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The Toronto condominium apartment market has been experiencing notable changes over the past year, and the Q3 2023 data provides important insights into these developments.

Key Highlights:

  • Balanced Market: The condo apartment market in Toronto showed signs of balance. In Q3 2023, sales increased by 6.2% year-over-year, indicating a healthier market.
  • Supply Surge: Growth in new condo apartment listings outpaced sales, increasing by a significant 28.8%. This uptick in supply offers more options for buyers.
  • Price Adjustment: With a better-supplied market, the average condo apartment price saw a slight decline in Q3 2023, providing some relief amid higher borrowing costs.
  • City of Toronto: Approximately two-thirds of condo sales occurred in the City of Toronto, where the average selling price dipped from $750,087 in Q3 2022 to $736,566 in Q3 2023.

Market Outlook:

Despite current balance, experts predict a potential tightening of the market in the latter half of 2024. Toronto's fast-growing population and anticipated relief in borrowing costs in 2024 and 2025 could contribute to these changes.

Toronto condo market is evolving towards a more balanced state, offering first-time buyers more options and flexibility. This market shift may have positive implications for those looking to enter the real estate market.

Ready to make your next move? Contact us today and let's start your real estate journey together.

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