Like all housing types, sales of condos declined in August 2017 over the same period last year, but condo prices are on the rise. It may be time for sellers to list and buyers to take some action.
According to August results, announced recently by the Toronto Real Estate Board (TREB), GTA home sales continue their downward trend, dropping by 34.8% to 6,357 year over year. Prices are moderating; the average home price rose by only 3% to $732,292.
Sales of condominium apartments declined by 24.5% in Toronto (to 1,476) and 36.4% in the GTA (to 520); in comparison, detached home sales in the city dropped by 34.8% to 561 and 43.2% (to 2,017) in the surrounding area. Overall sales of townhomes fell by 27.5% and semi-detached houses by 31.3%.
While active listings grew by 65%, new listings declined by 6.7%. Concerns remain that low inventory levels will reverse the moderating trend in prices.
Condo prices showed the greatest increase of all home types last month. The price of a condo in 416 rose 20.9% to $540,169 and in 905 by 18.9% to $416,081; meanwhile detached home prices in 416 and 905 declined by 1.2% (to $1,191,052) and 0.1% (to $906,592) respectively. The overall price of semi-detached houses rose by 12.1% to $715,167.
Despite their increased prices, condos remain a bargain. Cash-strapped buyers, still reeling at the prices of other home types, should shop here.