New figures from the Toronto Real Estate Board show 4,975 sales were completed in the last three months of last year with an average selling price of $367,199, up 3.8 per cent in a year.
TREB president Paul Etherington said: “Demand for condominium apartments remained strong in the fourth quarter of 2014. While the supply of condominium apartments listed for sale grew in the fourth quarter, including a large number of newly completed units, the number of sales grew at a faster pace. Competition between buyers increased in the condo market over the past year”.
The board says that there was no glut in supply as there were plenty of buyers, which has kept prices growing at above the rate of inflation.
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There was an 8.3 per cent increase in condo sales in the Greater Toronto Area in the last quarter of 2014 compared to a year earlier.