The Toronto condo market faced challenges in August 2024, with a 5% year-over-year decline in benchmark home prices, averaging $1,097,300. The average sold price dropped 1.1% to $1,106,617, while condo prices fell 2.2% to $719,000. Sales of new and presale condos plummeted by 66%, indicating a buyer's market with a Sales-to-New-Listings Ratio of 33%. Many condos remained vacant for months, prompting expert investigation into the trend. Buyers and sellers are navigating a complex market landscape.
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