Greater Toronto Area Condo Market Report in Q4 2018, Steve Moran, Remax
The condominium market continued to be a key entry point into home ownership in 2018 as stricter mortgage qualification rules meant that many first-time buyers were looking for more affordable housing options.
Last year the condo market was the best performing segment in terms of annual average rates of price growth. While listings decreased in 2018, competition between buyers remained strong and this supported price growth well above other home types.
The average price of a condo in the Greater Toronto Area increased 8.3 per cent to $558,000 in Q4 2018.
Despite many new condo completions last year, my concern moving forward is that a continued lack of listings supply will hamper the ability of potential home buyers to meet their housing needs. This scenario could drive condo prices higher in 2019.