In a recent report, the Toronto condo market faced headwinds in August 2024. Here’s a concise summary of the key developments:
- Benchmark Home Price Decline: The Greater Toronto Area (GTA) witnessed a 5% year-over-year decrease in benchmark home prices. For July 2024, the benchmark price stood at $1,097,300.
- Average Sold Price: The average home sold price in the GTA dropped 1.1% year-over-year to $1,106,617. Detached homes saw a slight dip, with an average price of $1.43 million.
- Condo Market Struggles: Condo apartments faced a 2.2% year-over-year price decline, settling at an average of $719,000. Sellers and buyers grappled with market uncertainties.
- Sales Decline: Sales of new and presale condos plummeted by 66% year-over-year, significantly below the 20-year average for April through June. Investors and homeowners alike felt the impact.
- Buyer’s Market: The GTA’s housing market leaned toward buyers, with a Sales-to-New-Listings Ratio (SNLR) of 33%. An SNLR below 40% indicates favorable conditions for buyers.
- Empty Condos: Some Toronto condos remained vacant for six to seven months, despite the ongoing housing crisis. Investigating this trend, experts sought answers.
The Toronto condo market faced challenges in August 2024, with prices adjusting and sales slowing down. Buyers and sellers navigated a complex landscape, seeking opportunities amidst uncertainty. If you’re eyeing a condo, now might be the time to explore options!