The percentage of the sales of condos in the GTA went up to 22.1 per cent in the third quarter of this year, which was different from the same time last year, however, the state of the market was still constricted by the monitored supply of condos.
The MLS system of the Real Estate Board in Toronto recorded 8,014 sales with inventory lowered by 13.3 per cent since the third quarter of last year when the finishing of latest units went down. The tight supply of condos has caused prices to go up, thus causing the average prices to go up by 9.6 per cent to $415,643. Buyers are still appealed by condos in the real estate market.
Jason Mercer said; “Annual rates of price growth remain well below those for low-rise home types. Condo apartments continue to be an affordable entry point into homeownership for first-time buyers.”