The Greater Toronto Area’s demand for condos surged throughout most of 2022 before eventually slowing down at the end of the year. Now that buyers are feeling more confident in the spring market, condo prices are once again rising in most areas. According to the latest data from the Toronto Regional Real Estate Board (TRREB), overall condo sales grew by 1.8% month-over-month in April 2023 and the average condo price increased from $703,566 in March to $724,118 in April 2023. With affordability being a top priority for many homebuyers, it’s likely condo prices will continue to be pushed upwards.
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So which regions experienced the most growth so far this year? To find out, Zoocasa analyzed the average condo prices, sales, new listings, and buying conditions between January 2023 and March 2023 in 7 regions.
Condo Price Growth is Hottest in Simcoe and Durham
The regional market with the fastest-appreciating condo values is Simcoe County, where the average price of a condo shot up by 22.41% between January and March 2023. It’s important to note that buyers in Simcoe County will have comparably fewer listings to choose from – the county sold only 3 condos in January and 6 condos in March 2023 – which may make conditions seem more volatile than they actually are.
The second-largest price increase was in Durham Region, where condo prices in March reached $560,118, an increase of 5.33%. Durham region also experienced the second-largest sales increase, selling 33 units in January and 76 units in March. One notable shift that happened during Q1 is that Durham Region went from being a buyers market in January to being a sellers market in March, indicating demand is outweighing supply.
York Region and the City of Toronto both experienced modest price growth as well, up 4.43% and 3.06% respectively. The City of Toronto’s condo market is considered balanced with a sales-to-new-listings ratio (SNLR) of 57%, while York Region’s SNLR is 60%, meaning it’s a seller’s market. A market is considered to favour sellers if the SNLR is 60% or above.
Markets Favouring Sellers in the West Side of the GTA
The west side of the city did not fare as well; Peel Region, Halton Region, and Dufferin County all experienced price decreases between January and March. Peel Region’s average price dropped by 1.89% to $606,159 in March, however both sales and new listings were up during this time. Sellers were enjoying slightly more favourable conditions in the region; a total of 256 units were sold in March, and 396 new listings came to market during that same time leading to a SNLR of 65%.
The average price for a condo in Halton decreased by 7.54% to $676,412, but similar to Peel Region, condo sales and new listings were up. Halton Region sellers were also benefiting the most compared to other GTA regions; a total of 132 homes were sold in March and 194 new listings were added, leading to a SNLR of 68%. Dufferin County had the steepest price decrease at 12.42%, and unlike Peel Region and Halton Region, sales and new listings were also down.
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