Even Toronto’s luxury market isn’t immune to as sales for units at $1 million or more plummeted 35 per cent in September, according to Sotheby’s International Realty Canada’s Wednesday report “Toronto’s luxury condominium market shifted further in favour of buyers in the third quarter of 2024, with an abundance of supply, reserved consumer demand and downward pressure on prices,” the report said. While single-family homes remained in a balanced market, the condo sector continued to heavily favour buyers with minimal sales and a growing number of new listings. For the entire month of September, condo sales over $1 million saw an annual decline of 35 per cent to 96 units sold in Toronto, whereas the GTA saw less of a significant decline at 18 per cent to 148 units sold.
Early fall market sales continued a trend of lagging sales from the summer — between July 1 and August 31, $1 million-plus condo sales fell 30 per cent year over year to 209 units sold in Toronto. “With sales velocity waning across the region’s luxury condominium market, Toronto began the fall season with an excess of property listings, strengthening conditions that favour buyers and investors,” the report said. As was the case in September 2023, a single sale took place over $4 million across the GTA between in September this year, and there were no transactions over $10 million on the Multiple Listing Service (MLS).
Across Toronto, the condo market has seen a drastic rise of inventory in .