According to the Toronto Regional Real Estate Board (TRREB), Greater Toronto Area realtors reported 7,932 condo sales in Q1 2022, representing a decrease of 15.6 per cent compared to the record 9,399 sales in Q1 2021.

While first quarter sales were down, new listings were basically flat, meaning condo buyers had some relief in terms of market conditions. However, market conditions remained tight enough to support double-digit annual average price gains.

Year-over-year, the average selling price increased by 22.5 per cent to $790,398. From January to March of 2021, the average price rounded out to $645,303.

“The GTA population will grow at or near record levels over the next few years, supported by a strong regional economy,” said TRREB Chief Market Analyst Jason Mercer. “The condominium apartment segment will be an important source of housing, both for people looking to purchase a home and also those looking to rent. This will continue to support price growth, but the pace of price appreciation may moderate as the market becomes more balanced over the next year.”

In summary, Halton Region—Oakville, Milton, Burlington and Halton Hills—saw the greatest growth, with the average price now a $805,859 compared to the Durham Region at $658,860. In the City of Toronto, the average price still remains highest at $809,853.

In the expensive downtown Toronto core, the average selling price for a bachelor unit now costs about $500,000; a two-bedroom costs around $900,000. In North York City Centre, the price decreases to an average of $300,00 for a bachelor and upwards of $800,000 for a two-bedroom unit.

The full TRREB report can be found here.