According to Toronto condominium market analysts Urbanation Inc., a total of 21,605 new condominium apartments were sold in the Greater Toronto Area last year, making 2014 the third best year on record for new condo sales. The number represents a 51 per cent increase over 2013. Sales of existing condos grew 14 per cent, year-over-year, to a record 17,819 units.

“After taking a break in 2013, new condo buyers were enticed back into the market as pricing and incentives became more competitive across a greater selection of available units,” says Shaun Hildebrand, Senior Vice President at Urbanation. “The strengthening resale market and tight rental conditions, combined with lowered expectations for interest rates, should keep the new condo market humming in 2015.”

Condo completions in the region also reached unprecedented levels in 2014, with a total of 20,809 units completed. Units still under construction at the end of the year were already 86 per cent pre-sold.

The average price of a condo rose 3.8 per cent, year-over-year, in Q4 2014 to $389,000. The region also witnessed an annual increase in the number of rented condominiums, with a total of 22,765 units representing a 15 per cent rise.