Condominium average prices increased at a double-digit clip in February, up +13.96% from the previous year for apartments and +11.96% for townhomes.
“Despite the strong gains in condominium prices, overall benchmark prices in both the apartment and townhouse sector continue to remain below peak records set back in 2007,” notes CREB® in the February 2014 market report.
“Resale market conditions have favoured the seller, and this
has translated into price gains, which is strongest in the condominium sector,” says CREB® Chief Economist Ann-Marie Lurie. “However, it is important to note that condominium prices have not yet risen above previous highs, whereas single family prices recovered last year.”
Both the apartment and townhouse index peaked in the summer of 2007 with an index level of 207. As of February, the apartment index is still -4% below peak while the townhouse index is even lower at -6%.