Procondo’s numbers show the price of a condo apartment hit a new all-time high in September. Despite the rise in prices, sales are sliding faster than inventory, relieving some of the pressure to move higher. At meantime, the price for new codons keeps increasing.

Toronto’s condo buyers are tapering off, but prices are still inching higher. Renting a condo in Toronto keeps getting more and more expensive.  Procondo’s numbers show the price of a condo apartment hit a new all-time high in September. Despite the rise in prices, sales are sliding faster than inventory, relieving some of the pressure to move higher. At meantime, the price for new condos in Toronto city keeps increasing.

The average monthly rent for a condo in the city jumped 7.6 per cent in the third quarter from a year ago to a record high $2,385, according to Urbanation Inc. While the number of new condo rental leases signed grew slightly in the third quarter from last year to 8,186, the market still remains exceptionally tight. Average lease prices in purpose-built rental buildings completed since 2005 in Toronto surged 17 per cent to $3.09 per square foot as higher-rent properties were completed in the past year.

Toronto’s rental market continues to tighten as demand for housing in the city sores from millennials, downsizing baby boomers and an influx of new tech and financial-services workers. At the same time, high home prices and new government regulations have also priced out many buyers, pushing them into the rental market.

The number of new condo listings fell across Greater Toronto. Toronto Real Estate Board (TREB) reported 3,298 new condo listings in September, down 5.9% from last year. The City of Toronto represented 2,347 of those new listings, a decline of 5.51% from last year. Existing inventory helped to soften the drop in new listings.

The total number of active listings fell, but not as much as new listings. TREB reported 3,845 active listings in September, down 2.08% from last year. The City of Toronto represented 2,527 of those listings, down 3.54% compared to last year. For those paying close attention, inventory fell less than sales. That’s relieving some of the pressure on prices to move higher.

The condo market is still the best performing segment when it comes to price gains. However, sales falling faster than inventory is removing pressure on prices to move higher.