Despite the fact that condo sales were the fastest-recovering segment post-pandemic, multifamily housing sales in the Greater Toronto and Hamilton Area took a dip in the second quarter of 2022. This is according to survey results fromAccording to the results, new multifamily housing sales dropped 32% compared to this time last year. The drop was also notable on a month-over-month basis, with only 6,842 condominium apartments and townhouses sold in Q2, compared to 8,479 sales in Q1.
On another hand, new condominium apartment units sold for a higher average price by 19% year over year — $1,302 psf or $843,740 psf in Q2 2022 compared to $1,094 psf or $723,256 in Q2 2021. Downtown Toronto also registered a price growth. The city core saw a growth rate of 10% year over year, with new units selling for an average of $1,597 psf or $939,027. It’s worth noting that a big chunk of Toronto’s condo inventory is in limbo.
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