Toronto Condo Market Insights: A Look at the Last 100 Days

Today I want to dive deep into the Toronto condo market. The media has been buzzing about the challenges facing new construction, but I want to focus on the resale market and uncover what’s been happening over the past 100 days.

Overview of Recent Condo Sales

In the last 100 days, more than 3,500 condos have been sold in Toronto. These range across different sizes, prices, and features. We’ve broken down the market into five key categories: condo size, price point, number of bedrooms, occupancy status, and presence of parking. Understanding these elements helps us see what’s truly selling in the market.

Bedrooms and Sizes
When we look at the number of bedrooms, two-bedroom condos lead the way with over 1,000 units sold. One-bedroom and one-plus-den units also saw significant sales numbers, making up a whopping 86% of the total market activity. It’s clear that these smaller and mid-sized units are in high demand.

Condos between 600 and 800 square feet are especially popular. Typically, these include one-plus-den units, often with parking, which is a crucial selling feature. Surprisingly, larger condos, even those over 1,000 square feet, are still moving well, particularly in older buildings with generous floor plans.

The Importance of Pricing
Price is another vital factor. A significant chunk of the market is under $600,000, with the most sales occurring in the $500,000 to $600,000 range. In past years, a budget under $500,000 meant a tiny unit with no parking. Now, it can secure a relatively spacious condo, sometimes with amenities like a den and parking spot.

High-end units—those priced over a million dollars—make up only a small slice of sales, reflecting a niche market that moves more slowly. For sellers, understanding this pricing landscape is crucial to setting realistic expectations.

Occupancy and Parking
Vacant condos were the most frequently sold, making up nearly half of the transactions. Owner-occupied units also performed well in the market. Interestingly, only about 280 sold properties were tenant-occupied, underlining the lower demand for these units. It seems buyers are more interested in condos they can occupy immediately or those that are easy to visit during the sale process.

Parking has emerged as a significant factor in condo sales. Condos with parking spots constituted over 80% of all transactions, especially for one-bedroom and one-plus-den units. Having a parking spot gives sellers a noticeable edge, as it appeals to a broader buyer pool.

Key Takeaways

Dominant Sales: One and two-bedroom condos dominate the market, comprising 86% of sales.

Size Sweet Spot: Condos between 600 and 800 square feet are most popular, offering a mix of comfort and affordability.

Pricing Insights: Most sales are under $700,000, with very few above a million dollars, highlighting the need for strategic pricing.

Parking Power: Including parking makes condos significantly more attractive, with 82% of sales featuring a parking spot.

Vacancy Advantage: Vacant or owner-occupied condos sell better than those with tenants, giving sellers an incentive to stage or vacate properties.

Luxury Limitations: High-end and very large units form a small market segment, often requiring more time and patience to sell.

If you’re a seller, having a midsize, two-bedroom condo with parking priced under $800,000 is your best bet for a quick sale. Buyers, take note that these are the hot commodities right now. Conversely, if you own a bachelor unit without parking, be prepared for a more challenging sales process.

Thanks for reading!

Tom