The condo market in Toronto seems to be as unpredictable as ever in recent months, oscillating between seeingpricesandsales volumesfall andrebounding back hardin various parts of the city and the GTA at large.

Condos were the only housing type in T.O. that took evensomewhat of a hitdue to the health crisis — in part due to theflailing rental marketaspeople left the cityamid work-from-home trends andnew Airbnb regulationscame into place — which was good news for those looking to finally get into the home ownership gamefor slightly less money.

But new data from Maycourtesy of condo listing siteStratashows that sales in the region are down again after a flurry of activity from late 2020 into the first few months of the year.

The number of condos switching hands was up this May compared to the same month last year given the fact that we were in the fairly early days of pandemic shutdown back then, but compared to a very hot March 2021, sales numbers were down a whopping 23 per cent.

This followsa drop in April, too, asthings began cooling offand residents gave up on the idea of condo ownership given the high prices and competition.

Downtown Toronto in particular saw its greatest fall in a year, with sales down 19 per cent, which Strata's people say "solidifies the continuation of a downward trend after the market’s long-awaited plateau in April."

Prices were slightly down, too, at $1,066 per square foot downtown in May compared to $1,091 per square foot in April. The average price for a condo sold in the GTA in general in May was $782 per square foot or $676,000.

Industry experts aren't exactly in agreement about what comes next, as far as prices and sales numbers are concerned, with some saying that prospective buyers are just waiting out lower prices and others believing that many havelet go of the dream of home ownership in the cityandmoved elsewhere.

与此同时,多伦多has officially become less affordable to buy residential property inthan the notoriously expensive cities of New York and L.A., with home prices overallexpected to keep on skyrocketing, even if activity ischilling ever so slightly.