Echoing last month’s report, GTA condominium apartments are faring better than their detached, semi-detached, and townhouse counterparts.
The October housing market statistics released by the Toronto Real Estate Board (TREB) reveal that across the region, condo prices are up 21.8% from last year. This price growth was stronger than any other housing type.
And while GTA condo sales dropped by 24.9% from October 2016, the decline was less severe than the 29.8% drop recorded for detached homes.
Prices are increasing, but new inventory isn’t being added at the same rate as detached homes, proving that demand for condos is still strong. TREB reported 7,849 new detached home listings in October, but only 3,359 for condo apartments.
Reporting on condo market conditions for Q3 2017 at the end of October, TREB president Tim Syrianos noted that “The condominium apartment market segment has exhibited the strongest average rates of price growth since the spring, relative to other major market segments. Competition between buyers remains strong, as listings remain below last year’s very constrained levels.”
What’s the fall forecast for the rest of the GTA housing market? While October sales of all types were down by 2,597 compared to October 2016, the yearly September-to-October surge was more pronounced than in past years, at an increase of about 12%.