Toronto Condo Prices Have Fallen Over $12,000 From Peak, Despite Booming Sales

Greater Toronto’s condo market is booming, but prices slipped from all-time highs. Toronto Regional Real Estate Board (TRREB) data shows sales reached a multi year high for August. The rise in sales was nothing compared to the increase of inventory though. The rate at which inventory grew was 10x that of sales, knocking prices lower from all-time highs.

Toronto Condos Shave Off Over $12,000 Off Peak Prices

The benchmark, a.k.a. the typical price of a condo apartment is up significantly from last year. TRREB reported a benchmark price of $592,900 in August, up 8.91% from the same month last year. The City of Toronto benchmark is now $621,200, up 7.45% from last year. That’s large growth from last year, but if you’ve been following this market – it’s down and out of double digit growth. 

Toronto Benchmark Condo Price

The price of a “typical” condo apartment in Toronto.

Source: CREA, Better Dwelling.

The rate of growth has been experiencing a sharp deceleration since the start of the pandemic. Rates for both measures have  dropped since March, cutting off around half of all price growth. The price of a typical condo is now down $8,400 across TRREB, and $12,400 in the City of Toronto. Prices are still higher than last year, but they are coming down from the record high a few months ago.

Toronto Benchmark Condo Price Change

The annual percent change of price, for a “typical” condo apartment in Toronto.

Source: CREA, Better Dwelling.

The median sale price made a similar increase, but is a lot lower than the benchmark price. TRREB’s median sale price was $565,000 in August, up 8.65% from the same month last year. In the City of Toronto, it was $600,000, up 6.19% from last year. For those that need a refresher in median prices, that means half of all condo apartments were sold below those respective price points. 

Toronto Median Condo Sale Price

The median sale price of a condo apartment in Toronto.

Source: CREA, Better Dwelling.

The average sale price was much higher, but showed fairly similar growth to the benchmark. TRREB reported an average sale price of $629,643 in August, up 9.5% from the same month last year. The City of Toronto reached $673,174, up 8.7% from last year. As you can see from the chart below, Toronto’s average sale price peaked in February, and has been bouncing lower. The 905 on the other hand, actually saw an increase in average sale prices though, reaching a new high. 

Toronto Average Condo Sale Price

The average sale price of condo apartments in Toronto, and the suburbs.

Source: CREA, Better Dwelling.

Greater Toronto Condo Sales Had The Biggest August Since 2016

August was one of the busiest for Greater Toronto condo sales in years. TRREB reported 2,286 sales in August, up 10.9% from the same month last year. The City of Toronto represented 1,536 of the sales, up 9.2% from last year. The number of sales across the region was the highest for August since 2016 – which is impressive. It’s a very different market this time though. 

Toronto Condo August Sales

The number of condo apartments sold in the month of August, by year.

Source: TREB, Better Dwelling.

Greater Toronto Condo Inventory More Than Doubles

The rise in sales was nothing compared to the increase in condo apartment sellers. TRREB reported 5,599 new listings in August, up 104.26% from last year. The City of Toronto represented 4,153 of the new listings, up 117.09% from last year. In case you didn’t catch that, the vast majority of all listings were in the City. Since new listings increased at a rate nearly 10x of sales, there was a lot more inventory in total. 

Toronto Condo Sales Vs. New Listings

The number of condo sales, vs newly listed condos across Greater Toronto.

Source: TREB, Better Dwelling.

Active listings, or total inventory, doubled last year’s levels, reaching a multi-year high. TRREB reported 6,302 active condo apartment listings in August, up 103.62% from last year. The City of Toronto represented 4,564 of those listings, up 115.59% from last year. This is the highest level of condo inventory to hit the market since at least 2015. 

Toronto Active Condo Listings

The number of condo listings available for sale in Toronto.

Source: TREB, Better Dwelling.

Greater Toronto’s condo market has been extremely active, with sales surging to multi-year highs. Inventory is rising even faster though, going into a period where sales usually cool. This market needs to be understood in the context of pent-up demand.  The busy sales activity is attributed to the Spring market being delayed into the Summer. This is the same trend driving the detached market. However, condo apartments are seeing inventory rise even faster than sales, unlike detached units. This is removing a lot of the gas from rising prices.

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  • Reply
    Ahmed 4 years ago

    So glad I listed in April. I need prices to fall more than 7% to make it worthwhile though. Or maybe I’ll just re-located. Either way, it’s been a swell market.

    • Reply
      Paul 4 years ago

      Re locate where? Just about every body is attempting to do the same thing. Even here in Japan they are running news stories on the best parts of the country side to move too.

    • Reply
      AJO 4 years ago

      I know many Torontonians rag on Calgary, but the access to nature there is amazing. Home prices are low. With what you made here, you could probably get a decent place in Calgary and not have much of a mortgage.

