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Toronto Condo Sales Down in April, Prices Plateau Amid Buyer Fatigue
Author:
Robert Van Rhijn
Publication date:
June 4, 2022
Article Summary:
Toronto Condo Sales Down In April, Prices Plateau Amid Buyer Fatigue
Months of soaring real estate prices, bidding wars and tighter pandemic restrictions finally took a swipe at Toronto condo sales in April.
In April, there were a total of 2,477 condo sales transactions; down 17% from March's peak of 2,978.
Potential homebuyers hoping to enter the housing market saw some relief in April as prices levelled off.
Despite the traditionally-slow winter market - real estate prices began their steep ascent in December, fuelling speculation that property values were being propped up by artificial demand.
Ca, believes the red-hot condo market is cooling on its own.
"The market seems to be correcting itself without the government getting too involved. This is because buyers were trying to get in as prices climbed over the winter. That whole time though, all we heard about were bidding wars and condos selling for $100K over asking," says Liu.
Liu believes this is why we saw the condo market cool in April.
Keywords:
Toronto condo sales, Toronto real estate, Toronto condos, Toronto housing market, Toronto detached homes, red hot condo market, spring market for condos, toronto real estate boom
Source Citation:
Robert Van Rhijn
Toronto Condo Sales Down in April, Prices Plateau Amid Buyer Fatigue
June 4, 2022
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