If you are a Toronto Condo owner or an investor, good news for you. Toronto Condo market is on fire, especially in the renting market. Latest stats released by TREB has some exciting news for Toronto Condo market.
The average selling price for condominium apartments was up by 17.9 per cent yearover-year in the fourth quarter to $515,816. While this annual rate of growth was down from earlier in 2017, the condominium apartment segment was still the leader in terms of price growth in the second half of the year. here are some highlights:
- A total of 5,773 condominium apartment were sold through TREB’s MLS® System in the fourth quarter of 2017.
- The average selling price for condominium apartments was up by 17.9 per cent yearover-year in the fourth quarter to $515,816
- Halton region witnessed a sale of 202 Condos in the fourth quarter of 2017.
- Peel region had 768 Condos sold
- The city of Toronto had 4,198 Sales
- York region sold 484 Condos
- The number of condominium apartments listed during the fourth quarter was down by 3.4 percent compared to Q4 2016.
- The number of units leased was down by 0.7 percent.
- One-Bedroom Condo Apartment Rents Up by More Than 10%
- Halton had the highest Condo apartment Vacancy rate @ 1.5%, Durham region was lowest at 0.3% and Toronto sitting at 0.7%
Year 2017 saw a roller coaster ride for the housing market. Record sales in Q1 were followed by a decline in Q2 and Q3 after the Ontario Fair Housing Plan (FHP) was announced. The pace of sales picked up in Q4, as the impact of the FHP started to wane, and some buyers arguably brought forward their home purchase in response to the new OSFI stress test guidelines effective January 1, 2018.
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All stats provided by Toronto Real Estate Board