      • Reply
        Jupiter 4 years ago

        I heard Calgary is a pretty racist place, I doubt any minorities would want to go there.

        • Reply
          Joseph Ma 4 years ago

          It’s not at all. It’s actually a diverse city with a minority as mayor.

          Toronto really enjoys pretending it’s progressive, but let’s see a person of color elected to a major leadership role. It’s not happening for at least a decade.

  • Reply
    Trader Jim 4 years ago

    I guess agents that said sell in April were right.

  • Reply
    The Truth Will Set You Free 4 years ago

    Yeah this figure is no where near what the reality is …of how far they have fallen. This has to do with rental prices in the GTA collapsing (1 + 1 condo’s in prime GTA have dropped from demanding 2500 and up to under 2000) and AIRBNBers unable to fill their units all while having huge payments on mortgages and maintenance fees (not to mention taxes). Too many people need to get out and are listing and it will only climb now that new condo developments currently underway start discounting to get their projects done and people start listing to get their ‘investment’ properties sold before the bottom falls out. In my experience condos that were selling for north of 650k last year now are selling for 100k less if not more.

  • Reply
    AJO 4 years ago

    I’ve been perusing listings after giving up last winter. There are now a significant amount of condos for sale in my budget, whereas there were ZERO for sale in my budget this time last year. Some are also sitting on the market for weeks rather than being snapped up like last year. I’m going to keep waiting as I’m not in a rush, my job has become more stable (very lucky I know), and my rent is affordable. I’m curious as to what happens when mortgage deferrals and CERB end, COVID cases go up (which is already happening), and travel/immigration/international student numbers continue to be low. The crash everyone was waiting for may be coming, and I will watch and wait on the sidelines for now.

    • Reply
      The Truth Will Set You Free 4 years ago

      I’ve been pursuing as well and was waiting for what is happening to occur for now coming up on the second year. This collapse is going to be bad…as in it will destroy perceived wealth. People who are ‘asset’ rich but poor otherwise. As I mentioned above condos are plummeting on account that investors who used HELOCs are now in big trouble. They over extended as there was an AIRBNB market and high rentals to cover their high payments and now they are in the red heavy. Deferrals are coming to an end (deferrals of mortgages, loans, car payments, credit card debt, etc.), rental rates are plummeting as people now understand that there never really was a lack of inventory (it was hoarding by investors who now will end up having to go bankrupt) and tourism isn’t coming back anytime soon. On top of this CEWS is ending meaning that companies that simply kept people employed as they only had to foot 25% of the bill will now lay them off as they don’t need them and these pop up patios will all come to an end due to the cold weather. Unemployment is 11% but will quickly climb to north of 30%. The smart ones sold while they could and the rest are holding on in hopes of a recovery. They’re going to hold on all the way to bankruptcy.

    • Reply
      Faizullah khawaja 4 years ago

      One thing keeping the realstate market from collapsing is the historically low mortgage rates. At 1.8% or even lower, it is an amazing opportunity for people to buy. Secondly the vast majority of new immigrants end up in Toronto. Most invest in property. Roughly 200000 new immigrants every year. So the glut of 3 to 4 thousand condos will disappear fast and those waiting will see the prices go up again in a few months specially if a covid vaccine comes in a few months.
      Finally the unemployment is at its peak. It will decrease with the development of the vaccine. The government will continue with income support for a while.
      In my opinion it is a buying opportunity with low prices and low mortgage rates. One could save hundred thousand on a condo.
      We are used to what some call it herd mentality. When prices are going up we buy and sell when they are falling. Smart investors like Mr Buffet do the reverse.
      For example a 1+1 condo in downtown Toronto which was around 600+ now you can get for low 500 and top of that virtually a 1.5% mortgage you save tons.
      When the market turns both the prices will go up.
      This is my opinion only.

  • Reply
    Average Man 4 years ago

    Keeeeeep falling!

  • Reply
    C.D.R. 4 years ago

    @AJO, you are correct.

    Only ill informed buyers (with bad realtors) are paying anything near current asking prices for condominiums.

    I’ve seen rents drop 25% for some dt properties back down to 2016/17 levels. There’s a record of their listings so it’s an apples-to-apples comparison and some have been for lease since March 2020.

    Listing prices have been sticky as some sellers are living in pre-Covid but actual sales prices are down 15+%.
    I’m not sure if these were flips or end-users whose circumstances have now changed, but I tracked some condos that were bought in early 2019 and fully renovated.

    They were now back up for sale/sold for their original 2019 purchase price.

    So it cost them $100,000+ in reno costs, LT taxes, realtor fees, lawyers, carrying costs, etc.

    If it weren’t for the improvements, the actual price would have been the same as 2017 levels.

    So don’t be fooled by realtors and do your research.

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