The Toronto condo market is currently acting as its own ‘little beast,’ characterized by a sharp disconnect between rising sales activity and plummeting prices. According to recent data, average condo prices in the city centre slipped 9%, with the 905 region seeing a 10.6% decline, bringing the GTA average to $630,688. While brokers like Micky Khaneka of MKG Mortgages note that excessive supply and ‘dog crate’ units continue to weigh on the sector, the silver lining is a significant improvement in affordability. An RBC report confirms that condo affordability has returned to pre-pandemic levels, potentially opening a rare door for first-time buyers to build equity. Despite ongoing appraisal challenges and inventory gluts, the current landscape offers a unique entry point for those ready to navigate a buyer-friendly market. For a deeper dive into these trends and expert analysis, visit the original article at https://www.mpamag.com/ca/mortgage-industry/industry-trends/its-own-little-beast-why-torontos-condo-market-is-still-struggling/581745.
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