Condo sales and listings are down in the Greater Toronto Area . Meanwhile, the rental market is heating up as would-be first-time buyers are pushed to the sidelines.
The average selling price for condominium apartments in Q3 2022 was $720,132 — up 4.5% compared to $689,230 reported for Q3 2021. In the City of Toronto, the average selling price was $749,375 — up 3.3%. “The condo market remains a very important segment in the GTA housing market both in terms of ownership and rental,” said TRREB President. “The ownership side of the market has been slower, as some first-time buyers have been sidelined by higher borrowing costs and the hit on affordability. Many of these would-be buyers have shifted to the condo rental market in the short- to medium-term to meet their housing needs.