Toronto Condo Sales Fall 91% As Prices Tumble

The Greater Toronto housing market reached a critical turning point in October as new construction sales plummeted across all segments, with data from Altus Group and BILD GTA revealing unprecedented declines despite major price reductions.

Luxury single-family dwellings, typically the market’s flagship segment, saw prices retreat to $1.55 million after a $15,600 monthly decline. This continues a dramatic price correction that has erased $751,000 in value since the 2022 market peak, bringing prices back to levels not seen since 2021. With only 555 homes changing hands, sales remained significantly below historical patterns.

The condominium sector’s performance signals an even more concerning trend. Once considered a resilient market segment, condo prices are now falling at nearly twice the rate of houses, dropping $18,900 in October alone to hit $1 million. The sector has surrendered $483,700 from its peak value, marking its lowest point in four years.

Also read: Toronto Tightens Rental Rules With Anti-Renoviction Measures 

October’s market activity painted a particularly bleak picture, with merely 210 condo transactions completed across the entire Greater Toronto region — an astonishing 91% below typical volumes. Combined with single-family sales, total new home purchases reached just 765 units, defying seasonal patterns and standing 77% below historical averages.

The market’s inability to gain traction, even as existing home sales show signs of life, suggests deeper structural issues. Industry observers note the exodus of investors from the condo market coincides with softening rental rates, while astronomical housing prices continue to sideline typical buyers despite the significant corrections already seen.


Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

We’re At The Start of a Great Silver Boom | Ross McElroy & Andy Bowering – Apollo Silver Corp

Equinox Gold Q1 Earnings: When Everything Goes Wrong

SSR Mining Q1 Earnings: Costs Continue To Climb

Recommended

First Majestic Makes Second Major Discovery At Santa Elena In Just A Year

PTX Metals Hits 235.1 Metres Of Copper, Nickel Mineralization In Longest Intercept To Date At W2

Related News

New Home Prices Remain Elevated Despite Broader Real Estate Market Slowdown

Despite what appears to be a sign of moderation in real estate markets across Canada,...

Wednesday, July 21, 2021, 03:00:10 PM

US Home Prices Jump by Most Since 2005 Amid Historically-Low Borrowing Costs

In further proof that rampant inflation may not be as “transitory” as the Federal Reserve...

Wednesday, May 26, 2021, 10:28:00 AM

Commercial Property Foreclosures Increasing Across US as COVID-19 Forbearance Relief Expires

Although the coronavirus pandemic is showing no signs of dissipating anytime soon, many pandemic-related emergency...

Tuesday, October 6, 2020, 05:07:03 PM

Existing Home Sales Fall by 9.7% in May, Third Consecutive Month of Declines Amid Coronavirus Pandemic

The month of May saw the lowest number of previously owned US home sales since...

Tuesday, June 23, 2020, 05:47:00 PM

Canadian Home Sales Drop by Record Amount Amid Coronavirus Pandemic

According to a recent report released by the Canadian Real Estate Association, home sales have...

Sunday, May 17, 2020, 03:08:00 PM