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Q2 2023 Toronto Condo and Loft Market Statistics Released

Market conditions in the Toronto condo and loft market segment tightened markedly in the second quarter of 2023. Sales were up strongly on a year-over-year basis, whereas the number of new listings was down sharply. With more competition between buyers, average Toronto condo and loft selling prices should climb above last year’s levels in the second half of this year.

Strong population growth and an extremely competitive rental market have resulted in an increase in Toronto condo and loft sales over the past year. Average Toronto condo and loft selling prices remain below last year’s levels, which has helped from an affordability perspective.

However, as sales increase relative to the number of listings available, expect Toronto condo and loft prices to trend upward in the months ahead.

Total Toronto condo and loft sales amounted to 6,844 in Q2 2023 – up by more than 20% on a year-over-year basis. New Toronto condo and loft listings were down by more than 13% over the same period. This divergence between Toronto condo and loft sales and listings also meant that active listings at the end of Q2 2023 were down by 8% compared to the end of Q2 2022.

The average selling price for a Toronto condo or loft was $737,868 in Q2 2023 – down by 4.2% compared to $770,539 in Q2 2022. The average selling price was $769,616. This result was down by 3.3% compared to Q2 2022.

Average rents have increased well-above the rate of inflation over the past two years – often by double-digit annual rates. Consumer polling has shown that these rent increases are pushing households back into the ownership market despite higher borrowing costs. This goes a long way to explaining why Toronto condo and loft sales have increased over the past 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”

Toronto Condos and Lofts

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