Condo sales in the City of Toronto in November jumped by 37.9 per cent year-over-year. In the 905 areas they increased by 32.9 per cent. The average condo price in the City held steady at $713,364 (a year-over-year dip of 0.3 per cent), but dropped 7.6 per cent in the 905 areas to $637,390.
The surge in sales activity suggests that buyers are returning to the condo market, attracted by lower prices and improved affordability due to rate cuts.
However, with inventory levels still elevated, prices have not yet followed the uptick in sales. This creates a window of opportunity for buyers.
First-time buyers continue to drive much of the condo activity, as condos remain the most affordable entry point to the GTA housing market.
Investors are also showing renewed interest, particularly in well-located units with strong rental potential.
Market observers expect that if sales activity continues to strengthen, prices will eventually stabilize and begin to recover.