New Toronto Condo Sales took a huge jump partly due to rental demand.
A huge demand for rentals absorbed a huge supply of new projects satisfying both Toronto renters and Condo investors.
Condo sales rose 10 per cent to 6,553 in the three months ending in June from the same time last year.
The average Toronto Condo price was $367,010, up 5.5 per cent in the first quarter.
According to the Toronto Real Estate Board about a quarter of new Condos are purchased by investors who rent out their units to residents in Toronto where the supply of rental apartments are limited.
Last year there were 58,659 Condos under construction with about 19,000 scheduled for completion in 2014.
The Toronto Condo market consists of young professionals, baby boomers and families who find Condominiums a more affordable option to housing in Toronto.