Condo sales from Pickering to Oshawa on the rise – GTA report
Published May 23, 2023 at 2:22 pm
Simcoe County and Durham Region experienced the largest price growths in the condo market in the first quarter of the year, claims the results of a study by real estate brokerage Zoocasa.
Overall, the GTA’s demand for condos surged throughout most of 2022 before eventually slowing down at the end of the year. Now that buyers are feeling more confident in the spring market, condo prices are once again rising in most areas, with condo sales up 1.8 per cent in April year-over-year, according to data from the Toronto Real Estate Board.
The average condo price increased is also up from the previous month with average condo prices in April $724,118 versus $703,566 in March. With affordability being a top priority for many homebuyers, the report authors believe it’s likely condo prices will continue to be pushed upwards.
Zoocasa analyzed the average condo prices, sales, new listings, and buying conditions between January 2023 and March 2023 in seven regions and the clear regional winner with the fastest-appreciating condo values is Simcoe County, where the average price of a condo shot up by 22.41 per cent between January and March 2023. Simcoe County has comparably fewer listings to choose from – the county sold only three condos in January and six in March 2023 – which may make conditions seem more volatile than they actually are.
Durham Region recorded the second-largest price increase for condos at 5.33 per cent, with the average sale price now $560,118. Durham also experienced the second-largest sales increase, selling 33 units in January and 76 units in March. One notable shift that happened during the first quarter of this year is that the region went from being a buyers market in January to being a sellers market in March, indicating demand is outweighing supply.
The west side of the city did not fare as well; Peel and Halton regions and Dufferin County all experienced price decreases between January and March. Peel Region’s average price dropped by 1.89 per cent to $606,159 in March, however both sales and new listings were up during this time with sellers enjoying slightly more favourable conditions in the region.
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