Condo sales in Toronto continue to soar

Condo sales in Toronto continue to surge, as new numbers released by the Toronto Real Estate Board show a 21.3 per cent increase over June 2014. Prices were also up 6.3 per cent compared to last year, so it's not as if sales are being pushed by a saturated market with unit rates on the decline.

While recent months have witnessed historic numbers of vacant condo units, the surge in sales is fuelled at least partially by the outrageously competitive housing market, which is pushing some prospective home buyers into the condo market.

With the average price of a detached home continuing to climb above the $1 million mark, condos look more and more attractive not just to first time buyers, but also those who have a little money to play with but not enough for pimped out house in ever-expensive Toronto.

Photo by Marcanadian in the blogTO Flickr pool.