Although the market is slowing down, the average price of a condo in Toronto is still soaring.
While the Toronto Real Estate Board (TREB) reported that sales were down by 37.3% last month compared to June 2016, their latest condo figures still show a strong market in that category.
According to TREB’s Q2 2017 Condo Market Report, the average selling price for condominium apartments increased by 28.1% compared to Q2 2016, coming in at $532,032 in the TREB market as a whole, with the average price in the City of Toronto now at $566,513.
“Despite the recent dip in overall GTA home sales, the condominium apartment market was quite resilient, especially when compared to low-rise market segments,” said TREB president Tim Syrianos in a release. “Condo apartment sales accounted for a greater share of overall transactions during the spring compared to the same period last year. Market conditions also remained tight, which resulted in the continuation of strong annual rates of price growth.”
TREB reported over 8,000 condos sold between April and the end of June, which was actually down 8% compared to last year. But new listings of condos were up slightly by 0.7%.
“Recent consumer survey results from Ipsos suggest that condominium apartments will continue to gain in popularity with home buyers over the next year.” said Jason Mercer, TREB’s director of market analysis. “This makes sense given that many households, especially first-time buyers looking to live in the City of Toronto, have turned their attention in increasing numbers to less expensive forms of ownership housing.”
And just today, Ontario announced new laws to protect condo dwellers. So looks like condos are reigning when it comes to real estate in the city, despite its high costs.