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Condo sales up more than 20% as GTA real estate sales dip

Toronto’s real estate market continues to evolve after a tumultuous year for home and condo sales in the city. While the Toronto Real Estate Board (TREB) reports that condo sales are up more than 20% from last September, overall sales were down by 35%, even as listings were up 9.4%, and the overall price of homes is also on the rise.

CBC reports that overall average prices for homes in the GTA was up 2.6% in September from the previous year, to $775,546.

Measures introduced by the Ontario government in the spring have certainly changed the previously “red hot” marketplace, but there has also been a deliberate shift by consumers towards condos.

“The improvement in listings in September compared to a year earlier suggests that home owners are anticipating an uptick in sales activity as we move through the fall,” said TREB president Jim Syrianos.

“With more balanced market conditions, the pace of year-over-year price growth was more moderate in September compared to a year ago,” TREB market analyist Jason Mercer said. “However, the exception was the condominium apartment market segment, where average and benchmark sales prices were up by more than 20 per cent compared to last year.”