Buying a condo in the GTA? Expect more choice and less competition

During the pandemic, Canadians traded in their small spaces in vibrant urban centres for tree-lined streets in secondary cities. But, as we return to normal social activities and house prices in Canada’s largest city remain out of reach for first-time homebuyers, many are turning to condominiums as a more affordable way to enter Toronto’s tight real estate market. 

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Market Continues to Balance out as Borrowing Costs Trend Higher

Greater Toronto Area (GTA) housing market conditions continued to evolve in response to higher borrowing costs. Similar to April results, May 2022 sales were down on a monthly and annual basis. Conversely, active listings at the end of May were up on a month over-month and year-over-year basis. More balanced market conditions have provided buyers with more negotiating power. As a result, while benchmark and average home prices were up substantially compared to last year, selling prices trended lower on a month-over-month basis.

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GTA Market Cooldown continues, with detached homes hit the hardest

The resale housing market experienced unprecedented upward price growth in Ontario and the Greater Toronto Area (GTA) during the pandemic. This was due to a combination of low interest rates, increased investor activity, and the shifting preferences due to thousands of Ontarians working from home. The market peaked in early 2022, as has started to trend downward over the past couple of months.

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The data from early 2022 suggested the market was quite frothy, and the current slowdown is likely better for everyone in the industry. ... expect a much more balanced market moving forward. 

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