Condo sales in Toronto were down nearly 20 per cent in the second quarter of 2024. The Q2 condo market report by the Toronto Regional Real Estate Board found there were 5,474 sales during April, May and June, compared to 6,824 in Q2 2023.

TRREB President Jennifer Pearce said high interest rates continue to dampen buyer enthusiasm in a segment that is a traditional entry point for ownership. “With monthly payments remaining high and average rents edging lower over the past year, many would-be buyers remain on the sidelines,” she said. “However, over the next year, an improving affordability picture will see a growing number of first-time buyers enter the condo market.”

Although listings went up significantly by 36.5 per cent (16,917 in total), prices haven’t declined by much. The average condo in the Greater Toronto Area now costs $729,005, down by 1.2 per cent compared $737,925 in Q2 2023. In the City of Toronto, the average selling price was down by only 0.5 per cent at $765,963.

“Despite a much better supplied condo market over the past year, selling prices have remained relatively flat, especially in Toronto,” said TRREB Chief Market Analyst Jason Mercer. “This suggests that sellers are holding relatively firm on their listing prices. This may be in anticipation of improved market conditions as borrowing costs continue to trend lower this year and next.”