Q4 saw home prices in the GTA decline, while condo pricing remained steady. Rents, however, soared. TheReal_TRREB | realestate realestatenews rent condos housing housingmarket
While home prices across the Greater Toronto Area continued their downward descent in the fourth quarter of 2022, prices of condominium apartments in the region remained resilient., the average selling price in Q4 2022 was $710,520, a hair above the Q4 2021 average of $710,246. A similar trend played out on a local level, with prices in nearly every municipality remaining relatively flat compared to a year ago.
Although prices held relatively steady, sales tumbled 54.1% annually; just 3,582 condos changed hands across the GTA in Q4 2022, compared to 7,509 a year prior. New listings were also down year-over-year, albeit by a more muted 14.3%, while active listings shot up by 130.5%. Only three-bedroom apartments and townhouses didn’t experience double-digit annual rent increases, however, they were still up 6.3% and 9.2%, respectively.
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