The number of condo sales in all of Toronto was up 21.2% in the first quarter of 2016 versus 2015. There were 5,974 condo sales reported on the Toronto Real Estate Board MLS system. About 70% of that, or 4,131, occurred in the City of Toronto including Scarborough.
New listings were down 1.7% in the first quarter. There were only 11,112 new condo listings on the Toronto MLS. This resulted in average condo resale prices being pushed up about 8.1% to $393,589 when compared to the first quarter of 2015.
A slight decrease in the supply of resale condo listings in Toronto isn’t the only factor affecting the increase in prices. With many first time buyers looking to get into the marketplace, higher prices for freehold homes are quickly making condos an alternative for home buyers who don’t have the downpayment for a freehold, or can not qualify for a mortgage for the price of a freehold home.
Condos remain a great investment as vacancies for condo rentals remain low. In Toronto, there was a 1.8% vacancy rate for condos. Toronto accounted for about 32.4% of GTA condo rentals.
Scarborough condo sales
A total of 516 Scarborough condos sold in the first quarter of 2016. There were 756 new condos listed in the Scarborough area. It took an average of 26 days to sell a condo in all of the Scarborough areas combined.