Following the ownership market as a whole, Q3 2022 Toronto condo and loft sales were off by approximately 46% compared to Q3 2021. Despite there being substantially more balance in the market in the third quarter relative to a year earlier, the average selling price was up year-over-year, albeit by less than the current pace of inflation.
There were 4,177 Toronto condo and loft sales reported by the Toronto Real Estate Board in Q3 2022 compared to 7,795 in Q3 2021. The number of new listings was also down over the same period by 16% to 10,258.
The condo and loft market remains a very important segment in the Toronto housing market, both in terms of ownership and rental. The ownership side of the market has been slower, as some first-time buyers have been sidelined by higher borrowing costs and the hit on affordability. Many of these would-be buyers have shifted to the condo rental market in the short-to-medium term to meet their housing needs.
The average selling price for Toronto condos and lofts in Q3 2022 was $720,132 – up 4.5% compared to $689,230 reported for Q3 2021. In the core of Toronto, the average selling price for condos and lofts was $749,375 – up 3.3%.
The pace of Toronto condo and loft price growth has moderated as higher borrowing costs have hampered affordability since the spring. However, the impact has been mitigated to a certain degree by a dip in listings over the same period. A shorter supply of condos and lofts will likely provide some support for prices in the months ahead.
If you want to buy or sell a Toronto condo or loft, contact Casey Ragan at 416-486-5588 or by email at casey@remaxhallmark.com
Casey Ragan
“Toronto’s Condo Authority”