The Toronto condo and loft market followed a similar trend to the housing market as a whole in Q2 2022. With 5,687 sales, the Q2 result represented a decline of 35.2% compared to Q2 2021. Over the same period, new listings remained flat at 14,316. With sales accounting for a lower share of listings, active listings at the end of the quarter were up by 27.5% to 5,210.
While some would-be first-time buyers have temporarily focused on renting as they sit on the sidelines, the less expensive entry prices of condos versus freehold homes has provided an alternative option for purchasers looking to mitigate the impact of higher borrowing costs. The lower average price point in the condo segment has performed better than many low-rise segments of the market since the onset of the Bank of Canada rate hikes in the spring.
The average selling price in Q2 2022 rose 12.2% year-over-year to $769,999. Year-over-year price growth was stronger in the suburban regions surrounding Toronto.
Condo and loft market conditions became more balanced in the second quarter, with buyers benefitting from substantially more choice. However, the pace of annual average price growth remained above the rate of inflation, particularly in areas outside of Toronto that are offering attractive price points.
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”