Toronto Condo Prices Up, Though Sales Down

Overall home sales in September were down in Canada's largest real-estate market over the same time last year but condo prices continue to rise.

Figures released Wednesday morning by the Toronto Real Estate Board (TREB) reveal that, even though listings were up by 9.4% compared to September 2016, sales were down by 35%.

TREB also said the overall average price of homes in the GTA was $775,546 last month — up 2.6% from the same time last year.

This news follows a spring buying season in which the growth in Greater Toronto real estate prices slowed considerably, in the wake of measures taken by the provincial government to cool off the region's red hot market.

But the board says the numbers indicate sellers think buyers are coming back to the market.

But even with more supply of single-family homes, TREB says the supply of condos in the GTA is still tight and prices show no sign of cooling off. One official with the board points to onsumer polls conducted in the spring indicated a shift toward condominiums