Navigating Toronto’s condo market this spring? Here is what to expect. A stylized depiction of a condo on a plot of grass with pink flowers surrounding it.

Sales are beginning to bloom, new listings are appearing, and viewings are sprouting: you could say that Toronto’s condo market is officially in flower.

However, the sun did not always shine in Toronto’s condo market, which faced considerable hurdles as the year ended.

High borrowing costs and continued affordability worries put a pall over the local condo market, driving many buyers to the sidelines and resulting in quarterly sales reaching their lowest point in over a decade in Q4 2023.

The Toronto Regional Real Estate Board’s (TRREB) recently issued Condo Market Report revealed that condo sales in the fourth quarter of last year were not only down 3.4% on a yearly basis, with 3,446 units sold,

nterestingly, while condo sales experienced a decline in the lead-up to the start of 2024, the number of new listings coming to market surged in the fourth quarter, rising by 29.3 per cent annually. This increase in listings helped balance the condo market and ultimately contributed to a slight downturn in prices.

In Q4-2023, the average sale price for a condo in the Greater Toronto Area (GTA) was $702,142, marking a 1.1 per cent annual decline. However, within the city of Toronto, which accounted for over two-thirds of the region’s sales activity, the