CONDOMINIUM MARKET THRIVING IN THE GTA
Friday Jul 28th, 2017Share
TREB released the second quarter Condo Market report on July 24th and 8,223 units were sold. (*) Stacked townhomes and apartments accounted for 90% of the 6046 homes sold in June (@). New condo sales were up 89% year over year (@) and despite the recent dip in overall GTA home sales, the condo market is quite resilient. (*)
The average sale price for condo apartments increased by 28.1 percent compared to Q2 2016. Ipsos recent survey results suggest that condos will continue to gain in popularity over the next year. (2) With the average price per square foot rising from $587 PSF. a year ago to $742PSF. today, thereby increasing the condo prices by approximately $22,000 to an average of $566,500/unit, this affordable market is becoming the preferred purchase for consumers.
The newly introduced foreign buyer's tax did little to slow transactions as half of real estate transactions involving a foreign buyer in the Greater Golden Horseshoe region took place in Toronto in the month following its introduction. The real estate market in the GTA is simply correcting and in a couple of month’s time, all this information overload will have been absorbed and it will be back to business as usual.
@The Toronto Star 2017/07/25
*TREB Second Quarter Report 2017