Toronto condo prices soar 28%


Toronto’s home sales may have seen a big slump in June but the condo market has shown relative resilience in the second quarter of 2017.

Toronto Real Estate Board data shows that 8,223 condo apartments were sold between March and June, down 8% from the same period of 2016. The average selling price continued rising sharply though, up 28.1% to $532,032 for the TREB market area as a whole and to $566,513 for the city of Toronto.

“Despite the recent dip in overall GTA home sales, the condominium apartment market was quite resilient, especially when compared to low-rise market segments,” said TREB president Tim Syrianos. “Condo apartment sales accounted for a greater share of overall transactions during the spring compared to the same period last year. Market conditions also remained tight, which resulted in the continuation of strong annual rates of price growth.”

New listings of condos were up 0.7% year-over-year to 13,682.

Are you looking to buy a property?  If you like, I can tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much I could save you right now if you have an existing mortgage.

Until next time,
Your mortgage expert Evgeny Kamenskiy

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