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Century 21 Heritage Group, 7330 Yonge St. Toronto, ON
Century 21 Heritage Group, 7330 Yonge St. Toronto, ON
What's happening with condos?

A lot has been said about how COVID-19 could impact the housing market in the GTA. While the low-rise (detached, semi-detached, and townhouses) segment of the market has seen a hot seller’s market over the past few months, condos are trending in a different direction. This perception has been mentioned by many “experts” in the media, but let’s break down exactly what’s happening with Toronto condos.

The average price is the most used indicator of growth or decline in prices when it comes to housing. However, it’s not the best indicator. Hypothetically, if an area has a huge increase in sales of luxury homes in any given month it will undoubtedly increase the average price of that area for that month. Next month no luxury homes sell and the average price goes way down. Does that mean that your 3 bedrooms, 1000 square foot bungalow is all of a sudden worth more? No, it doesn’t. The best way to figure out if the market is a seller’s or buyer’s market for a particular property is to look at supply and demand for similar properties.


Downtown condos (C01 & C08)

Entry-level (up to $600k)

Entry-level units have an inventory of 354 units available as of today. In the last 30 days, 206 have sold, giving us an absorption rate of 1.7 months of inventory.

Price trend

Middle ($600k to $1m)

Here we have an inventory of 906 units available as of today. In the last 30 days, 376 have sold, giving us an absorption rate of 2.4 months of inventory.

Price trend

Luxury ($1m+)

Luxury units have an inventory of 290 units available as of today. In the last 30 days, 54 have sold, giving us an absorption rate of 5.3 months of inventory.

Price trend


Mid-town condos (C02, C03, C09 & C10)

Entry-level (up to $600k)

Entry-level units have an inventory of 51 units available as of today. In the last 30 days, 39 have sold, giving us an absorption rate of 1.3 months of inventory.

Price trend

Middle ($600k to $1m)

Here we have an inventory of 148 units available as of today. In the last 30 days, 62 have sold, giving us an absorption rate of 2.3 months of inventory.

Price trend

Luxury ($1m+)

Luxury units have an inventory of 111 units available as of today. In the last 30 days, 28 have sold, giving us an absorption rate of 3.9 months of inventory.

Price trend


West Toronto condos (W01, W02 & W03)

Entry-level (up to $600k)

Entry-level units have an inventory of 26 units available as of today. In the last 30 days, 25 have sold, giving us an absorption rate of 1.0 months of inventory.

Price trend

Middle ($600k to $1m)

Here we have an inventory of 45 units available as of today. In the last 30 days, 42 have sold, giving us an absorption rate of 1.1 months of inventory.

Price trend

Luxury ($1m+)

Luxury units have an inventory of 6 units available as of today. In the last 30 days, 5 have sold, giving us an absorption rate of 1.2 months of inventory.

Price trend


East Toronto condos (E01, E02 & E03)

Entry-level (up to $600k)

Entry-level units have an inventory of 25 units available as of today. In the last 30 days, 22 have sold, giving us an absorption rate of 1.1 months of inventory.

Price trend

Middle ($600k to $1m)

Here we have an inventory of 21 units available as of today. In the last 30 days, 27 have sold, giving us an absorption rate of 0.7 months of inventory.

Price trend

Luxury ($1m+)

Luxury units have an inventory of 15 units available as of today. In the last 30 days, 7 have sold, giving us an absorption rate of 2.1 months of inventory.

Price trend


North York condos (C04, C06, C07, C11, C12, C13, C14, C15, W04, W05)

Entry-level (up to $600k)

Entry-level units have an inventory of 324 units available as of today. In the last 30 days, 247 have sold, giving us an absorption rate of 1.3 months of inventory.

Price trend

Middle ($600k to $1m)

Here we have an inventory of 266 units available as of today. In the last 30 days, 145 have sold, giving us an absorption rate of 1.8 months of inventory.

Price trend

Luxury ($1m+)

Luxury units have an inventory of 38 units available as of today. In the last 30 days, 12 have sold, giving us an absorption rate of 3.1 months of inventory.

Price trend


Etobicoke condos (W06, W07, W08, W09, W10)

Entry-level (up to $600k)

Entry-level units have an inventory of 234 units available as of today. In the last 30 days, 172 have sold, giving us an absorption rate of 1.4 months of inventory.

Price trend

Middle ($600k to $1m)

Here we have an inventory of 185 units available as of today. In the last 30 days, 89 have sold, giving us an absorption rate of 2.1 months of inventory.

Price trend

Luxury ($1m+)

Luxury units have an inventory of 54 units available as of today. In the last 30 days, 9 have sold, giving us an absorption rate of 6.0 months of inventory.

Price trend


Scarborough condos (E04, E05, E06, E07, E08, E09, E10 & E11)

Entry-level (up to $600k)

Entry-level units have an inventory of 229 units available as of today. In the last 30 days, 202 have sold, giving us an absorption rate of 1.1 months of inventory.

Price trend

Middle ($600k to $1m)

Here we have an inventory of 33 units available as of today. In the last 30 days, 13 have sold, giving us an absorption rate of 2.5 months of inventory.

Price trend

Luxury ($1m+)

Luxury units have an inventory of 5 units available as of today. In the last 30 days, 1 has sold, giving us an absorption rate of 5.0 months of inventory.

Price trend

Looking at the numbers for the month of July, it is obvious that entry-level condos are doing amazing. The demand is high, inventory low and prices are rising sharply. The mid-level condos are also doing well for the most part and there is moderate to strong upward pressure on prices. Luxury condos are ranging from slight upward pressure to strong downward pressure on prices depending on the area.

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Post Author: Igor Veric