Greater Toronto Area Condo Market Report in Q3 2018, Steve Moran, Remax
The average selling price for condominiums sold in the Greater Toronto Area in the third quarter was up by 8.4 per cent year-over-year to $552,000. The highest average condominium selling price was in the City of Toronto, at $594,000.
Condominiums represent a relatively affordable home ownership option in the GTA, particularly for first-time buyers.
Looking forward, strong demand for condos should continue as people move to the GTA to take advantage of quality job opportunities.
Nearly 92 per cent of respondents in a recent survey agreed that the goal of home ownership is becoming more difficult for younger people in the city.
With these insights in mind, it makes sense that relatively more affordable home ownership options like condominiums have been very popular with home buyers over the past year. h.