Though the GTA’s condo market experienced difficulties during the early days of the ongoing COVID-19 pandemic as many condo dwellers looked to escape their tiny boxes in the sky for the wide-open suburbs, things have picked up over the last few months.
According to Storeys, in the early stages of the pandemic, condo sales dropped 71.6 percent in April and prices dropped 1.7 percent. Condo unit sales and price growth then continued to be stifled for the rest of the year.
Fast-forward to now and condo sales have bounced back in the GTA, with growth up 170 percent year-over-year, a number that’s even 20 percent higher than even single-family homes. As GTA houses continue to be out of reach for many, people are once again turning to condos as a more viable alternative.
However, only certain regions of the GTA are experiencing a substantial jump in condo activity. According to data from Zoocasa, Simcoe, Durham and Halton have experienced the most growth in condo units, surpassing even Toronto.
Zoocasa says that Simcoe County has the fastest growing condo value, with a 56 percent year-over-year uptick in May. Durham County also experienced a 46 percent increase between April 2021 and May 2021. Finally, Halton Region sales grew 22 percent between April 2020 and May 2021.
On the other hand, Toronto experienced a 17 percent increase from April 2020 this May, though the average cost of a condo in the city still sits at $716,976.