Toronto condo apartment sales gained at the end of 2019

by Steve Randall on 17 Jan 2020

There were 5,367 condominium apartment sales in the Greater Toronto Area in the fourth quarter of 2019.

The total reported by the Toronto Real Estate Board represents a 3.8% increase year-over-year while new listings were down 11.9% over the same period.

“The condominium apartment market segment continued to perform well in 2019, with strong growth in sales and average price. Condominium apartments provide a relatively affordable entry point into the home ownership market for first-time buyers, who account for a substantial portion of demand each year,” said Mr. Collins.

The average price of a condo sold by Greater Toronto Area Realtors increased 10.4% year-over-year to $616,591; in the City of Toronto, which accounted for 71% of transactions in the quarter, the average price increase was 10.3% year-over-year.

“Tighter market conditions in the GTA condo market translated into increased competition between buyers and an accelerated pace of price growth. TREB continues to urge policy makers to develop strategies to bring more ownership and rental supply online, so that balanced market conditions and a moderate pace of price growth can be sustained over the long term,” said Jason Mercer, TREB’s Chief Market Analyst.

Post a Comment



Most Trending News

Toronto property taxes explained
News

No matter where you are, there are going to be some recurring costs associated with your investment. Here, we'll explain how property taxes work in Toronto.

Read More
Assessing average condo size: Toronto paying more for less
News

Data from Statistics Canada and Royal LePage indicate that in recent years, the square footage of Toronto condos has been shrinking at an arming rate.

Read More
Mortgage rates back up as GOC bond yields rise
News

Global bond yield rates are up this month, and Canada is not missing out on the action. Yield rates surged to 1.24% from the 0.85% of late September.

Read More