GTA Condo Sales Drop for 2nd Straight Month with Biggest Declines in Downtown Core

GTA Condo Sales Drop For 2nd Straight Month With Biggest Declines In Downtown Core
The latest sales data for May shows yet another dip in condo transactions for a second straight month as the explosion of demand unleashed in March continued to fizzle out.

Inventory levels saw a moderate decrease with 5,935 condos hitting the market; an 8% drop from the previous month.

Downtown Toronto takes its deepest plunge in May. Perhaps the most notable declines were in the downtown core, which recorded its biggest drop in market activity in the last 12 months.

In May, condo sales were down by 19%. Certainly a far cry from the 62% nosedive seen in April last year, immediately following Ontario's state of emergency declared on March 17, 2020.

This most recent drop in sales transactions solidifies the continuation of a downward trend after the market's long-awaited plateau in April.

Homebuyers who managed to secure a downtown condo in May paid about $1,066 PSF, down from the April peak of $1,091 PSF. However, despite the new downward trend, downtown prices still remain about $285 above the GTA average.

TRREB has noted that month-over-month decreases signal the GTA may be exhausting its pool of potential buyers within the existing population.