Average Condo Price Continues to Climb in Q2 '18
The highest average selling price was in the City of Toronto, at $603,480 – up 6.5 per cent compared to Q2 2017.
Condominium apartment sales through TREB’s MLS® System amounted to 6,837 in Q2 2018 – down 16.5 per cent from 8,188 sales reported in Q2 2017. However, the number of new condominium apartment listings was down by 15.9 per cent on a year-over-year basis. The fact that sales and new listings were down by similar annual rates suggests that market conditions have remained similar over the past year, which has supported continued price growth.
“First time buyers continue to be a key driver of condominium apartment demand. The relative affordability of condos versus low-rise home types, especially with the onset of stricter mortgage qualification guidelines and generally higher borrowing costs, has also been a key factor underpinning tight condo market conditions and continued average price growth,” said Jason Mercer, TREB’s Director of Market Analysis.