Toronto Condo Prices up 22% Since Last Year
Tuesday Oct 24th, 2017Share
Condos in Toronto were selling at 22% more in the third quarter of 2017 compared to a year earlier.
The Toronto Real Estate Board said Monday that the average selling price of a condo was $510,206, up from $415,894 in the third quarter of 2016, based on sales through the board’s MLS system.
“The condominium apartment market segment has exhibited the strongest average rates of price growth since the spring, relative to other major market segments,” said TREB president Tim Syrianos. “Competition between buyers remains strong, as listings remain below last year’s very constrained levels.”
Sales in the third quarter were down to 5,684 from 7,991 a year earlier as inventory continued to impact the market. New listings dropped 10% to 9,845.
“Over the past few months, TREB has participated in discussions at various levels of government pointed at developing solutions for the housing supply issue in the GTA. As these discussions continue, it will be important to remember that the condominium apartment market is not immune to a listings shortage,” said Syrianos.
He added that the board will be monitoring the effect of the tightened B-20 mortgage guideline and the potential empty property tax in the GTA and asking for feedback from homeowners.