The latest market report from the Toronto Real Estate Board (TREB) delivered all around good news for the Greater Toronto Area real estate market. Both selling prices and the number of sales saw increases from month to month and year over year.
In the condo market, prices rose in June, continuing a months-long trend. In the 905 region, prices were up by 3.4%, bringing the average price to $450,672. In the 416, the increase was more dramatic at 9.5%; the average price rose to $605,530 in June. As similarly observed in May, condo sales in the GTA were down in the month of June. While the number of sales of detached and semi-detached homes in the GTA rose by 5.5% and 8.1% year over year, the number of condo sales was down by 5.3%. New inventory of all home types also saw a year-over-year decline of 18.6%.
Taking into account factors such as the stress test requirement and higher borrowing costs, entering the market remains difficult, especially for young and first-time buyers, who historically have turned to condos as a more attainable home ownership goal. Market conditions could be causing prospective buyers to hold off on making a purchase, while low inventory could create more competition between those ready to make the jump.
“It is likely that issues surrounding the supply of listings will persist,” says Jason Mercer, the TREB’s director of market analysis. “This suggests that competition between buyers could increase, exerting increased upward pressure on home prices.”
Average price for one bedroom condo apartment :
Liberty Village: $544,003
West of Toronto
The Junction: $468,417
High Park North: $559,500
Mimico( Lakeshore and Park Lawn ): $475,214
City Centre: $399,000
Port credit: $505,000
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