Toronto Real Estate Board Releases 2024 Q1 Condo Market Statistics

Toronto Real Estate Board Releases 2024 Q1 Condo Market Statistics

Source: Toronto Real Estate Board (TRREB): Condo Prices Remain Flat in Q1 2024
TORONTO, ONTARIO, April 30, 2024 – The Greater Toronto Area (GTA) condominium
apartment sales increased moderately in the first quarter of 2024 relative to the first three
months of 2023. However, over the same period the number of condo apartment listings
increased by a greater annual rate. With buyers benefitting from more choice, the average
condo selling price edged lower.

Total condominium apartment sales amounted to 4,747 in Q1 2024 – up by 5.3 per cent on a
year-over-year basis. New condo listings were up by more than 23 per cent over the same
period.

“TRREB’s consumer polling, conducted by Ipsos, suggests that many renter households will
have no more patience for rent increases before they consider purchasing their first home. Once
interest rates start trending lower, look for condo sales to pick up as more first-time buyers enter
the market,” said TRREB President Jennifer Pearce.

The average condominium apartment selling price in the GTA was $693,754 in Q1 2024 – down
by one per cent compared to $700,704 in Q1 2023. In the City of Toronto, which accounted for
almost two-thirds of total condo sales, the average selling price was $723,186 – down by 0.5
per cent compared to Q1 2023.

“As first-time buying activity increases with lower borrowing costs later this year and into 2025,
inventory will be absorbed and market conditions will tighten. Increased competition between
condo buyers will result in upward pressure on selling prices,” said TRREB Chief Market Analyst
Jason Mercer.