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The Toronto Real Estate Board's (TREB) recently released Q4 housing report shows 2015 was closed out with strong year-over-year growth in sales. Compared to the same period in 2014, the volume of sales rose by 12.6%, while listing grew by only 3.3%, suggesting "tighter market conditions." The average selling price for condominiums in the region rose by 4.1% last year to $382,070, outstripping the rate of inflation and evidencing healthy returns on investments.
According to TREB's Director of Market Analysis Jason Mercer "First-time buyers account for approximately half of all buyers in the GTA and even more so in the City of Toronto. Condominium apartments represent an important entry point into home ownership for a lot of households. This is a key reason why we experienced continued growth in sales for this home type over the past year."
The condo rental market also saw growth compared to last year, with a 20.7% increase in rental transactions compared to the last quarter of 2014. According to TREB, Toronto area realtors reported 6,073 condominium apartment rentals in Q4, compared to the 5,032 rentals reported over the same period in 2014. Critically, growth in rental transactions outstripped growth in new listings.
In terms of the condo rental market, Mercer's analysis posits that "[t]ighter rental market conditions resulted in strong increases in average rents compared to last year. Looking forward into 2016, expect rent growth to remain strong if we continue to see growth in the number of transactions outpace growth in the number of units listed for rent."
With 2016 now underway, we will return later in the year with a look at TREB's Q1 statistics, which will give us another up-to-date insight into market trends. Although a single quarter of statistics does not provide definitive evidence of long-term trends, the TREB reports—when taken together—provide a comprehensive insight into the state of real estate market across the region.
