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.
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