July 17, 2015 -- Toronto Real Estate Board President Mark McLean announced that there were 7,656 condominium apartment transactions reported through TREB’s MLS® system in the second quarter of 2015, representing a yearover- year growth rate of 17 per cent relative to Q2 2014.
Sales growth greatly outpaced growth in listings, with new listings up by a lesser rate of 7.3 per cent year-over-year and active listings at the end of the second quarter down by 1.3 per cent.
"Much of the new condominium apartment inventory that has been brought to bear on the market in the recent past has been absorbed. In fact, market conditions have tightened with months of inventory trending lower. This suggests that recent condominium apartment completions, while strong from a historic perspective, simply helped satisfy a growing demand for this housing type. Absorption rates and price growth statistics point to a healthy market," said Mr. McLean.
The average selling price for condominium apartments in the TREB market area as a whole grew by 5.8 per cent year-over-year to $388,066. In the City of Toronto, which accounted for 70 per cent of sales in the GTA, the average selling price of $416,728 represented a 6.1 per cent increase compared to Q2 2014.