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Toronto Real Estate Board says condo sales and rentals remained strong in Q4

TORONTO – Demand for condominiums in the Toronto area remained strong in the fourth quarter, with 8.3 per cent more sales than a year earlier, according to the Toronto Real Estate Board.

It says the average selling price for a condo apartment through the Toronto Multiple Listing Service was $367,199, up 3.8 per cent in the fourth quarter of 2013.

There has been a record number of condo units completed in the Toronto area over the past two years, raising concerns that there could been an oversupply with the potential to undermine prices in one of Canada’s biggest real estate markets.

But the board says steady population growth in the Toronto area has pushed up demand from condo buyers and renters.

It says there were 4,975 condominium apartment sales in Toronto and the surrounding regions of Halton, Peel, York and Durham from October through December through the Multiple Listing Service.

There were also 5,036 condo apartment rental transactions through the Toronto MLS system in the fourth quarter, up 17 per cent from a year earlier.

The average rent for a one-bedroom apartment rose by $10 from a year earlier to $1,609.