GTA buyers love their condos. As September housing market statistics released by the Toronto Real Estate Board (TREB) indicate, there is a strong demand for condominium apartments, resulting in reduced inventory and higher prices.
Generally speaking the housing market is stabilizing. Sales of all home types have dropped, and the average price of a home is levelling off. For September 2017, TREB reported home sales of 6,379, down 35.1% over September 2016. The average price of a home is now $775,546 – up 2.6% over last year but down slightly from August’s 3% increase.
And then there are condos.
Similar to all home types, condos experienced double-digit declines in sales. But to a lesser extent. Overall condo sales dropped 27.5% (compared to 40.4% for overall sales of detached homes and 34.4% for townhomes). Condo sales in 416 declined by 23.2% to 1,362, and in 905 by 37.0% to 498.
As well, the single-digit price increases seen in other home types, weren’t seen in overall condo prices, which rose by 23.2% to $520,411. The average price of a condo in 416 increased 24.0% to $554,069, and in 905, by 16.6% to $428,360.
Notes TREB’s director of market analysis, Jason Mercer: “Tighter market conditions for condominium apartments follows consumer polling results from the spring that pointed to a shift to condos in terms of buying intentions.”
In other words: Condo buyers-to-be may want to act soon