A Rare Event, Inventory is Up and so are Prices - Snapshot of Toronto Condo Market
Friday Jun 22nd, 2018
Toronto Condo Inventory Increases 13%
New condo listings are on the decline across Greater Toronto. TREB reported 4,260 new listings, a 15.69% decline from last year. Of those new listings, 2,966 new listings were located in the City of Toronto, a 17.97% decline from last year. The decline in new listings didn’t stop inventory from building though.
The sharp decline in sales continued to push active listings higher. TREB reported 3,993 active condo listings, a 13.79% increase from last year. The City of Toronto represented 2,552 of those sales, a 1.71% increase compared to last year. This is the highest active listings for condos in 21 months.
Sold prices however are up over 20% in the City's centre core from May of 2017 which means what is selling is is selling at record prices per square foot.