The average price of a Toronto condo is now almost $600K

You might as well keep eating your avocado toast, because the average price for a condo in this city is now almost $600,000, according to market-research firm Urbanation Inc.

In the first quarter of the year, condo prices increased by 3.6 per cent to $579,000, and that's not even the crazy part: that's actually the slowest rate of increase since 2015.

In the same quarter, the average price per square foot of a resale condo  rose 3.3 per cent to $683, the lowest increase since 2014. 

In the first quarter, the average price of a three-bedroom condo in Toronto reached $800,000, compared to prices below $500,000 for studios and one-bedroom units.

 A record run of condo completions, leading to an extremely high level of supply, seems to be cooling the market in Toronto, as some predicted. And the amount of supply will keep growing.

In the first quarter, 71,378  condo units were under construction in Toronto.

Rent prices have also been slowly easing.

If the market cooling continues, maybe, at the very least, micro condos will become affordable.