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Condo Corner

TRREB Releases 2024 Q1 Condo Market Statistics

The Greater Toronto Area (GTA) condominium apartment sales increased moderately in the first quarter of 2024 relative to the first three months of 2023.

However, over the same period the number of condo apartment listings increased by a greater annual rate. With buyers benefitting from more choice, the average condo selling price edged lower. Total condominium apartment sales amounted to 4,747 in Q1 2024 – up by 5.3 per cent on a year-over-year basis.

New condo listings were up by more than 23 per cent over the same period. “TRREB’s consumer polling, conducted by Ipsos, suggests that many renter households will have no more patience for rent increases before they consider purchasing their first home. Once interest rates start trending lower, look for condo sales to pick up as more first-time buyers enter the market,” said TRREB President Jennifer Pearce.

The average condominium apartment selling price in the GTA was $693,754 in Q1 2024 – down by one per cent compared to $700,704 in Q1 2023. In the City of Toronto, which accounted for almost two-thirds of total condo sales, the average selling price was $723,186 – down by 0.5 per cent compared to Q1 2023.

“As first-time buying activity increases with lower borrowing costs later this year and into 2025, inventory will be absorbed and market conditions will tighten. Increased competition between condo buyers will result in upward pressure on selling prices,” said TRREB Chief Market Analyst Jason Mercer.

 

TRREB Releases Q4 2023 Condo Market Statistics 

Fourth quarter 2023 condominium apartment sales in the Greater Toronto Area (GTA) remained low historically, as the demand for ownership housing continued to be hampered by affordability concerns brought about by high borrowing costs. Buyers who were active in the market benefitted from a substantial amount of choice. This meant that average selling prices were slightly lower than the fourth quarter of 2022.

“The condominium apartment market, like other segments of the homeownership market, experienced a pull-back in activity since the Bank of Canada started hiking interest rates in early 2022. However, looking forward, borrowing costs are expected to trend lower this year and next. This will improve the affordability picture for many first-time buyers, so the condo market is poised for improvement in 2024,” said TRREB President Jennifer Pearce.

Total condominium apartment sales amounted to 3,446 in Q4 2023 – down by 3.4 per cent on a year-over-year basis. New condominium apartment listings were up by more than 29 per cent over the same period. This divergence between condominium apartment sales and listings also meant that market conditions became more balanced.

The average condominium apartment selling price in the GTA was $702,142 in Q4 2023 – down by 1.1 per cent compared to $710,124 in Q4 2022. In the City of Toronto, which accounted for more than two-thirds of total condominium apartment sales, the average selling price was $720,456. This result was down by 2.4 per cent compared to Q3 2022.

“Condominium apartment prices remained relatively flat over the past year. Buyers had plenty of negotiating power given the level of supply in the marketplace. As we move through 2024, demand for condominium apartments should pick up.

Expected decreases in borrowing costs coupled with high average rents could prompt more households to purchase a home over the next year. Condominium apartments are a key entry point into the ownership market,” said TRREB Chief Market Analyst Jason Mercer.

 

 

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Condo Market Report Q4 2023 .pdf888.81 KB
Condo Market Report Q1 2024 .pdf1.02 MB