Greater Toronto Area Condo Market Report in Q4 2017, Steve Moran, Remax
Today I would like to talk about the condominium market. Seller's market conditions for condominiums remained firmly in place in the first quarter of 2018 driving the average selling price up by 9 per cent year-over-year to $533,000.
The condominium market continues to have the lowest average price compared to other low-rise home types, so condos remain popular with first-time buyers.
Looking forward, I expect the condo market to remain strong throughout the remainder of 2018 and over the longer term as strong demand relative to supply will sustain current seller's market conditions. Additionally, tougher new mortgage qualification rules introduced January 1 by Canada's banking regulator will keep many buyers firmly focused on the condominium market.
Thanks for watching, I would be happy to help you with your real estate needs. I can be reached at 416-949-1684 or you can visit me at http://www.stevemoranhomes.com.