The numbers are in for June, and the Yonge & Eglinton condo market continues to shift, offering opportunity for both buyers and sellers who are paying attention.
One-Bedroom Prices Continue to Slide
The average sale price for a one-bedroom condo in June was $544,200, down from $556,000 in May. That’s a 2.1% drop month-over-month, and when we zoom out to compare with June 2024’s average of $602,194, we’re looking at a 9.6% year-over-year decline.
This segment has steadily softened over the past 12 months, which may be frustrating for sellers, but it’s creating more breathing room for first-time buyers, especially those who were previously priced out of the market.
Two-Bedroom Condos Show a Subtle Rebound
In contrast, the two-bedroom market saw a small but noticeable bump. The average price in June came in at $812,588, up from $803,413 in May. It’s only a 1.1% increase, but it’s the first upward movement in months.
That said, it’s still well below where we were this time last year. In June 2024, the average two-bedroom condo was selling for $929,886, so we’re still down 12.6% year-over-year.
What This Means for Buyers and Sellers
For buyers, especially those entering the market for the first time, conditions remain favourable. Lower prices and a slower pace mean more negotiation power and time to make decisions.
For sellers, especially those planning to upsize, this is actually a sweet spot. While you might sell for a bit less than last year, you’re also buying your next home at a discount. That means your buy/sell spread is tighter, and the overall cost of upgrading is more manageable than in a hot seller’s market.
Keep an Eye on Interest Rates
Looking ahead, all eyes are on the next Bank of Canada interest rate announcement. If rates drop again, it could encourage more buyers to jump back in, putting upward pressure on prices and possibly shifting the market again heading into late summer or early fall.
Final Thoughts
The Yonge & Eglinton condo market remains fluid. One-bedrooms are trending down, but the two-bedroom segment could be showing early signs of stabilizing. Whether you’re thinking about buying, selling, or just trying to understand how these trends impact your long-term plans, now is a smart time to check in.
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