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Condo Sales up 22.3% in Toronto

Strong Condo Sales and Price Growth across the GTA in Q4 2016
 



Condominium apartment sales reported by Greater Toronto REALTORS® in the fourth quarter of 2016 were up by 22.3 per cent year-over-year to 6,831. Over the same period of time, new listings were down by 13.4 per cent.

At the end of the fourth quarter, the MLS® Home Price Index apartment benchmark price was up by 15.2 per cent. The average condominium apartment selling price for the fourth quarter was up by 14.5 per cent to $437,281.



The number of condominium apartments listed for rent in the fourth quarter of 2016 was down substantially (-14.2 per cent) compared to Q4 2015. This lack of inventory was at the root of the dip on rental transactions (-5.8 per cent).

With demand for condominium apartment rentals remaining very strong and supply diminishing markedly, the annual growth rate for average rents was well-above the rate of inflation for one-bedroom and two-bedroom unit types.

The average one-bedroom rent for the TREB market area as a whole was up by 7.4 per cent on a year-over-year basis to $1,776. The average two-bedroom rent was up by 8.0 per cent to $2,415.

Last year there was speculation of over-supply in the condo apartment market, the stats from Q4 paints a different picture. Due to a shortage of supply and the tightening of the mortgage lending rules, demand for condos grew considerably in the final quarter of 2016. Though the gains may be modest compared to the freehold market, expect the condo market to grow even more in Q1 2017.

CLICK HERE to download the full Q4 2016 Condo Market Report.

 

About the Toronto Real Estate Board

The Toronto Real Estate Board was founded in 1920 by a small group of real estate practitioners. Today, as Canada's largest real estate board, TREB serves more than 45,000 Members.

Toronto Real Estate Board REALTORS® are passionate about their work. They're highly trained experts who have all the tools and skills to help you buy or sell your home.

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About Royal LePage Vision

Founded in 2003, Royal LePage Vision, in Toronto, is a multiple award-winning brokerage with a strong contingent of high-performing agents. Our strength over the past 13 years is rooted in technology and how innovation translates to exceptional service.

From top to bottom our brokerage is built on making it easier for our Realtors to succeed in real estate while staying consistently connected to the office. With a strong emphasis on training, for both our support staff & Realtors, each one of our Realtors has the support and tools to be effective in their market.

If you would like to learn more about the difference VISION makes, please give us a call at 416-321-2228 or visit moveuptoroyallepage.com.

Royal LePage Vision Realty, Brokerage
2210 Markham Rd., # 1
Toronto, ON M1B 5V6

Phone: (416) 321-2228
Fax: (416) 321-0002

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Trademarks owned or controlled by The Canadian Real Estate Association. Used under license.

The information provided herein must only be used by consumers that have a bona fide interest in the purchase, sale or lease of real estate and may not be used for any commercial purpose or any other purpose.

Information is deemed reliable but is not guaranteed accurate by TREB.

Toronto Real Estate Board - IDX Last Updated: 12/13/2017 6:21:30 PM