Average Price of a Condo in Toronto Passes $500K
Written On July 26, 2017
Toronto Real Estate Board President Tim Syrianos announced the release of TREB’s Q2 2017 Condo Market Report. Greater Toronto Area REALTORS® reported 8,223 condominium apartment sales reported through TREB’s MLS® System between April and the end of June. This result was down by eight per cent compared to 8,942 sales reported in Q2 2016.
New listings of condominium apartments were up slightly on a year-over-year basis by 0.7 per cent to 13,682.
“Despite the recent dip in overall GTA home sales, the condominium apartment market was quite resilient, especially when compared to low-rise market segments. 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,” said Mr. Syrianos.
The average selling price for condominium apartments increased by 28.1 per cent compared to Q2 2016. The average selling price for the TREB market area as a whole was $532,032, with the average price in the City of Toronto higher, at $566,513.
“Recent consumer survey results from Ipsos suggest that condominium apartments will continue to gain in popularity with home buyers over the next year. 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,” said Jason Mercer, TREB’s Director of Market Analysis.
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Greater Toronto Area REALTORS® reported 7,974 sales through TREB’s MLS® System in June 2017 – down by 37.3 per cent in comparison to June 2016.
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