published Thursday, the Toronto Regional Real Estate Board said although condo sales were up year-over-year, that increase was “far outstripped” by a growth in the number of units listed.According to the data, 4,415 condo sales were processed in Q3 of this year, up 6.2 per cent from 2022.That increased supply also meant lower prices, which is good news for buyers looking to break into the market, TRREB said.
Price drops were more evident in Toronto proper, where TRREB said the average price for a condo was $736,566 – down from 750,087 a year earlier. Baron went on to say that the “pause in price growth” has helped to ease the pain of higher monthly mortgage payments – which remain stubbornly high as the Bank of Canada aims to tamp down inflation., the highest level seen since 2001. The rate has remained at five per cent since July 12 as the Banks of Canada’s tries to slow the economy and bring the inflation rate down to its goal of two per cent.
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