Toronto Condo Market Update
Record High Listings
Toronto’s condo market continues to cool, hitting another record high in available listings. Will this ease the housing shortage?
Condo Size Trends
Toronto’s condo market continues to cool, hitting another record high in available listings. Will this ease the housing shortage?
Condo Size Trends
- 500-599 sq ft units: Listings up 50% YoY.
- Under 500 sq ft units: Listings up 26% YoY.
- Larger units: Fewer listings.
Sales Data
- Under 500 sq ft units: Biggest sales decline, mainly due to reduced investor demand from high interest rates.
- Larger units: More moderate sales decline.
Price Stability
Despite the listing surge, average prices are stable. Future trends are uncertain, with potential price pressures if listings keep rising.
June 2024 Highlights
- Average house price: $1,382,118, down 5% YoY.
- Median house price: $1,200,000, down 6% YoY.
- House sales: Down 13% YoY.
- New house listings: Up 8% YoY.
- Active house listings: Up 45% YoY.
- House MOI: 3.1.
- Average condo price: $753,111, down 2% YoY.
- Median condo price: $670,000, down 3% YoY.
- Condo sales: Down 27% YoY.
- New condo listings: Up 16% YoY.
- Active condo listings: Up 70% YoY.
- Condo MOI: 5.4.
Regional Trends
- Durham: Sales up 1%, listings up 18%.
- York & Peel: Highest MOI for houses.
- Toronto: Highest MOI for condos.
Alexander Gasenko - your trusted Toronto & GTA mortgage broker. Dominion Lending Centres Maple Mortgage Group Independently Owned & Operated — FSRA# 13415
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