The average condo selling price was up by 8.3 per cent year-over-year in the third quarter to $633,484. The average selling price in the City of Toronto, at $680,963, was up by a similar rate over the same period, reports realtors across the Greater Toronto Area.
“While condo buyers certainly benefitted from more choice in the third quarter compared to the past few years, there was still enough competition between buyers to support average selling prices substantially above last year’s levels,” said Jason Mercer, Toronto Regional Real Estate Board chief market analyst. “It is important to note that one quarter does not make a trend, either on the demand or supply sides of the market. How the relationship unfolds between condo sales and listings over the next three to six months will dictate the longer-term direction for selling prices.”
Condo sales totalled 7,072, up 10.5 per cent from Q3 2019. The number of new listings in Q3 2020 amounted to 17,613, an 84.6 per cent increase over Q3 2019. Active listings at the end of Q3 were more than double that reported the same time last year.
“The condominium apartment segment experienced the second best third quarter on record in terms of sales and the best third quarter on record in terms of the average selling price,” said TRREB’s President Lisa Patel. “However, while the pace of year-over-year condo sales and price growth remained strong, it was lower than that reported for low-rise home types. The condo market became much better supplied as many investors moved to sell their units, due in part to softer rental market conditions and a short-term rental market that was impacted by stricter regulations and the COVID-19-related drop in tourism.”