Representative image of Toronto condos. on Unsplash by Sean Pollock
Toronto/CMEDIA: An overall downward trend in the housing market was seen during the fourth quarter of 2022 with the average selling price in Q4 2022 stayed in line with the average in Q4 2021.
“While condo market conditions have become more balanced over the past year…on average, the condo market segment is the most affordable. Therefore, it makes sense that we didn’t see the same type of price adjustment…compared to other more expensive segments like detached homes,” Paul Baron, President of Toronto Regional Real Estate Board (TRREB) reported saying.
Total sales of condo apartment reportedly amounted to 3,582 in Q4 2022, down 54.1 percent compared to Q4 2021.
On a year-over-year basis, new listings were also down by 14.3 per cent. The average Q4 2022 selling price was $710,520, which was slightly higher than the Q4 2021 average of $710,246.
In Greater Toronto Area (GTA) regions, a similar trend played itself out, with average selling prices remaining flat compared to last year.
#GTA; #CondoSales; #DownwardTrend
