The condo market has gravitated towards a buyer’s market, giving buyers more negotiation power in the third quarter of 2023 compared to the same period last year, which marks a balanced market (Q3 2022). This trend aligns with the overall resale market in the GTA, where the constant increase in interest rates has further impacted buyers’ confidence.
New listings have outpaced sales significantly compared to Q3 2022 (28.8% vs. 6.2%), resulting in a slight reduction in the average sales price to $716,145 in Q3 2023.
Here are some key market highlights:
1.The City of Toronto dominates total condo sales in Q3, accounting for two-thirds of total transactions.
2.The Durham Region emerges as the most competitive market, with a Sale-to-New Listing Ratio of 48%.
3.Average rent has increased by 7% compared to last year, with rates of $2,246 for Bachelor units, $2,633 for One-Bedroom units, $3,430 for 2-Bedroom units, and an astonishing $4,739 for 3-Bedroom units.
4.Over one-third of GTA condo units are used for rent.
5.Vacancy rates are impressively low, with rates of 1.5% in Durham, 1.2% in the City of Toronto, 0.8% in Peel, and 0.6% in York
Source: Toronto Regional Real Estate Board Q3 Condo Market Report
https://trreb.ca/files/market-stats/condo-reports/condo_report_Q3-2023.pdf
