Toronto condo sales up 44 percent, says survey

A new survey by Properly revealed that Toronto home prices have appreciated by an average of 31 percent since 2017, with condos being a significant leader.

Properly noted that condo sales increased by 44 percent, followed by townhouses with condo fees at 33 percent increase, semi-detached homes with a 27 percent increase, freehold townhouses representing a 26 percent increase, and detached homes at the bottom of the list at 21 percent.

“This past year, condo sales were hit the hardest by the pandemic. While sales are now back up to pre-pandemic levels, it’s relieving for condo owners to know that their investments have appreciated significantly over time,” said Anshul Ruparell, Co-founder and CEO of Properly. “Moving forward, it’s forecasted that solid growth in condo sales will continue as pandemic restrictions ease. I anticipate we’ll see people coming back to the city centre and back to our incredible city that offers world class dining, entertainment, and liveability.”

After months of COVID-related weak sales numbers, condos in Toronto experienced 2,886 units sold in Q1-2021. The 2,886 units represents a 2.5x increase over the quarterly average from Q2-2020 through Q4-2020, and even outperforms the pre-pandemic Q1-2020 sales number of 2,829.

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