First-time buyers help push GTA condo sales higher

Looking for your first real estate purchase? Often people thinking that the condominium market is the first step to owning a family home. It seems that a lot of people are thinking that:

Condo sales in the Greater Toronto Area increased by more than 12 per cent in the fourth quarter of 2015 compared to the same period of 2014. The Toronto Real Estate Association’s president Mark McLean announced that sales were up to 5,595 units amid tighter market conditions with new apartment listings up just 3.3 per cent.

“First-time buyers account for approximately half of all buyers in the GTA and even more so in the City of Toronto.  Condominium apartments represent an important entry point into home ownership for a lot of households.  This is a key reason why we experienced continued growth in sales for this home type over the past year,” said Jason Mercer, TREB’s Director of Market Analysis.

Median prices for condos in the GTA increased by 4.1 per cent to $382,070 in Q4 2015 compared to a year earlier.