Demand for Toronto condos stays strong
The demand for condominiums in the Greater Toronto Area stayed strong at the end of last year according to the president of the local real estate board. Paul Etherington announced that there were 4,975 condominium apartment sales reported through the TorontoMLS system in the fourth quarter of 2014; up by 8.3 per cent compared to the fourth quarter of 2013. “While the supply of condominium apartments listed for sale grew in the fourth quarter, including a large number of newly completed units, the number of sales grew at a faster pace. Competition between buyers increased in the condo market over the past year,” said Mr. Etherington. He also noted that there was increased interest from first-time buyers in the GTA who understood that although prices are high home buying is a long-term investment. There is still undersupply in the market and that has pushed the average price for a condo apartment up to $367,199 – up 3.8 per cent compared to the average of $353,799 reported for the same period in 2013.