, meanwhile, were likewise fewer and farther between in this year's Q3 compared with 2021's, though to a lesser degree than purchases .
The organization attributes this to, of course, higher mortgage interest rates and living expenses amid inflation, which has forced a large portion of prospective buyers out of the game until the economy is in a better place. The board says that as the pace of growth of this very important segment of the market has slowed, many would-be buyers"have shifted to the condo rental market in the short-to-medium term to meet their housing needs," which explains why rentals in the GTA are so pricey and hard to secure lately.
While condo prices have not increased as high as the rate of overall inflation, they remain high at an average of $720,132, meaning the added cost of borrowing is absolutely not worth it. A breakdown of sales volumes and average price in different parts of the GTA this quarter versus the same time last year. Chart fromAnd, due to the fact that available supply for sale continues to fall alongside sales, TRREB says prices are likely to remain high enough to keep people sidelined as the impact the tanking market has had on price"has been mitigated to a certain degree by a dip in listings over the same period.
It's in a real free fall (sarcasm) Listen, markets are down, but so is every market at the moment. Stop sensationalizing moments & focus on the big picture. Real estate is measured over years. Do better you are once again writing about something you don't understand
Too expensive. Hopefully the prices plummet and maybe people will actually be ableto afford them lol.
'Hardly anyone is buying condos in Toronto anymore'. Only 4,100 so far this year. That's like Yogi Berra saying 'Nobody goes there anymore, it's too crowded'.
hvogell Won’t be a problem for corporate investors and landlords
Toronto shocked people don’t want poorly constructed, basic amenity shoeboxes anymore.
Prices are up year over year. It's in the chart in your story. 'Plummeting' might need a bit of qualification...
As long as the rental market is strong, the market will be fine
It is Toronto. It will be fine.