Market Update for July 23

The average Toronto condo price keeps on climbing, surpassing $720,000 in the second quarter of this year. A new report from the Toronto Regional Real Estate Board found that although condo sales dropped slightly this quarter compared to the last, prices continued to trend upwards, pushing the average Toronto condo price to $721,109. This is a significant increase from the first quarter of this year, which averaged $675,844, and is much higher than the current GTA average of $686,312.

The number of condo sales over the past three months fell from 6,475 in Q1 to 6,053. But, as to be expected, Toronto was responsible for the overwhelming majority of the GTA’s 8,793 sales during Q2. The condo market across the entire GTA was slower to recover than other real estate market segments after a market drop last year, but the number of sales is expected to rise in 2022 as immigration picks up.

Condo Apartment Sales By Price Range (all areas)