A report from LowestRates.ca claims that while the condo market in Toronto might still be cooling, it’s expected to rise by the end of the year.
The report mentions that Toronto condo sales were down 19 percent year over year in May 2021, which is the largest market drop in the last year. The average price of a GTA condo is now around $782 per square foot ($676,000 total).
Part of the reason for this is the COVID-19 pandemic, which has driven down condo costs in Toronto and contributed to over 50,000 people leaving the city to look for homes in smaller towns around the Greater Toronto Area.
This has helped lower the cost of Condo living in Toronto, but it’s boosting the prices of homes outside the city. A Toronto Star report mentions that most homes around the GTA are going for $50,000 to $100,000 over the asking price.
Since the Condo market has cooled, it’s expected that Torontonians will become interested again as the prices fall to more reasonable levels. This should help the overall market finish 2021 in a more popular position.
Source: LowestRates, Toronto Star