Condo Market Conditions
Tighten in Q2 2016
July 21, 2016 -- Toronto Real Estate
Board President Larry Cerqua announced another very strong quarter for
condominium apartment sales in Q2 2016. Greater Toronto Area REALTORS® reported
8,965 condo apartment sales between the beginning of April and end of June.
This result represented an increase of 17.4 per cent in comparison to the same
period in 2015.
"TREB REALTOR® Members are involved in all aspects of the condominium
apartment market in the Greater Toronto Area, from working with buyers at the
pre-construction stage of development through to the resale or rental of
existing units. While we have certainly seen a lot of condo construction over
the last few years, project completions have not resulted in a glut of
inventory. Over the past year, we have actually experienced tighter market
conditions and accelerating annual rates of price growth," said Mr.
Cerqua.
The average selling price of a condominium apartment in Q2 2016 was $415,326 –
up 7.1 per cent compared to Q2 2015. The MLS® Home Price Index apartment benchmark
price was up by a similar 7.9 per cent at the end of June.
"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.
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