Toronto

Toronto Condo Prices Print New All-Time High

Toronto real estate might be slower, but condo prices are still pushing higher. Toronto Real Estate Board (TREB) numbers show the price of a typical condo reached a new record high in April. Sales picked up from last year, making it the second fewest sales in the past 5 years. Meanwhile inventory increased to a 3 year high.

Toronto Condo Prices Rise Over 6%

The price of a typical condo apartment reached a new all-time high, according to the board’s “benchmark.” TREB reported a condo benchmark of $528,900 in April, up 6.81% from last year. The City of Toronto reached $561,500, up 7.3% from last year. Both are record highs for the region.

Toronto Benchmark Condo Price

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

Source: CREA, Better Dwelling.

Benchmark price growth continues to decelerate, despite coming in high last month. TREB’s annual pace of growth is the lowest seen since March 2016. The City of Toronto benchmark fell to a growth level last seen in June 2016. Both benchmark numbers still made large growth, but the deceleration is noteworthy.

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 of condo apartments made a substantial climb. TREB reported a median sale price of $525,000 in April, up 7.14% from last year. The City of Toronto benchmark reached $562,000, up 6.03% from last year. Unlike detached homes, the median sale price reflects the trend observed in benchmark.

Toronto Median Condo Sale Price

The median sale price of a condo apartment in Toronto.

Source: CREA, Better Dwelling.

The average sale price made smaller gains, but was higher than other measures. TREB reported an average sale price of $588,168 in April, up 5.15% from last year. In the City of Toronto it hit $637,181, up 5.98% from last year.

Toronto Average Condo Sale Price

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

Source: CREA, Better Dwelling.

Toronto Condo Sales Are The Second Slowest In 5 Years

Condo apartment sales are up from last year, but are slower than they have been over the past few years. TREB reported 2,357 sales in April, up 6.26% from last year. The City of Toronto represented 1,608 of those sales, up 2.16% from last year. This is the second fewest sales in the past 5 years, but the number is up 3% from the median number over the past 10. Remember this number does not cover new condo sales.

Toronto Condo April Sales

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

Source: TREB, Better Dwelling.

Toronto Condo Inventory Rises Over 2%

The number of new listings for condos fell across the region. TREB reported 3,641 new listings in April, down 0.3% from last year. The City of Toronto represented 2,528 of those new listings, down 0.27% from last year. Even with the decline in new listings, the total level of condo inventory made an increase.

Toronto Condo Sales Vs. New Listings

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

Source: TREB, Better Dwelling.

The total number of Toronto condos for resale increased, especially in the city. TREB reported 3,488 active listings in April, up 2.76% from last year. The City of Toronto represented 2,323 of those listings, up 9.06% from last year. This means listings in the city grew much faster than those in the suburbs. Since it grew faster than sales, it explains some of the price relief. Active listings are at the highest level for April since 2016.

Toronto Active Condo Listings

The number of condo listings available for sale in Toronto.

Source: TREB, Better Dwelling.

Toronto condo prices printed a new record high, and sales picked up from last year. The number of sales were still relatively weak compared to volume over the past 5 years however. This is something worth keeping an eye on, since higher prices on lower volume typically means less market confirmation of stickiness. Even so, the buyers in the market seem to still be comfortable paying these levels.

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28 Comments

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  • Reply
    Ian 5 months ago

    It’s almost nail biting to see if the trend is recovering, or still down cycling. Straight declines in volume and increases are extremely rare in finance.

  • Reply
    Ethan Wu 5 months ago

    There’s clearly transactional scrubbing going on from the median. Any idea what percentage of sales and the dollar volume that’s filtered when they get these numbers? Not saying there’s a conspiracy, but would be interested to see what those numbers would look like.

  • Reply
    Aaron Goldstein 5 months ago

    What am I missing? There’s a condo building on my block in downtown Toronto I’ve been watching, to compare the value of my unit.

    It looks like prices are the same? Is this some sort of higher floor where crappier condos are fetching more?

