TORONTO, Oct. 27, 2022 (GLOBE NEWSWIRE) — Following the possession market as a complete, Q3 2022 condominium condominium gross sales have been off by roughly 46 per cent in comparison with Q3 2021. Despite there being considerably extra stability out there within the third quarter relative to a 12 months earlier, the typical promoting value was up year-over-year, albeit by lower than the present tempo of inflation.
There have been 4,177 condominium condominium gross sales reported by way of TRREB’s MLS® System in Q3 2022 in comparison with 7,795 in Q3 2021. The variety of new listings was additionally down over the identical interval by 16 per cent to 10,258.
“The condo market remains a very important segment in the GTA housing market both in terms of ownership and rental. The ownership side of the market has been slower, as some first-time buyers have been sidelined by higher borrowing costs and the hit on affordability. Many of these would-be buyers have shifted to the condo rental market in the short- to medium-term to meet their housing needs,” stated TRREB President Kevin Crigger.
The common promoting value for condominium residences in Q3 2022 was $720,132 – up 4.5 per cent in comparison with $689,230 reported for Q3 2021. In the City of Toronto, the typical promoting value was $749,375 – up 3.3 per cent.
“The pace of condo price growth has moderated as higher borrowing costs have hampered affordability since the spring. However, the impact has been mitigated to a certain degree by a dip in listings over the same period. A shorter supply of condos will likely provide some support for prices in the months ahead,” stated TRREB Chief Market Analyst Jason Mercer.
| Condominium Apartment Market Summary Third Quarter 2022 |
|||||||
| 2022 | 2021 | ||||||
| Sales | Average Price | Sales | Average Price | ||||
| Total TRREB | 4,177 | $ | 720,132 | 7,795 | $ | 689,230 | |
| Halton Region | 232 | $ | 727,565 | 381 | $ | 685,411 | |
| Peel Region | 453 | $ | 615,635 | 1,022 | $ | 576,469 | |
| City of Toronto | 2,859 | $ | 749,375 | 5,266 | $ | 725,204 | |
| York Region | 501 | $ | 686,622 | 908 | $ | 650,097 | |
| Durham Region | 119 | $ | 556,495 | 177 | $ | 503,506 | |
| Other Areas | 13 | $ | 586,781 | 41 | $ | 583,378 | |
Source: Toronto Regional Real Estate Board
FOR THE FULL REPORT, CLICK HERE.
Media Inquiries: Genevieve Grant, Manager, Public Affairs [email protected] 416-443-8159
The Toronto Regional Real Estate Board is Canada’s largest actual property board with greater than 70,000 residential and
business professionals connecting folks, property and communities.
Facebook | Twitter | YouTube | LinkedIn | Instagram
