA condo prices also rose in the second quarter. The average price for a resale condo rose 5.8 per cent year-over-year to $388,066. In the City of Toronto, the sales average was $416,728, which represented an annual increase of 6.1 per cent.
Though condos aren’t seeing the runaway price growth experienced by low-rise houses in the GTA, TREB believes condo prices could continue to grow.
“It is possible that we could see an acceleration in condo price growth in the second half of this year, as growth in sales remains strong relative to growth in listings,” said Jason Mercer, TREB’s Director of Market Analysis.