Toronto Condo Sales Soar by 80% in the First Quarter

Toronto’s condo market, which suffered a significant nadir at the height of the Covid-19 pandemic in 2020, appears to be bouncing back to life.

According to the Toronto Regional Real Estate Board (TRREB), condo sales in the Toronto metro area jumped to 9,398 units, marking an increase of 79.8% from the first quarter in 2020. The number of new listings last quarter rose by 42.8% to 11,373 units, a noticeable slowdown compared to the beginning of the pandemic when listings flooded the market amid a shift in consumer preference.

It also appears that buyers are taking advantage of lower costs. The overall GTA average condo price fell by 1.4% from last year’s levels to $645,219. The decline was largely the result of a decline of the average selling price in the city of Toronto, which fell by 4.6% during the period.

“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,” explained TRREB President Lisa Patel.


Information for this briefing was found via TRREB. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Why $50 Silver, $4000 Gold Might Be Closer Than Anyone Thinks | Bradley Langille – GoGold Resources

Why Silver’s True Price Could Be Much Higher | Joaquín Marias – Argenta Silver

Gold Enters A ‘Stronger For Longer’ Phase | Richard Young – i-80 Gold

Recommended

Emerita Resources Intersects Further Mineralization At El Cura, Expanding Deposit

ESGold Sees ANT Survey Reveal Vertically Continuous System To 1,200 Metres Depth

Related News

HBC Telegraphs A Shift Into The Commercial Property Business By Stiffing Its Landlords

News broke this past Monday that Canadian department store chain The Hudson’s Bay Company is...

Monday, October 19, 2020, 11:45:00 AM

US Corporate Landlords Prepare to Cash in on Rent Bonanza Amid Surging Housing Demand

Renting a home in the US is about to get a lot more expensive. The...

Thursday, August 5, 2021, 12:19:00 PM

Shopify Will Keep its Employees Working From Home Permanently

When the coronavirus pandemic first devastated the country, many non-essential businesses were forced to close...

Friday, May 22, 2020, 04:29:00 PM

US Homebuilder Sentiment Reaches Record High for Second Consecutive Month

The US housing construction industry has remained immune to the ups and downs of the...

Monday, October 19, 2020, 01:41:00 PM

Housing Prices in the Greater Toronto Area Reach New Record High, Surging by 20% in August

As some economic conditions continue to improve across Canada, some markets have seen a substantial...

Thursday, September 3, 2020, 04:15:00 PM