Toronto condo sales down 50 per cent from last year, but prices are up
The skyline of Toronto is seen in this undated photograph. (Ted Brooks/CTV News Toronto)
TORONTO -- The Toronto Regional Real Estate Board says condominium apartment sales in the region have fallen by half since last year, but the average selling price is up.
The board says there were 3,459 condominium apartment sales in the second quarter, down almost 51 per cent from 7,024 sales in the same quarter last year.
The number of new condo listings fell 22 per cent to 8,717, from 11,114 new listings in the same quarter last year.
The average selling price for condos rose by about five per cent to reach $619,707 in the quarter, up from $589,622 in last year's second quarter.
TRREB president Lisa Patel attributed the dip in sales and new listings to potential buyers holding off on purchases as COVID-19 spread across Canada.
She predicts condo sales will improve in the third quarter because the overall housing market was trending toward recovery in June.
This report by The Canadian Press was first published July 31, 2020.