Condo Market Report

2nd Quarter 2022

 

As per TRREB Condo Market report on 28 July, 2022, the market trend recorded the number of sales 5,687 in Q2 2022 in the Greater Toronto Area, a reduction of 35.2% compared to Q2 2021.  The declining sales trend is similar to the whole housing market in Q2 2022 resulting from the concerns of current economic uncertainty.   

The number of new listings remained flat 14,316 and the sales to new listings ratio was low.  The buyers can benefit from more choice and buyer bargaining power.

The average selling price of Q2 2022 was $769,999 in GTA with an annual price growth of 12.2% compared to Q1 2022 which is still higher than the June inflation rate 8.1%.  The year-over-year price growth showed higher performance in suburbs due to the offers of more attractive prices for the first-time buyers.  The property prices depend on the local dynamic and neighbourhood.  The monthly average price cannot apply for the same evaluation of the properties in all regions.  

Q2 2022 Condo full Market Report

-  Most potential buyers have confidence in the future Toronto Housing Market with favourable thoughts due to the strong demand for housing from the rapid population growth in next few years in Canada. 

-  Some first-time buyers selected to change/put off their purchase plans, sitting on the sidelines to view the market change, due to the recent unfavourable market status. They temporarily focused on renting instead.

-  In the contrary, some buyers start to browse around taking an advantage of the current trend slowdown to obtain the good value deal with better buyer bargaining power.  The lower entry prices of condo units are more popular than the low rise properties in order to reduce the impact on high borrowing costs and can mitigate the risk in the future.  

-  The July report of whole housing market is expecting to be issued soon.   

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