Condo sales were down on a year-over-year basis, while the number of listings rose in the third quarter of 2024. This resulted in more negotiating power for buyers and a slightly lower average selling price, according to new data from the Toronto Regional Real Estate Board (TRREB).

“While condo sales remained low in the third quarter, market conditions are expected to improve,” said TRREB President Jennifer Pearce. “As the positive impact of interest rate cuts continues to grow, a growing number of renters will likely make the move into homeownership. Many of these households can initially start to take advantage of lower borrowing costs and lower home prices, thereby making their monthly payments more affordable.”

Total condominium apartment sales amounted to 4,204 in Q3 2024, down by 4.4 per cent compared to Q3 2023. There were 14,721 new condo listings, which represented a year-over-year increase of 10.6 per cent. With more supply in the market, the average price dipped by 3.3 per cent annually to $692,672. The average Q3 2024 price in the City of Toronto was $713,80, down from $737,035 in Q3 2023.

“As condo market conditions start to improve in the months ahead, we will start absorbing the large standing inventory of listings that built up over the past year,” said TRREB Chief Market Analyst Jason Mercer. “Ultimately this will lead to tightening market conditions and renewed price growth, but this will become more of a story as we move through 2025.”