The Toronto Real Estate Board reported increased sales despite tightening inventory. The average selling price was up 7.1 per cent year-over-year to $415,326.
“Similar to the low-rise market segments, we have seen growth in condo sales outstrip growth in condo listings this year. Seller’s market conditions exist for condominium apartments in many parts of the GTA including Toronto’s downtown core. This is why we are seeing average price growth well-above the rate of inflation,” said Jason Mercer, TREB’s Director of Market Analysis.
All regions within the GTA saw stronger sales in Q2, 2016 compared to a year earlier.
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The sale of condos in Toronto rose to 8,965 units in the second quarter of 2016, up 17.4 per cent from the same period in 2015.