According to the Toronto Real Estate Board the average selling price of the condominium apartment segment in the City of Toronto was a key factor in pushing the price growth in April. Improved condo sales suggests interest in condo ownership may be improving according to Jason Mercer, TREB’s senior Manager of Market Analysis.
April stats in the C10 Midtown area reflected the GTA’s condo sales strenght with 54 condo units sold at an average selling price of $496,994. This May’s sales eased back after a record strong April with 35 units sold at an average selling price of $484,897. Nevertheless, both months this year reported stronger average selling prices than April and May of 2012.
Merton street condo selling prices in May increased by approximately 1.5% from the same month of last year.
Treb Board president Ann Hannah observed now that it has been one year since the federal government implemented stricter mortgage lending guidelines, it would be realistic to surmise that some households who originally put their decision to purchase on hold, are once again looking to purchase.