Greater Toronto Area Condo Market Report in Q2 2018, Steve Moran, Remax
The average selling price for condominiums in the second quarter of 2018 increased 5.4 per cent year-over-year to $561,000.
Condominiums have outperformed other housing types over the past year, in terms of price growth. It has been a seller's market in many neighbourhoods for this home type, which is why we have continued to see average price growth more than twice the rate of inflation.
First time buyers continue to be a key driver of condominium demand. The relative affordability of condos versus low-rise housing types, especially with the onset of stricter mortgage qualification guidelines and generally higher borrowing costs, has also been a key factor underpinning tight market conditions and continued average price growth.
Looking forward, I expect condominiums to continue to outperform other housing types, in terms of price growth.
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.
