February GTA Condo | Resale Market Update

  • Market conditions also tightened for GTA condo resales in February, providing support for prices.

  • The 1,455 condos that resold in February grew 53% from January to a six-month high, while remaining low in an historical context.

  • Sales were down 47% from a year ago and were 27% below the 10-year average.

  • However, with new listings up marginally from January (+1.5%) and down 27% annually, the ratio of sales-to-new listings moved back to a balanced level of 52%.

  • While active listings of 3,864 units were at their highest level since 2016 and 15% above the 10-year average, inventory levels fell back below 3.0 months of supply for the first time since May 2022.

  • Average resale prices increased 2.6% month-over-month in February to $705,472, while posting an 11.8% year-over-year decline.

  • Compared to the pre-pandemic average in February 2020 ($666,684), GTA condo resale prices were up 5.8%.

       *Statistics Provided by Urbanation

February GTA Condo | Rental Market Update 

  • The GTA condo rental market showed renewed strength during February at near record-high rent levels.

  • Market conditions tightened last month as new listings decreased 9% from January, compared to a 2% month-over-month decline in lease transactions.

  • Leasing volume was up 6% annually in February, surpassing the 4% annual increase in new listings and marking the first time since June 2022 that growth in lease activity outpaced new listings.

  • With demand strengthening relative to new supply and inventory remaining low at 1.0 months, average rents increased 1.0% month-over-month in February, which followed a negative three-month average growth rate in recent months.

  • At $2,752, average rents in February were 13.9% higher than a year ago and 14.8% higher than three years ago just prior to the start of the pandemic, while 2.4% below the record high set in October 2022 ($2,819).

       *Statistics Provided by Urbanation

If you would like to find out what these statistics mean to you, or if you are curious to know how much your property is worth today or how much you can afford to buy, please reach out. 

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