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According to Toronto Real Estate Board President Dianne Usher, "Home buyers remain confident in condominium apartments". With public perception of declining sales throughout the Toronto housing market, recent statistics posted by the Toronto Real Estate Board prove otherwise, that Toronto's condominium market is holding steady. During the first three months of 2014, condominium sales stayed constant throughout the Greater Toronto Area, with no declining sales in Toronto nor its surrounding suburbs (York, Halton, Durham, Peel). Condominium buyers this quarter were typified by a range covering first-time buyers through to seasoned home owners looking to change their housing situations.
Through the TorontoMLS system, 4,454 condominium units sold during Q1 of 2014, compared to 4,085 sales reported Q1 2013. Within the City of Toronto alone, 3,121 units were sold, ranging at $376,226. New condo listings also went up 3.1 percent. “The number of new condominium apartment completions was up substantially in 2014. Because of this, we could see stronger growth in listings in the second half of 2014 as some investors choose to list their units for sale. If this occurs, buyers would benefit from more choice in the marketplace and thus could have more negotiating power with regard to price,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.
Toronto's condominium market is remaining strong, and is expected to remain strong throughout 2014. For more statistics on Toronto's housing market, the Toronto Real Estate Board has market news posted on their website.
