/EINPresswire.com/ -- TORONTO, ONTARIO--(Marketwired - Jan 26, 2017) - Toronto Real Estate Board President Larry Cerqua announced that condominium apartment sales reported by Greater Toronto REALTORS® in the fourth quarter of 2016 were up by 22.3 per cent year-over-year to 6,831. Over the same period of time, new listings were down by 13.4 per cent.

With a double-digit annual increase in sales and a double-digit annual decline in new listings, condo market conditions tightened substantially over the past year.

"Gone are the days when we were concerned about a potential glut in inventory in the condominium apartment market. The supply concerns that have been top-of-mind for ground-oriented home types are also now a reality for the condo market segment.

Regardless of the price measure considered, heightened competition between condo buyers has resulted in double-digit price inflation," said Mr. Cerqua.

At the end of the fourth quarter, the MLS® Home Price Index apartment benchmark price was up by 15.2 per cent. The average condominium apartment selling price for the fourth quarter was up by 14.5 per cent to $437,281.

"First-time buyers represent an important component of home ownership demand. Many households looking to purchase their first home will consider a condominium apartment. Interest in this market segment has continued to grow as prices for low-rise home types have increased on a sustained basis," said Jason Mercer, TREB's Director of Market Analysis.

Condominium Apartment Market Summary
Fourth Quarter 2016
		2016				2015
		Sales		Average Price		Sales		Average Price
Total TREB		6,831		$437,281		5,587		$381,981
Halton Region		194		$442,613		157		$383,406
Peel Region		886		$331,224		805		$280,848
City of Toronto		4,842		$465,403		3,961		$407,825
York Region		775		$403,375		542		$367,482
Durham Region		114		$324,295		114		$277,343
Other Areas		20		$233,535		8		$208,000
Source: Toronto Real Estate Board

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