Toronto Real Estate Board President Mark McLean announced strong year-over-year growth in condominium apartment sales reported through TREB’s MLS® System in the third quarter of 2015. Sales were up by close to 11 per cent to 6,586 compared to Q3 2014.“As the absorption rate for condos accelerated over the last year, tighter market conditions have
resulted in sustained price growth,” said Mr. McLean.
Annual growth in the average and median selling prices and the MLS® HPI Benchmark for apartments exceeded the annual rate of inflation in the third quarter. For the TREB market area as a whole, the average selling price for condo apartments was up by 5.4 per cent year-over-year. The median selling price was up by 4.4 per cent. The MLS® HPI Benchmark for
apartments was up by 5.6 per cent at the end of September.
“The condominium apartment market has certainly benefited from an increase in the supply of listings over the past year. However, through the first three quarters of 2015, growth in sales has actually outstripped growth in listings. This suggests that there was a certain amount of pent-up demand for condominium apartments. As new projects have completed, investor-held units listed for sale have been absorbed very quickly by end users, to the point where price growth has remained strong,” said Jason Mercer, TREB’s Director of Market Analysis.
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