“Gone are the days when we were concerned about a potential glut in inventory in the condominium apartment market,” said TREB president Larry Cerqua. “The supply concerns that have been top-of-mind for ground-oriented home types are also now a reality for the condo market segment. Regardless of the price measure considered, heightened competition between condo buyers has resulted in double-digit price inflation.”
The average selling price for a condo apartment was $437,281, up 14.5 per cent at the end of 2016 compared to a year earlier.
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There was a 22.3 per cent year-over-year rise in condo sales in the Greater Toronto Area in the last three months of 2016 with 6,831 units sold. Toronto Real Estate Board says that new listings were down 13.4 per cent in the fourth quarter, further tightening market conditions.