"New data released by the Toronto Regional Real Estate Board (TRREB) suggests the slump in the condo market may be coming to an end. Last month, 1,054 units were sold in the city, a 14.4 per cent increase year-over-year. Condo prices, however, continued to shrink. They fell by 6.4 per cent over the same period averaging just over $665,000."
Toronto’s condo market is showing signs of recovery after a year of sluggish sales and cancelled projects. Lower prices and interest rates have encouraged buyers, including first-time homeowners using the First Home Savings Account and the RRSP Home Buyers’ Plan. A buyer in Fort York purchased a two-bedroom condo downtown after weighing renting versus saving to buy. Realtors report the market has shifted from a seller’s market to a buyer’s market, with units taking longer to sell and buyers gaining more choices and negotiation leverage. Toronto Regional Real Estate Board data shows 1,054 condo units sold in the city, up 14.4% year over year, while condo prices fell 6.4% to just over $665,000.
#toronto-condo-market #real-estate-prices #interest-rates #first-time-home-buying #buyer-seller-market-shift
Read at www.cbc.ca
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