GTA CONDO SALES DOWN WHILE PRICES REMAIN FLAT
- Selling prices for condominium apartments bucked the overall downward trend in the housing market during the fourth quarter of 2022. The average selling price in Q4 2022 stayed in line with the average in Q4 2021.
- Total condo apartment sales amounted to 3,582 in Q4 2022 – down 54.1 per cent compared to Q4 2021
- New listings were also down on a year-over-year basis by 14.3 per cent. The average Q4 2022 selling price was $710,520, which was slightly higher than the Q4 2021 average of $710,246.
- Looking at individual Greater Toronto Area (GTA) regions, a similar trend played itself out, with average selling prices remaining flat compared to last year.
The “All Leasing Activity (Sq. Ft.)” chart summarizes total industrial, commercial/retail and office square feet leased through Toronto MLS® regardless of pricing terms.
The “All Sales Activity” chart summarizes total industrial and commercial/retail and office sales through Toronto MLS® regardless of pricing terms.
HIGH INTEREST RATES DRIVE RENTAL DEMAND IN GTA
- Average condominium apartment rents continued to increase by double-digit annual rates in the fourth quarter of 2022.
- While market conditions remained tight enough to support very strong rent growth, there was more balance in the rental marketplace compared to the same period a year earlier in 2021.
- The number of condominium apartment rental transactions reported through the Toronto Regional Real Estate Board’s (TRREB) MLS® System was down on a year-over-year basis by 19.9 per cent in the fourth quarter of 2022.
- The number of rental listings was also down over the same period, but by a lesser annual rate of 11.8 per cent.
- The average rent for a one-bedroom condominium apartment increased by 19 per cent to $2,503 in the fourth quarter of 2022. Over the same period, the average two-bedroom rent increased by 14.1 per cent to $3,178.
CONDOMINIUM SALES STATS
CONDOMINIUM RENTAL STATS
In conjunction with the Toronto Regional Real Estate Board (TRREB) redistricting project, historical data may be subject to revision moving forward. This could temporarily impact per cent change comparisons to data from previous years.
Distinctive Real Estate Advisors Inc., Brokerage is pleased to present a recap of the latest market forecast release and September highlights from the Toronto Regional Real Estate Board (TRREB).
We’d welcome an opportunity to discuss the Condo Sales Down & High Rental Demand in the GTA. If you have any questions about our services, please contact our team.