Condo sales in the Greater Toronto Area surged 21.2 per cent in the first quarter of 2016 compared to a year earlier. The Toronto Real Estate Board says that there were 5,974 sales through the MLS during the first three months of this year with around 70 per cent taking place in the city of Toronto.
The pace of demand was reflective of the important entry point to the market that condo apartments offer: “Recent polling undertaken for TREB by Ipsos suggested that approximately half of home purchases made in the GTA this year would be accounted for by first-time buyers.”
With the annual increase in listings down 1.7 per cent, there was an average selling price increase of 8.1 per cent to $393,589.
“While the condominium apartment market segment remains the best supplied in the GTA, market conditions have tightened considerably since the first quarter of 2015. Not surprisingly, the pace of year-over-year price growth has accelerated over the same period of time,” said Jason Mercer, TREB’s Director of Market Analysis.