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Real Estate

Toronto Real Estate Breaks Records Despite Condo Market Lag

Toronto real estate prices are hitting new records. However not all is as it appears on the surface.

In aggregate, Toronto real estate continues to break price records. However, if you dig into the data it is clear that there are wide disparities within the market.

Source: TREB

Month to month price changes and listing/sale data for Toronto real estate shows some market softening.

Source: Listing.ca

When broken down by property size and type, it is clear that the most weakness within Toronto’s real estate market exists within the condo sector.

Source: Zolo
Source: Zolo

Prices are rising faster outside of Toronto-proper. The change in average price is strongest in Oakville and Oshawa. Toronto detached prices rose 11.2% year-over year, while Toronto condos saw the weakest price growth.

Generally, lower-priced Toronto real estate is taking longer to sell while properties in the $750K-$2.5M range are selling much faster than before. This is likely because condos are a big portion of the lower-priced segment.

Source: Zolo

Again, the chart below demonstrates the big oversupply of condos in Toronto.

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