Though it seemed like it would never actually happen as Toronto housing prices continued to spike to unsustainable prices in recent months, the city's market — along with the rest of the province's and country's at large — is finally cooling somewhat, especially when it comes to condos.

After a peak in both sales activity and prices across the board in February, things have been gradually tapering, and prices for coveted condo units in the region have fallen an entire 10 per cent since then.

While the average T.O.-area condo was $947 per square foot in February, that figure now sits at $840 per square foot, according to Strata.ca's latest missive sent out on Thursday.

Toronto's unattainable housing market might actually be cooling off https://t.co/7ta9XntPvG #Toronto #TorontoRealEstate #RealEstate

— blogTO (@blogTO) May 25, 2022

A glut of more listings are being met with less fervent demand, which is a trend the Canadian Real Estate Association says is nationwide for all housing types, led by cities in Ontario, as of May.

As Strata experts say, condo buyers particularly in Canada's biggest city now have more options among far more listings and thus are "enjoying a comfortable edge over sellers," putting the city officially into buyer's market territory, although modestly.

The latest data from the Toronto Regional Real Estate Board (TRREB) also shows some big shifts this past month, with a huge drop in volume of actual sales in the region and a small drop in the MLS Home Price Index Composite Benchmark — a decrease of more than $100,000 from February's high.

This also matches market predictions for a cooler fall with less competition and hopefully, more realistic pricing for those looking to get into the GTA's super unaffordable and extremely overvalued market.

Its about time
Housing sales in Toronto are dropping so much that it's becoming a buyer's market https://t.co/SUNw3pBlIM

— Lilly Behary (@lillybeh) May 18, 2022

While the price of the typical condo in the city is still ridiculously high — hitting $810,000 in the first quarter of this year — things should be less hectic in the market over the coming months, though a massive price correction in Toronto in particular is not likely in the cards.

If only the same could be said for Toronto's rental market, which appears to be going in the opposite diretion.