TRREB: Condo Prices Remain Flat in Q1 2024
30 April 2024 - 2:31PM
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.
Media Inquiries:
Maria Karafilidis, Manager, Public Affairs
maria.karafilidis@trreb.ca 416-443-8139
The Toronto Regional Real Estate Board is
Canada’s largest real estate board with over 70,000 residential and
commercial professionals connecting people, property and
communities.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/02817b6a-6cc2-4ee4-821c-03f7fbfe5726