Sales were down almost 30%, new listings were down 11%, but the measure of GTA condos that was higher in the first quarter of 2018 was the selling price.
Buyers of condos in the Greater Toronto Area paid an average $533,447 in the first three months of the year, a 9% rise year-over-year according to new data from the Toronto Real Estate Board.
With new mortgage rules adding to the market’s supply issues, sales were down 29.7% to 5,084 while new listings were down 11.1% to 8,030.
“Seller’s market conditions for condominium apartments remained firmly in place in the first quarter of 2018. Strong competition between buyers underpinned price growth well above the rate of inflation. We expect the condo market segment to remain strong through the remainder of 2018 and over the longer term, as buyers continue to see ownership housing as a quality long-term investment,” said TREB president Tim Syrianos.
Total inventory was above the historic lows of a year earlier but at just 1.5-2 months of supply, it remained low by historic standards.
The condo sector in the GTA is forecast to see continued demand due to the relative affordability of the property type, especially for first-time buyers.
“Strong demand relative to supply will see this segment perform well from a pricing standpoint for the remainder of 2018 and beyond,” said Jason Mercer, TREB’s Director of Market Analysis.