There were 8,014 sales recorded through the MLS system of the Toronto Real Estate Board but inventory dropped 13.3 per cent from the third quarter of 2015 as completion of new units slipped.
Average prices rose 9.6 per cent to $415,643 but Jason Mercer, TREB’s director of market analysis, says that even though tight supply has pushed prices higher, condos in the market remain an attractive option for buyers.
“Annual rates of price growth remain well-below those for low-rise home types. Condo apartments continue to be an affordable entry point into home ownership for first-time buyers,” he said.
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Sales of condos in the Greater Toronto area were up 22.1 per cent in the third quarter of 2016 compared to the same period of 2015 but the market remains constrained by tight supply.