According to the Toronto Regional Real Estate Board (TREB), Q2 2021 saw GTA condo apartment sales up substantially compared to Q2 2020.
The average condo apartment selling price was up by 10.8 per cent year-over-year in Q2 2021 to $686,312. This also represented more than a six per cent increase compared to Q1 2021.
“There is no doubt that the condominium apartment segment has improved markedly over the past six months, after lagging the low-rise market segments in the second half of 2020. Consumer polling conducted by Ipsos for TRREB suggested that about 40 per cent of buyers in 2021 would be first-time buyers. For many first-time buyers, their entry point into homeownership is the condo market so we expect further upward movement this year with accelerated migration back to cities and heightened immigration,” said TRREB President Kevin Crigger.
In the GTA, the average selling price was $721,109, representing an increase of nine percent when compared to Q2 2020. This number is close to 70 percent of Q2 condo transactions.
“The second quarter marked a turnaround for the condo market in terms of price growth. Whereas other market segments experienced a resurgence in price growth in the latter half of 2020, the condo market took longer to recover. Looking forward to 2022, condo demand could very well strengthen as immigration picks up and younger people, more impacted by COVID-19, look to purchase a home,” said TRREB Chief Market Analyst Jason Mercer.