Toronto Real Estate Board reports that 2016 was a record year for condo sales.
Condo sales outpaced all other housing and represented nearly 60% of all homes sold in 2016. Detached homes represented 25% of all home sales.
The average selling price of a Toronto condo in 2016 was $466,592, a 16.6% increase over the prior year. This is nearly $100,000 more than condos sold just outside the city.
The number of condos sold increased 19.5% over the prior year while the number of sales for all other forms of housing declined.
Andre’ Tarjan and May Kan, of Royal LePage Golden Ridge Realty, specialize in selling condo suites. They can be reached at www.TeamStellar.ca. For a free home evaluation contact May at 416-854-2897.