RE/MAX's 2023 Condominium Report examined market trends for condos in major Canadian metro areas. Both Calgary and Edmonton saw growth in condominium sales (with increases of 22% and 3%, respectively). However, sales in other major metro areas saw declines in the first eight months of 2023. Other notable takeaways include:
- A stable luxury condo market, particularly in Toronto and Calgary
- An increased willingness from buyers to expand their geographical search range in order to find better value
- The increased relevance of assignments to buyers, as former presale buyers begin looking to sell in the face of higher interest rates on their mortgages
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2023 RE/MAX Condominium Report: Greater Toronto Area Overview
Affordability concerns continue to have a major impact on condo sales in the GTA, with high interest rates and fewer potential buyers qualifying for mortgages putting ownership out of reach for many. Some other key takeaways include:- In order to realize more bang for their buck, more and more buyers are shifting to suburban locales
- Sales of units over $2 million have climbed 5.7% in the past eight months
- Between January and August, condominium sales increased their market share from 36.7% to 37.2%
- Due to an increased number of new listings south of Bloor Street, inventory in the downtown core saw an increase in August
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