Greater Toronto real estate is on fire… just not condo apartments, which is seeing a lot of sellers. Toronto Regional Real Estate Board (TRREB) data shows condo apartment prices slid for a fifth month in October. Condo sales are fairly in line with last year’s numbers, except in the city. However, inventory has more than doubled in just a short time.
Greater Toronto Condo Prices Are Down Over $20,000 From Peak
The price of a typical condo apartment across Greater Toronto is higher than last year, but coming down fast. TRREB reported the typical condo price reached $585,100 in October, up 6.15% from the same month last year. The City of Toronto condo benchmark reached $611,100, up 4.55% from last year. Both regions have seen prices slide since May, taking its toll on growth.
Toronto Benchmark Condo Price
The price of a “typical” condo apartment in Toronto.Source: CREA, Better Dwelling.
The rate of growth fell to the lowest level in years, as prices fall from all-time highs. The 12-month rate of growth across TRREB and the City both fell to the lowest level since 2016. TRREB saw prices peak in May, and are down a whopping $22,500 since then. In the City, prices peaked the same amount, but are down $16,200. In both regions, May buyers with the minimum downpayment likely have little to no equity.
Toronto Benchmark Condo Price Change
The annual percent change of price, for a “typical” condo apartment in Toronto.Source: CREA, Better Dwelling.
Greater Toronto condos are showing less robust median sale prices as well. TRREB’s median reached $545,000 in October, exactly the same as last year. The City of Toronto’s fell to $585,000, down 0.85% from last year. Neither number is adjusted for inflation.
Toronto Median Condo Sale Price
The median sale price of a condo apartment in Toronto.Source: CREA, Better Dwelling.
Greater Toronto condos also saw average prices fairly flat. TRREB’s median sale price reached $622,122 in October, up 0.7% from the same month last year. In the City the average sale price hit $668,161, up 0.8% from last year. The sale price isn’t adjusted for size or quality, so it’s best used to get a read on dollar flow.
Toronto Average Condo Sale Price
The average sale price of condo apartments in Toronto, and the suburbs.Source: CREA, Better Dwelling.
Suburban Condo Sales Make Slight Increase, While City Declines
Greater Toronto real estate sales are pushing records, but condo condos are left out of the rally. TRREB reported 2,260 condo apartment sales in October, up 2.2% from the same month last year. In the City, there were 1,438 condo apartment sales, down 8.5% from last year. Despite the shifted comparison period printing massive gains, condos are similar to last year, and worse in the City.
Toronto Condo Sales Vs. New Listings
The number of condo sales, vs newly listed condos across Greater Toronto.Source: TREB, Better Dwelling.
Greater Toronto Condo Inventory Soars To Multi-Year High
Greater Toronto inventory has generally been scarce, except for condo apartments. TRREB reported 6,193 new condo listings in October, up 103.24% from last year. The City Toronto represented 4,494 of those listings, up 103.07% from last year. Since new listings have been growing faster than sales, this pushed total inventory to a multi-year high.
Greater Toronto’s total active listings for condo apartments reached the highest level in over half a decade. TRREB reported 7,651 active listings for condos in October, up 155.29% from last year. The City of Toronto represented 5,719 of those listings, up 172.59% from last year. There’s a lot more inventory compared to last year, without a lot more sales. Toronto hasn’t seen this many condo listings in a very long time.
Toronto Active Condo Listings
The number of condo listings available for sale in Toronto.Source: TREB, Better Dwelling.
Greater Toronto real estate has been extremely active, even printing record sales. However, the condo apartment market is completely absent from this rally. While prices are still higher than last year, they’ve been losing pace quickly. The ratio of sales to new listings, 36% across TRREB and 25% in the City, also imply prices may slide further.
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