The Goldman Team

Toronto Condo Market Update – First Quarter 2016

26 April 2016
Cathy Goldman

During the first quarter of 2016 (January to March), the Toronto Real Estate Board reported 5,974 condominium apartment sales through statistics compiled from TREB’s MLS®, an increase of 21.2% when compared to the first quarter of 2015. Furthermore, roughly 70% of the transactions occurred in the City of Toronto. As the average sales price of detached, semi-detached, and townhouses increases throughout the GTA, condominium apartments serve as a market entry point for many first-time home buyers. As the chart below demonstrates, the average selling price for a condominium apartment in the City of Toronto was $423,166 in the first quarter of 2016 versus $385,617 in the first quarter of 2015. This represents an increase of 9.7%.

Record Toronto Home Sales in Q1 2016

06 April 2016
Cathy Goldman

Q1 2016 (January to March) set a record for home sales in the city of Toronto. The year-over-year growth rate for home sales was 15.8% in the first quarter, while the number of new listings taken by TREB realtors decreased by 3.7% year-over-year in March. As Buyer demand remains strong, there is a clear lack of supply in the market to satisfy it.