The first quarter of 2024 has wrapped up and we would like to provide an update to all the buyers and sellers interested in condominium apartment sales in the Greater Toronto Area (GTA).
The Greater Toronto Area (GTA) condominium apartment sales increased moderately in the first quarter of 2024 relative to the first three months of 2023. However, over the same period, the number of condo apartment listings increased by a greater annual rate. As buyers benefitted from more choices, the average condo selling price lowered.
The total number of condominium apartment sales accounted for 4,747 in Q1 2024 – up by 5.3 percent on a year-over-year basis. New condo listings were up by more than 23 percent over the same period.
TRREB MLS Sales Activity 2024 Q1 vs 2023 Q1
Trends
“TRREB’s consumer polling, conducted by Ipsos, suggests that many renter households will have no more patience for rent increases before they consider purchasing their first home. Once interest rates start trending lower, look for condo sales to pick up as more first-time buyers enter the market,” said TRREB President Jennifer Pearce.
Average Selling Price of Apartments
The average condominium apartment selling price in the GTA was $693,754 in Q1 2024 – down by one percent compared to $700,704 in Q1 2023. In the City of Toronto, which accounted for almost two-thirds of total condo sales, the average selling price was $723,186 – down by 0.5 percent compared to Q1 2023.
TRREB MLS Average Price 2024 Q1 vs. 2023 Q1
Estimated Market Turnover
“As first-time buying activity increases with lower borrowing costs later this year and into 2025, inventory will be absorbed, and market conditions will tighten. Increased competition between condo buyers will result in upward pressure on selling prices,” said TRREB Chief Market Analyst Jason Mercer.
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