Sales of condominiums surged 21.7 per cent in the first three months of 2017, compared to the same period in 2016. This is not surprising given that condominiums remain an attractive option for many first-time buyers due to the lower prices compared to traditional homes. Given that more than half of home buyers are expected to be first-time buyers in 2017, it makes sense that demand for condominiums has remained strong. The average selling price for condominiums in the first quarter of 2017 was $489,000 – up 24.3 per cent compared to the first quarter in 2016. Market conditions became much tighter in the condominium sector over the past year. As competition between buyers increased further, the pace of price growth accelerated. The Ontario government is right to be concerned about these trends. The package of measures recently introduced by the government to cool the sizzling market – including expanded rent controls and a 15 per cent foreign buyer tax – is bound to be ineffective because it overlooks the question of supply. Prices will stay high in Toronto because economic opportunity is driving people here. As long as interest rates stay low and the economy doesn’t falter, there will be plenty of fuel stoking the market. Thanks very much for your attention. I would be happy to help you with your real estate needs. You can reach me at 416-949-1684 or you can visit me at Have a great day.
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