Is now the time to enter the GTA condo market?

Looking to purchase, rent or sell a condo? Navigating the market can be a daunting undertaking and an overwhelming process – especially for first-time buyers. It can be difficult to know when the best time is to make your move. Empower your decision with the latest in-depth property intelligence and market trends.

The Toronto Regional Real Estate Board’s second quarter findings show that market conditions in the condo segment have significantly tightened. Condo sales dramatically soared on a year-over-year basis; whereas the number of new listings considerably decreased. This has created more competition between buyers and could cause the average selling price for condos to rise 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 condo sales over the past year. The average condo selling price remains below last year’s levels, which has helped from an affordability perspective. However, as sales increase relative to the number of listings available, expect condo prices to trend upward in the months ahead.

In conjunction with your real estate professional, consider these helpful statistics from TRREB’s latest market report to make informed choices.

Spring updates:

• GTA total condo sales: 6,844 (up by over 20 per cent year-over-year)
• GTA new condo listings: down by over 13 per cent over the same period
• GTA active listings: down by eight per cent (compared to same period)
• GTA average condo selling price: $737,868 (down by 4.2 per cent compared to same period)
• Toronto average selling price: $769,616 (down by 3.3 per cent over same period)

Examining the state of the condo rental market, the average rent has jumped well above the rate of inflation over the past two years – often by double-digit annual rates. Ipsos consumer polling indicates that these rent hikes are pushing households back into the ownership market despite higher borrowing costs. This is evident in the spike in condo sales we’ve experienced over the past year.

To stay up-to-date on all things real estate in the GTA, tune into TRREB’s Ready to Real Estate podcast. We break down prices, sales, and new listings each month with an easy to glance report. Visit trreb.ca to explore the latest look into the housing market. Plus, connect with a TRREB Member realtor and search listings in real-time on any device.