Toronto Regional Real Estate Board President announced that second quarter 2020 Toronto condo and loft sales amounted to 3,459 – down 50.8% compared to 7,024 sales in Q2 2019.
The number of new Toronto condo and loft listings amounted to 8,717 in Q2 2020 – down 21.6% compared to 11,114 new listings entered in Q2 2019.
The condo and loft market experienced a dip in sales and new listings in the second quarter of 2020, as many potential buyers moved to the sidelines as a result of public health measures taken to combat COVID-19 and the resulting economic downturn. With the overall housing market trending toward recovery in June, condo apartment sales will likely improve in the third quarter.
Despite market conditions becoming more balanced in Q2 2020, the average selling price for Toronto condos and lofts was up 5.1% compared to Q2 2019 to $619,707.
It will be important to watch the relationship between condo and loft sales and new listings as we move through the second half of 2020. If economic recovery is sustained, the demand for condos and lofts will improve. However, the prospect of stricter regulations on short-term rentals and softer rental market conditions could fuel increased listings of investor-held units. If we see more balanced market conditions, condo and loft price growth could be more moderate compared to freehold home types.
If you want to buy or sell a Toronto condo or loft, contact Casey Ragan at 416-486-5588 or by email at email@example.com
“Toronto’s Condo Authority”