Condo prices continue to rise in the GTA

The condo market in the GTA continues to show positive trends with sales and prices both rising in the third quarter of 2018.

New data from the Toronto Real Estate Board shows an 8.4% year-over-year rise in average selling price to $552,269 with the HPI benchmark price up 10.1% year-over-year to $506,300.

In the city of Toronto, the average selling price gained 9.7% to $594,039 while the HPI benchmark was up 11.5% to $535,600.

Sales through TREB’s MLS system were up 2% compared to Q3 2017 with 5,781 while listings were down 2.1%.

“Condominium apartments represent a relatively affordable home ownership option in the Greater Toronto Area, particularly for first-time buyers. Looking forward, strong demand for condo apartments should continue as people move to the GTA to take advantage of quality job opportunities, including those jobs associated with recent investment announcements from well-known tech companies,” said TREB president Garry Bhaura.

Jason Mercer, TREB’s director of market analysis, added that recent survey data showing concern among young buyers about home affordability support the growth of the relatively-affordable GTA condo market.