Condo Sales Report

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Condo market trended lower to end 2023!

TORONTO, ONTARIO, January 31, 2024 – Fourth quarter 2023 condominium apartment sales in
the Greater Toronto Area (GTA) remained low historically, as the demand for ownership housing
continued to be hampered by affordability concerns brought about by high borrowing costs.
Buyers who were active in the market benefitted from a substantial amount of choice. This meant
that average selling prices were slightly lower than the fourth quarter of 2022.


“The condominium apartment market, like other segments of the homeownership market,
experienced a pull-back in activity since the Bank of Canada started hiking interest rates in early
2022. However, looking forward, borrowing costs are expected to trend lower this year and next.
This will improve the affordability picture for many first-time buyers, so the condo market is poised
for improvement in 2024,” said TRREB President Jennifer Pearce.


Total condominium apartment sales amounted to 3,446 in Q4 2023 – down by 3.4 per cent on a
year-over-year basis. New condominium apartment listings were up by more than 29 per cent over
the same period. This divergence between condominium apartment sales and listings also meant
that market conditions became more balanced.


The average condominium apartment selling price in the GTA was $702,142 in Q4 2023 – down
by 1.1 per cent compared to $710,124 in Q4 2022. In the City of Toronto, which accounted for
more than two-thirds of total condominium apartment sales, the average selling price was
$720,456. This result was down by 2.4 per cent compared to Q3 2022.

 

Click below for the Q4 2023 Condo Market Statistics!

 

Condo Market Report (PDF)