Even with increasingly tight housing market conditions, there seems to be a glimmer of hope in regards to home sales.
That glimmer resides in condominiums. With a cost, no less.
The Toronto Real Estate Board’s (TREB) annual quarterly report revealed that although condominium apartment sales were down in the last few months in 2018 versus 2017 (9.9 per cent), along with decreased listings, condos have remained relatively affordable.
“The condominium apartment segment was the best-performing segment in terms of annual average rates of price growth in 2018,” Toronto Real Estate Board President Garry Bhaura said.
Average price growth remained well-above the rate of inflation and annual rates of price growth reported for other ground-oriented home types Bharua said.
However, the average price of a condo saw an 8.3 per cent increase to $558,728 in Q4 2018 from $516,086 in Q4 2017.
The increase in pricing affected Halton, which saw a rise in pricing to $510,946 in 2018 from $461,200 in 2017. Oakville and Burlington saw 88 and 90 sales, respectively, of the 222 condo sales in the region.
Oakville also saw the highest average price of condos at $617,608 as well as the most active and new listings at 71 and 136, respectively, in the region.
“The condominium apartment segment continued to be a key entry point into the GTA home ownership market in 2018,” TREB Director of Market Analysis Jason Mercer said.
Mercer raised concern, however, when looking into the future.
“Moving forward, the concern is that a lack of listings supply, despite relatively strong new condo completions as of late, will hamper the ability of potential home buyers to meet their housing needs,” he said.