The Toronto condominium apartment market has been experiencing notable changes over the past year, and the Q3 2023 data provides important insights into these developments.
Key Highlights:
- Balanced Market: The condo apartment market in Toronto showed signs of balance. In Q3 2023, sales increased by 6.2% year-over-year, indicating a healthier market.
- Supply Surge: Growth in new condo apartment listings outpaced sales, increasing by a significant 28.8%. This uptick in supply offers more options for buyers.
- Price Adjustment: With a better-supplied market, the average condo apartment price saw a slight decline in Q3 2023, providing some relief amid higher borrowing costs.
- City of Toronto: Approximately two-thirds of condo sales occurred in the City of Toronto, where the average selling price dipped from $750,087 in Q3 2022 to $736,566 in Q3 2023.
Market Outlook:
Despite current balance, experts predict a potential tightening of the market in the latter half of 2024. Toronto's fast-growing population and anticipated relief in borrowing costs in 2024 and 2025 could contribute to these changes.
Toronto condo market is evolving towards a more balanced state, offering first-time buyers more options and flexibility. This market shift may have positive implications for those looking to enter the real estate market.
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