Toronto Condo Prices Reach All-Time High, Sales Drop To 6 Year Low

Toronto is seeing fewer condo buyers, but they’re willing to pay more. Toronto Real Estate Board (TREB) numbers show the benchmark price of a condo apartment reached a new all-time high in February. Record prices came as sales dropped, and inventory climbed to a multi-year high for the month.

Toronto Condo Prices Reach A New All-Time High

Toronto condo apartment prices reached a new all-time high last month. TREB reported the benchmark reached $516,500 in February, up 7.92% from last year. The City of Toronto benchmark hit $549,000, up 8.7% from last year. Does that mean prices are going to rip higher this year? Not exactly.

Toronto Benchmark Condo Price

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

Source: CREA, Better Dwelling.

The monthly price increase was one of the highest on record, but annual growth continues to taper. February saw prices jump 1.89% from the month before, the largest climb since February 2018. The annual pace of growth across TREB fell to 7.92% however, the lowest growth since June 2018. The City of Toronto’s 8.7% annual pace is also the lowest level seen since July 2016. These numbers are still huge growth, but getting smaller. February’s anomaly is likely attributed to the positive weight of winter adjustments to the benchmark. This would also explain why it’s the only price metric to print a record high.

Toronto Benchmark Condo Price Change

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

Source: CREA, Better Dwelling.

The median condo sale price is showing much more conservative gains. TREB’s median sale prices reached $495,450 in February, up 6.54% from last year. The City of Toronto median condo sale price hit $540,000, up 6.93% from last year. The median is below the all-time high reached in May 2018. Yes, half all condos sold almost 5% below the price of a “typical” condo. Feel free to sit with that point for a few moments, before moving on.

Toronto Median Condo Sale Price

The median sale price of a condo apartment in Toronto.

Source: CREA, Better Dwelling.

The average sale price of a condo in Toronto also came in lower than the benchmark. The TREB average sale price hit $562,161 in February, up 6.1% from last year. The City of Toronto average reached $612,488, up 7.4% from last year. Both TREB and the City saw this indicator peak in September 2018.

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 Fall Over 5%

Condo sales fell last month, making a bigger drop in the city than the burbs. TREB reported 1,536 sales in February, down 5.7% from last year. The City of Toronto represented 1,064 of those sales, down 6.7% from last year. This was the slowest February for condo sales since 2014.

Toronto Condo Sales Vs. New Listings

The number of condo sales, vs newly listed condos per month in Toronto.

Source: TREB, Better Dwelling.

Toronto Condo Inventory Rising Twice As Fast In The City

New listings for condos fell across Greater Toronto, but increased in the city. TREB reported 2,453 new listings in February, down 1.32% from last year. The City of Toronto represented 1,691 of those listings, up 0.23% from last year. More new listings than sales predictably led to a rise in total inventory for the month.

Active listings, the total number of condos listed for sale at month end, increased across the board. TREB reported 2,821 active listings in February, up 1.91% from last year. The City of Toronto represented 1,848 of those, up 4.58% from last year. Condo resale inventory is now at the highest levels in 3 years.

Toronto Active Condo Listings

The number of condo listings available for sale in Toronto.

Source: TREB, Better Dwelling.

Toronto condo sales are dropping, and inventory is rising. In fact, new condo pre-sales are even suffering from poor absorption, but the low volumes of buyers sent the benchmark substantially higher. That said, the benchmark is no longer reflecting many of the other pricing indicators. A trend observed in Vancouver not too long ago, when agents began to notice it lagged up to 6 months from the actual trend.

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  • Reply
    MMT 5 years ago

    Benchmark is the industry’s proprietary, impossible to tell if it’s accurate, way of giving you numbers. The worst part is agents that critique it publicly can be dismissed from their board if they aren’t careful about the way they say it’s wrong.

    • Reply
      Paula 5 years ago

      They sold more homes that were atypical apparently. 😂

    • Reply
      Kwo 5 years ago

      “Seasonally adjusted so-and-so index is up year over year!” Ummm…I’m pretty sure February happens at the same season every year.

      Horray, our “always positive index” is still positive!

      They basically just have a bunch of different benchmarks and measures and just report on the ones that are up. Kind of like scientists who do p-value hacking.

  • Reply
    GTA Homeowner 5 years ago

    I believe that’s called the late trend. Declining volumes and higher prices when inventory is rising usually means you’re getting to the greatest fools. I honestly can’t believe people are jumping into condos at these prices, when actual homes are going for close to the same.

  • Reply
    Trevor 5 years ago

    What I don’t understand is all of the sub 400 sqft condos that are going for half a million from new developers. Who’s providing loans for these? Because I can’t imagine that will end well.

  • Reply
    Oldog 5 years ago

    In the investment business this is call a “melt up”. It is the last gasp of insanity, when the suckers can’t stay out of a rapidly rising market. It happens in the months before the melt down.
    Buckle up my friends. The wild condo ride is about to begin (and end badly) once again.

    • Reply
      Sideliner 5 years ago

      In rocket flight the next step is is called a “flame out” (“To fail, usually spectacularly. To cease suddenly or to slow down after functioning at a high level or to an intense degree”)

  • Reply
    Greg 5 years ago

    I’m hoping prices fall – sold my condo in October 2018. Renting now. But prices need to drop at least 10% to cover my transactions costs (legal, Real Estate commission, land transfer and moving etc).

    • Reply
      Toolio 5 years ago

      Found the crappy real estate agent that leaves the same comment every month. Isn’t it exhausting being such a tool?

      • Reply
        JJ 5 years ago

        I am also unsure why this keeps getting posted… What is the point that is trying to be made?

      • Reply
        Gregory 5 years ago

        I’m not an agent – sorry to disappoint. I am hoping the bears are right. I want to score a great deal again… just don’t want to move to Markham or 905 to get one.

  • Reply
    John 5 years ago

    I think this is the real story today:

    1 year ago, almost to the day, BD was reporting prices up, inventory up, sales down on Vancouver Condo’s.

    Fast-forward to today and what is the article sentiment for Vancouver?

    Our turn is coming Toronto… but we may still be 8 months out. RE: Oct/Nov Vancouver data.

  • Reply
    Zenity 5 years ago

    Toronto having no world leading industry. Canada have horrible winters and taxes are higher while wages are lower than NYC. What makes these idiots think real estate is worth more than NYC? Housing price correcting for 40% would just bring Toronto prices into normal range.

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