Toronto condo and loft sales remained strong historically in Q1 2022. Seller’s market conditions remained in place with the average selling price increasing by more than 20% year-over-year. The Toromto Real Estate Board reported 7,932 sales in Q1 2022 – a decrease of 15.6% compared to the record Q1 2021 result of 9,399 sales.
Toronto condos and lofts represent a key market segment in Toronto, providing housing for an array of households. Many first-time buyers see condos as an affordable entry point into homeownership. At the other end of the spectrum, condos provide a luxury alternative for many households. It is also important to note that investor-owned condos and lofts have been an important source of rental supply over the past decade.
While first quarter sales were down year-over-year, new listings of condos and lofts were basically flat, meaning condo and loft buyers had some relief in terms of market conditions. However, market conditions remained tight enough to support double-digit annual average price gains, with the average Toronto condo and loft selling price increasing by 22.5% to $790,398.
The Toronto population will grow at or near record levels over the next few years, supported by a strong regional economy. The condo and loft segment will be an important source of housing, both for people looking to purchase a home and also those looking to rent. This will continue to support price growth, but the pace of price appreciation may moderate as the market becomes more balanced over the next year.
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”