Toronto Market Update Overall
The big star this month was the 905 with increases in almost every segment of the market, other than a slight drop in average price for townhomes.
The 416 saw jumps in average prices for the condos and townhomes while the freehold market seems to have taken a very slight dip.
In the longrun right now, I would be putting my money into the freehold market as I think this segment of the market is due for a run up again after remaining relatively flat over the last few years. The condo market has seen unprecedented growth the last few years and I suspect this will see a continued slowdown for the remainder of 2020.
Condo Market Specific Update
The good news for condo owners is the runaway train of active listings has appeared to show signs of a slowdown and that should mean less pressure on price reductions unless sellers are getting desparate to sell.
Some of these sellers may have already bought something else which which means they are soon going to take whatever they can get while others may be fine to wait things out much longer.
There was actually a slight uptick in average prices which could mean some buyers are starting to return to the market for larger more expensive units, or perhaps there were a few big sales in there that have slightly skewed the averages.
It still is very much a buyers market though in Condoland and if you are a buyer the best opportunities may be out there right now so go find the deals!
Any questions, please don’t hesitate to reach out anytime!
Here are the charts for new listings, active listings and sales in the Toronto Condo market: