In the Greater Toronto Area, condominium prices have been increasing at a moderate pace, during the past year,
However, as buyers find themselves priced out of single-family homes, and if the current pace keeps up, it is possible that we could see an acceleration in condo prices in the second half of 2015.
There were 7,656 condominium units sold through the MLS system in the 2nd quarter of 2015, which is a 17% increase in 2015 over 2014.
According to the Toronto Real Estate Board, sales growth outpaced growth in listings; and most of the new condominium inventory that came on to the market recently, have been absorbed.
The City of Toronto accounted for 70 per cent of sales in the Greater Toronto Area. The average selling price was $416,728 which is a 6.1 % increase over Q2 of 2014.
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