  • Reply
    s2u 5 months ago

    You know what else is breaking records in Ontario? Casino revenues (showing 35% incrases YoY).

    Sounds like Ontario has accepted BC’s money laundering with open arms. Enjoy it!

  • Reply
    Mmr 5 months ago

    Cancel the foreign tax of 15 percent ASAP. This is discouraging investment in our city. I am not sure why Ford is not doing it yet. We need all the money we can get from outside Canada since local people are poor.

    • Reply
      BotheredbyMMR 5 months ago

      Who the fuck are you?
      God, people like you are what’s wrong with the world. Greedy, greedy bastards!

      • Reply
        Mmr 5 months ago

        Wow losing your head…question did some one force you to live at Toronto? Cant afford it just get the fuck out. What is the point of torturing your self I dont get it. We need investment and government knows it. Hence Ford wont touch real estate no matter how losers keep crying.

    • Reply
      Shivek 5 months ago

      Nonsense – the foreign buyer tax is to prevent ‘hot money’ from unsustainably pushing up prices until yields are no longer sufficient, at which point it leaves and causes a crash. The investment needed in Canada is business investment which actually has a trickle down effect through the economy, not asset inflation.

      And I own property in Toronto and Waterloo, so I’m not advocating for a price decline on the basis of affordability.

  • Reply
    Smaug 5 months ago

    Cancel the foreign tax of 15 percent ASAP. This is discouraging investment in our city. I am not sure why Ford is not doing it yet. We need all the money we can get from outside Canada since I have huge mortgage debt and it’s making me poor.

    There, fixed it for you.

    • Reply
      Mmr 5 months ago

      House I bought in 2009 was 600k now same house at annex going for 2.2 mil..while last 10 years I manage to pay of more then half debt with record low mortgage rate while house price went up by 300 percent. So yes I might be poor but I wonder why some one like you who definitely paying 2500 rent for shoe box and whining for house price crash is calling me poor?

      • Reply
        Pika Pika 5 months ago

        MMR

        – bought “condos were bought in 2009″ just a few weeks ago.
        – ” I am fortunate because I didn’t not by anything Toronto after 2011.” a month before that.
        – “I bought real estate in Toronto downtown in 2009” a few months before.
        – “I bought first condo in 2009 as investment at the age of 23 with 5 percent down payment”
        – Now he bought a house in the Annex in 2009.

        I don’t care that you’re lying, but people should know to take forum comments with a grain of salt when people are citing their personal experience.

        • Reply
          Mmr 5 months ago

          No wonder you are jobless otherwise you will not do research lmao and make up stories about me. But keep whining I am sure crash is coming…1 2 3…..count another 30 years .

  • Reply
    CJRay 5 months ago

    There’s still a big problem in southern Ontario with double listings for the same property, having different Listing numbers. So, all this (fraudulent) double counting is happening and still prices are inching higher. I’ve come to the conclusion that there’s a large population of dumb people here in Canada. Maybe it’s just Ontario since it appears the BCers seem to have read the writing on the wall. You don’t want to be in the bottom row of a ponzi scheme.
    For the rather shallow bulls, I’ve owned for years, so I’m just watching this large cluster unfold with great amusement. Investing is great, just not always the right time.

  • Reply
    Joseph 5 months ago

    The author’s last two lines are the most interesting in this whole article.

    “This is something worth keeping an eye on, since higher prices on lower volume typically means less market confirmation of stickiness. Even so, the buyers in the market seem to still be comfortable paying these levels.”

    From what I’ve seen over the years, when money’s not earned, it’s easier to part with.

    I’m not sure what combination of factors pushed condos prices to this level, but even though they are sky high, I figure a good chunk are being paid for by inheritances, etc. Which is why people might be willing to pay these prices. It’s not the money they earned. They were simply gifted the money.

    Easy come, easy go.

