The sale of condos in the Greater Toronto Area continues to surge with a 21.7 per cent in the first three months of 2017 compared to the same period of 2016.

There were 7,251 condo sales through the MLS system of Toronto Real Estate Board while listings were down 18.8 per cent to 9,036.

“Condominium apartments have historically been the housing type of choice for many first-time buyers due to the relatively lower price point compared to ground-oriented housing options. Given that more than half of intending home buyers are expected to be first-time buyers in 2017, according to a recent Ipsos poll conducted for TREB, it makes sense that demand for this housing type has remained strong,” said TREB president Larry Cerqua.

Buyers are facing far higher prices though than in 2016; the average selling price of a GTA condo was $489,551, up 24.3 per cent year-over-year.

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