Market Bouncing Back

The condo market is bouncing back according to the Toronto Regional Real Estate Board (TRREB). While overall sales in the Toronto real estate market are down 15 per cent from the same time last year, 1,756 condo apartments exchanged hands in July, according to TRREB’s latest market report.

That flurry of activity brought the average Toronto condo price up to $715,977, nearly five per cent more than this time last year, when the COVID-19 pandemic decimated that segment of the real estate market.

Eccleston adds that buyers are also motivated to enter the condo market because of the lack of inventory in the freehold market (detached, semi-detached and townhomes) that leaves them priced out. “It’s increasingly elusive,” says Eccleston.

The number of Toronto detached, semi-detached and townhomes combined sold in July doesn’t match the match the number of condo transactions. The average price for a detached in the Toronto real estate market for the month of July was $1,633,649. That’s a four per cent drop from the previous month, a clear indication that prices are cooling but still out of reach.