The Toronto Regional Real Estate Board (TRREB) has released its report on the Toronto condominium market during the fourth quarter of 2022. The report shows that the average selling price for condominium apartments remained consistent with the previous year, bucking the overall downward trend in the housing market.
TRREB President Paul Baron states, “condo market conditions have become more balanced over the past year, with enough demand relative to supply to support selling prices.” He also noted that the condo market segment is the most affordable, resulting in a need for price adjustment compared to other more expensive market segments.
While total condo apartment sales decreased by 54.1% compared to the previous year, the report shows that new listings were also down by 14.3% year-over-year. The average selling price for Q4 2022 was $710,520, slightly higher than the Q4 2021 average of $710,246. Individual Greater Toronto Area (GTA) regions also showed a similar trend, with average selling prices remaining flat compared to the previous year.
TRREB Chief Market Analyst Jason Mercer emphasized the importance of condominiums in the market, stating that they are the key entry point for many first-time buyers and a critical source of rental supply for many parts of the GTA. With continued immigration to Canada expected in the future, demand for condos is projected to strengthen in both the ownership and rental markets.
As a law firm specializing in condominium law, Nirman’s Law understands the significance of the Toronto condo market. The firm’s team of Toronto condo lawyers and Ottawa condo lawyers can assist clients with legal matters related to buying or selling a condominium, including condominium corporation governance, financing, and dispute resolution.
Source: TRREB Releases 2022 Q4 Condo Market Statistics
Disclaimer: This article is intended to provide general information regarding Real Estate Law and various legal services related to Real Estate. It is not intended as a substitute for consultation or advice from professional Real Estate Lawyers and should not be relied upon as legal advice. Nirman’s Law, its staff, and affiliates make no representations or warranties of any kind, express or implied, as to the accuracy, completeness or timeliness of the information provided. If legal advice is needed, consult a Ottawa Condo Lawyer near you.
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