New condo sales are on the rise, according to a report.
The latest figures show a 20 per cent increase in sales over the past year, with prices climbing 20 per year.
The city has seen an average of 2,000 condo sales per year since 2014.
In December, the average price for a condo was $2.6 million.
With the latest numbers, there have been around 8,000 new listings approved in the past two years, with the average selling price rising 19 per cent.
However, there are some drawbacks to the current trend.
Akai is one of the hottest markets in Canada, with a median household income of $82,600 and a median home price of $3.5 million.
The condo market in the city has been very competitive, with condos fetching more than twice as much as homes.
“People are buying because they can get a cheaper price and they can live in the community and be close to other families,” said Tarek Akbar, chief executive officer of Akbar Properties.
He says that many people are choosing to live in Akbar because of the price difference between the city and surrounding suburbs, and that they want to buy a home that is close to a community.
“You can buy a place with the same amenities as a home in a bigger city and you’re closer to a large community,” he said.
Akbar Properties is selling the property for $1.6-million.
While the condo market is seeing an increase in prices, the overall market for condos is declining.
In 2016, the city’s condo market was $3 billion, according the Real Estate Board of Greater Toronto, and this year it is only $1 billion.
The average price of a condo is $2,637, while the average home price in Akkar was $1,542, according data from Re/Max Canada.
Akbar said it was a tough year for condos in the region.
People were starting to go out of the city, and the prices were starting too high, he said, which made people want to go back to the suburbs.
However, Akbar says that he is seeing more and more people buying condos as their incomes rise.
Akbar said the market for condominiums is very competitive and that people are buying condos because they are closer to other people.
You can live anywhere, you can be close, you don’t have to worry about getting your mortgage paid off, and you can move in with your family and have the community,” said Akbar.
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