In the Greater Toronto Area, year-over-year growth in condominium unit sales far outpaced growth in listings in the first quarter of 2021. (GTA). With market conditions tightening, average condo prices in the regions surrounding Toronto were higher in Q1 2021 than they were in Q1 2020. The average condo sale price in Toronto stayed lower than the previous year.
GTA REALTORS® reported 9,398 condominium apartment sales in the first quarter of 2021, up 79.8% from 5,226 in the first quarter of 2020. The total number of new listings in Q1 2021 was 11,373, up 42.8 percent from Q1 2020. At the conclusion of the first quarter, there were 2,811 active listings, up 23.6 percent from the same period in 2020.
“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,” said TRREB President Lisa Patel.
In Q1 2021, the entire GTA average condominium apartment selling price was $645,219, down 1.4 percent year over year. The drop in the GTA’s average selling price was solely due to a 4.6 percent drop in Toronto’s average selling price to $675,844 over the same time period.
“Consumer polling conducted by Ipsos in the late fall last year suggested that there was a substantial number of people intending on buying their first home in 2021. Whether we’re talking about Toronto or the surrounding suburbs, the condominium apartment is the logical entry point into the ownership market for many households,” said TRREB Chief Market Analyst Jason Mercer.
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