  • Reply
    cto 5 months ago

    Mmr

    “These people keep saying it will crash and come up with millions of analysis and reasons…”

    Don’t worry my little grasshopper…

    No crash,…unless there’s a trigger.
    Most housing bubbles take 10-15 yrs to build, then they start to deflate. Sometimes slowly and sometime swiftly.
    The slower they deflate, the longer the decline, with the odd ups and downs, but consistently more downs. It’s a rocky road .
    Last Toronto bubble burst was 1989. It took 9 years to build, then, it corrected, took 15 years to recover (2004), 8 years down and 7 years back up. No one saw it coming, and there was such jubilation in 1988 that “Toronto has changed and is different now!” to be followed by an 8 year down trend taking condos, I believe somewhere around -40-50% along with hundreds of thousands of jobs.
    For you, its ok if you have already made your money, because you may have lots of time to decide to fold the cards and call it a day. But the advice you give to others getting in now??? For them its risk.
    This message coming from a guy who has owned real estate since the mid nineties.
    Life,…Cycles…..

    • Reply
      mmr 5 months ago

      While people like you scare others…lot of people keep waiting when website like this gives them false hope…and same people forced to by later even with higher prices. Some one who got scared by these analysis in 2015 and wait last 4 years now have to pay 60 percent higher costing them few hounded thousand dollar more. So please you are not an angel either.

      • Reply
        Oldguy 5 months ago

        I actually enjoy this site, but it is really annoying when people like you try to hijack the discussion with your absurd tales. Please troll somewhere else and leave the rest of use to try to have a sensible discussion. If you must continue with your nonsense, pleas learn to spell and to write in sentences.
        Thanks.

      • Reply
        RainCityRyan 5 months ago

        Meh, it’s fear on either side.
        Fear of missing out on the last possible chance of ever owning!
        Fear of buying in a bubble then watching it pop wiping out everything you’ve ever earned!

        When folks say how much they made (appreciation or rent or both or leveraging) it’s playing on the other emotion, greed. “I made 7x my investment and you can too! Just buy my investment from me and then sell it to someone else!”

        It’s down to decision making. If you make a decision that has a positive outcome but the decision making process is bad, is the decision a good one?
        If you let fear OR greed make your decision it’s gambling. If you spend some time searching for objective facts and analysis grounded in reputable numbers you’re FAR more likely to make decisions resulting predictable outcomes.

        So if you buy OR sell and it’s mostly fear/greed/hormones that’s fine but best for each of us to know what is driving the decision.

        Most people I hope come here (I don’t mean the comments!) for some objective numbers and analysis.

        People come to the comments to watch Blue take a Steaming Whinny the Poo Bear on someones head.

  • Reply
    Cto 5 months ago

    Mms
    I believe I entered the housing market in 97. It wasn’t by accident, I timed it that way.
    I’ll leave the rest up to your imagination

  • Reply
    2D 5 months ago

    The Gov’t of Canada should institute the foreign buyer’s tax for all single family residential housing in Canada. Single family foreign investment is totally distorting the affordability for the residents. Who can compete with foreign buyers with deep pockets looking to money launder here? The wealthy, thereby further dividing us into the haves and the havenots. People who live and work in Toronto should be able to afford to live here. Average earning 94k to buy and live in Toronto. Is that crazy or what?

  • Reply
    JJ 5 months ago

    Alright folks. Enough.
    Why do we have so much of trash talks?
    Calm yourself down.

    Destiny of Toronto Real Estate is not going to be decided by any one of you.
    It is all about economy. Back in 2008 & 2009, US released cash with low interest so that they could sustain their economy. Same shit happened to Canada as well. That is why we have so much of debt. With this stupid domestic economy, no doubt, Canada will go recession. That is why we need money from other countries. However, if that happen and if money laundry keeps going without any restriction, it will raise poverty population which can cause shit and shit.

    Due to Trump, foreign cash flow is low and domestic cash flow is extremely low.
    We are expecting low influx of capital from 2019 to 2021.

    Nobody knows anything but only can predict.

    Just live your life and make wise decision.

    Cheers

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