According to the Toronto Real Estate Board (TREB), there were 5,595 condominium apartment sales reported through the MLS system during the fourth quarter of 2015, amounting to an increase of 12.6 per cent over the same period in 2014.

The number of new condo listings saw a more modest increase of 3.3 per cent year-over-year, resulting in tighter market conditions compared to one year ago.

“The condominium apartment segment is integral to the overall housing market in the Greater Toronto Area,” said TREB president Mark McLean in a press release. “Over the past decade, the trend has been to increasingly build up due to provincial land use policies. As new projects have completed, a number of investor-held units have been listed for sale on TREB’s MLS system. These units have been absorbed quite rapidly, with enough demand relative to supply to prompt continued price growth.”

The average sale price for a condominium apartment in Q4 2015 increased 4.1 per cent year-over-year to $382,070. Throughout the fourth quarter, the MLS Home Price Index (HPI) increased by between four and six per cent annually.

“First-time buyers account for approximately half of all buyers in the GTA and even more so in the City of Toronto,” said TREB director of market analysis, Jason Mercer. “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.”