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.
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