Toronto's real estate market might be cooling, but prices remain high as ever, especially since homes continue to sell well over asking. But how are things looking for condos?
According to a new report from the Toronto Real Estate Board (TREB), which looked at the GTA condo market during the second financial quarter (April to June) of 2017, the average selling price for condos has increased a whopping 28 percent since last year.
The average selling price in Toronto was $566,513, whereas in the GTA it was $532,032.
The condominium apartment market was quite resilient. Read @TREBhome's full report on Q2 condo stats: https://t.co/Bcejhh8Xlq http://pic.twitter.com/M3vH6yIQ3x— Tim Syrianos (@TREBPresident) July 24, 2017
While prices went up, sales were actually down 8 percent since 2016. However, the TREB says in comparison to the overall housing market, the condo market remained "resilient." Condo listings were also up, but just slightly.
"Recent consumer survey results from Ipsos suggest that condominium apartments will continue to gain in popularity with home buyers over the next year," said the TREB's director of market analysis Jason Mercer in a news release.
"This makes sense given that many households, especially first-time buyers looking to live in the City of Toronto, have turned their attention in increasing numbers to less expensive forms of ownership housing."
by Amy Grief via blogTO
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