Toronto Condo Sales Continues With A Boom

Over the last three months of last year, 6,831 units were sold causing the sale of condos in the Greater Toronto Area to go up year-over-year by 22.3 per cent. According to the Toronto Real Estate Board, the current listing decreased by 13.4 per cent in the final quarter with additional stricter market conditions.

President of TREB, Larry Cerqua had this to say; “Gone are the days when we were concerned about a potential glut in inventory in the condominium apartment market. The supply concerns that have been top-of-mind for ground-oriented home types are also now a reality for the condo market segment.  Regardless of the price measure considered, heightened competition between condo buyers has resulted in double-digit price inflation.”

Prior to the increase, the average price for which a condo apartment was sold for was at $437,281.  Then it increased by 14.5 per cent in the latter part of last year, unlike the year before.