Toronto Condo Sales Soar by 80% in the First Quarter
Toronto’s condo market, which suffered a significant nadir at the height of the Covid-19 pandemic in 2020, appears to be bouncing back to life.
According to the Toronto Regional Real Estate Board (TRREB), condo sales in the Toronto metro area jumped to 9,398 units, marking an increase of 79.8% from the first quarter in 2020. The number of new listings last quarter rose by 42.8% to 11,373 units, a noticeable slowdown compared to the beginning of the pandemic when listings flooded the market amid a shift in consumer preference.
It also appears that buyers are taking advantage of lower costs. The overall GTA average condo price fell by 1.4% from last year’s levels to $645,219. The decline was largely the result of a decline of the average selling price in the city of Toronto, which fell by 4.6% during the period.
“While the condo market was slower to recover compared to low-rise market segments, many Realtors have noted a marked increase in condo interest since the beginning of 2021. This interest will likely continue to increase as the economy improves and vaccine take-up accelerates, resulting in more confidence for first-time buyers,” explained TRREB President Lisa Patel.