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Toronto condominium demand rising despite pricey market

Last Updated Jul 11, 2016 at 8:01 pm EDT

It’s a simple equation of supply and demand.

Toronto’s condominium market has been heating up for the past few years and it’s all because property supply is down, but demand continues to rise.

According to the Toronto Real Estate Board, sales of condos in Toronto have gone up by 36 per cent this year, while available listings are down 26 per cent.

“It’s this imbalance in the market which is driving prices up,” Andrew La Fleur says.

Soaring prices of houses in the city are also a factor because buyers are being driven out of the housing market.

The hottest types of properties in the market are two-bedroom condos and condo townhomes in the downtown core.

La Fleur says the most affordable types of real estate in the GTA at the moment are condos in the 905 area.