GTA condo market stays under pressure as July listings shrink
“We don’t see a quick turnaround on that front,” he said. “That’s probably the last area that will turn just because of the amount of supply that’s now hitting the market.”
The July data does little to challenge that assessment. Active condo listings across the TRREB area at month-end stood at 8,352, a supply load that, at the current pace of sales, represents months of inventory.
The detached and semi-detached segments, by contrast, have seen tighter conditions emerge as new listings contracted sharply across the GTA. Total new listings across all home types in the TRREB area fell 17.8% year-over-year in July to 14,484, narrowing supply in segments where buyer interest is more robust.
TRREB President Daniel Steinfeld noted that with sales accounting for a larger share of listings across the broader market, buyers may find less room to negotiate going forward.
TRREB Chief Information Officer Jason Mercer indicated that positive economic readings on growth and employment could help lift consumer confidence in the months ahead, particularly if price stabilization takes hold before year-end.
