The condo market in Toronto has always been very press and this year was no exception there 8965 condo apartments were sold between the beginning of April and the end of June. This is an impressive growth of 17.4% in comparison to previous year. The condominium rental market was also very healthy with a sale of 8965 condo rentals as compared to 7637 condominium rentals in second quarter of year 2015. The average selling price of a condominium apartment in the second quarter was $415,326 resisting an impressive growth of 7.1% as compared to the second quarter of year 2015. There has been a search in the condominium market this year with all areas registering impressive growth. As per the Toronto real estate Board, city of Toronto had the maximum number of condominium sold at 6306 while the region of peel was second at 1178 condominium units. York region had 987 condominium sold, the Horton region had 294 while the Durham region sold 182 condominiums in the second quarter of year 2016. With regards to the condo apartment sale by bedroom, two bedroom condo was the top seller while condo with two bedrooms plus Den was another popular choice. Three bedroom condominium apartment was also popular choice for investors and home buyers. The trend is on the rise and it is expected that the year 2017 is going to be another happy year for the real estate market. With the introduction of a surcharge of 15% for foreign investors in the Vancouver area, a lot of investors have shown interest in the Toronto real estate market. The next six months it will be very critical as it is expected a wave of new investors showing deep interest in the GTA market. If you’re looking to buy or sell condominiums in the greater Toronto area, please contact us and we can get into to provide you complete satisfaction for your real estate investment.
