How to buy a condo in Toronto, Vancouver, or Edmonton

A quick look at the real estate market in Toronto and Vancouver reveals there are still many buyers left waiting to buy their first condo.

According to a report released Thursday by the realtor group BMO Financial Group, the average asking price of a Toronto home sold in February rose 0.7 per cent to $1.3 million.

That was the biggest monthly increase in the past two years, the firm said.

The median asking price in Vancouver was $1,788, while in Toronto it was $2,300.

A report from Re/Max, a brokerage that tracks residential property prices, showed the average selling price of condominiums in Toronto rose 0,867 per cent from January to February to $2.9 million.

The average asking prices in Vancouver were up 0.8 per cent and in Edmonton rose 0 per cent.

The report noted that the median selling price in Toronto was up 0,07 per cent in the first quarter to $3.65 million, while the median asking prices were down 0.3 per cent over the same period.

The price of condos in the region rose 3.6 per cent, but they still dropped 0.5 per cent compared to a year earlier.

In Toronto, the median listing price for a two-bedroom home was $4,100, while that of a three-bedroom rose 0 to $4.7 million.

The median selling prices for condos in Toronto fell 0.4 per cent for the first six months of the year to $5,600, while those for condos rose 1.2 per cent a year later to $6,100.

According the report, the largest decline in median selling and asking prices was in Calgary, which saw a 1.3-per-cent decrease in its median asking and a 3.1-per cent decline in its average selling.

The average selling prices were up 1.9 per cent year-over-year for condos, but the median sales price dropped 1.4 percent.

While the Toronto condo market has seen strong demand from investors looking to buy in the city’s booming real estate markets, it has also had some buyers looking to sell.

According, the realtors report, more than one-third of all condo buyers in Toronto are now looking to turn down the offer, with three-quarters of the buyers who have turned down a condo offering said they will not purchase a unit.