Why does this information matter?

The condo sector still remains the most active part of the Toronto real estate market with sales in core areas like Harbourfront, Bay St and Church-Yonge St leading the way however the West end is also quite active in the West Mall/Islington City Centre areas where prices tend to be a bit more affordable than the Downtown core.

Buyer confidence in condo living seems to have to almost returned to pre-pandemic levels which is evidenced by the fact that condos are appreciating at roughly 7.4% per year with an average price of $771,267 as of June 2022.

Despite this steady pace in yearly appreciation & sales, not all condos are experiencing this positive growth & some properties are either not selling, drastically lowering their price to get the sale done or putting it on the rental market instead (which is seeing intense competition right now).

The correlation seems to be for units with less than ideal layouts/views/locations as buyers now have more choice in selection than the previous 6-12 months.

Additionally, many buyers have less purchasing power now due to the recent interest rate increases that the Bank of Canada implemented.

As we progress through the usually slow summer months, it will be interesting to see what other trends arise so be sure to check back next week for my next update!

Have any questions?

Feel free to message me on Instagram @TorontoRealEstate.ca !

Rylie C.