Toronto’s condo prices reached a new all-time high in April.
The Toronto Real Estate Board (TREB) reported a condo benchmark price of $528,900 in April, up by 6.81% from last year. The City of Toronto reached $561,500, up by 7.3% from last year. Both are record highs for the region.
The median sale price of condos also made a substantial climb. TREB reported a median sale price of $525,000 in April, up by 7.14% from last year. In the City of Toronto, it reached $562,000, up by 6.03% from last year.
The average sale price made smaller gains, but it was still higher than other measures. TREB reported an average sale price of $588,168 in April, up by 5.15% from last year. In the City of Toronto, it hit $637,181, up by 5.98% from last year.
Condo sales were also up from last year but were slower than they have been over the past few years. TREB reported 2,357 sales in April, up by 6.26% year over year (YOY). The City of Toronto represented 1,608 of those sales, up by 2.16% YOY.
Meanwhile, the number of new listings for condos fell across the region. TREB reported 3,641 new listings in April, down by 0.3% YOY. The City of Toronto represented 2,528 of those listings, down by 0.27% YOY.
In contrast, the total number of condos for resale increased, especially in the city proper. TREB reported 3,488 active listings in April, up by 2.76% YOY. The City of Toronto represented 2,323 of those listings, up by 9.06% YOY, according to a Better Dwelling report.