Toronto Regional Real Estate Board Releases Q2 Condominium Market Report

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/EIN News/ — TORONTO, July 31, 2020 (GLOBE NEWSWIRE) — Toronto Regional Real Estate Board President Lisa Patel announced that second quarter 2020 condominium apartment sales amounted to 3,459 – down 50.8 per cent compared to 7,024 sales in Q2 2019.

The number of new condominium apartment listings amounted to 8,717 in Q2 2020 – down 21.6 per cent compared to 11,114 new listings entered in Q2 2019.

“The condominium apartment market experienced a dip in sales and new listings in the second quarter of 2020, as many potential buyers moved to the sidelines as a result of public health measures taken to combat COVID-19 and the resulting economic downturn.  With the overall housing market trending toward recovery in June, condo apartment sales will likely improve in the third quarter,” said Ms. Patel.

Despite market conditions becoming more balanced in Q2 2020, the average selling price for condo apartments was up 5.1 per cent compared to Q2 2019 to $619,707.

“It will be important to watch the relationship between condominium apartment sales and new listings as we move through the second half of 2020.  If economic recovery is sustained, the demand for condo apartments will improve.  However, the prospect of stricter regulations on short-term rentals and softer rental market conditions could fuel increased listings of investor-held units.  If we see more balanced market conditions, condo price growth could be more moderate compared to low-rise home types,” said Jason Mercer, TRREB’s Chief Market Analyst.

Condominium Apartment Market Summary Second Quarter 2020
  2020   2019
  Sales Average Price   Sales Average Price
Total TRREB 3,459 $619,707   7,024 $589,622
Halton Region 183 $516,048   353 $500,874
Peel Region 410 $514,002   1,076 $461,775
City of Toronto 2,494 $661,458   4,824 $638,964
York Region 243 $560,537   590 $526,916
Durham Region 108 $409,751   158 $416,503
Other Areas 21 $392,833   23 $381,604
Source: Toronto Regional Real Estate Board

Media Inquiries:
Mary Gallagher,
Senior Manager, Public Affairs
maryg@trebnet.net
416-443-8158

The Toronto Regional Real Estate Board is Canada’s largest real estate board with more than 56,000 residential and commercial professionals connecting people, property and communities.

www.trreb.ca/

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