The average Toronto condo will now cost you about $740,000
Although more affordable than a house, Toronto condos are by no means cheap, with the city’s average condo price soaring to nearly $740,000 at the end of last year.
A new condo market report from the Toronto Regional Real Estate Board (TRREB) revealed that the average condo price in the city hit a new high in Q4 of $739,683. This marks a nearly $100,000 increase from the $644,499 average seen just one year prior.
And not only did prices go up but the volume of condos sold similarly skyrocketed compared to 2020, with nearly 1,000 more units changing hands than in the previous year.
“The resurgence in the condo market was a key real estate story for 2021,” said TRREB President Kevin Crigger. “First-time buyers, who arguably remained on the sidelines longer than existing home buyers during the earlier stages of the pandemic, reentered the market with vigour last year.”
This resurgence wasn’t limited to Toronto, either. It was seen all across the GTA with everywhere from Halton to Peel to York to Durham seeing average price increases close to or higher than $100,000.
TRREB
“In the early days of the pandemic, we saw a spike in condominium apartment listings and a brief lull in condo price growth,” said TRREB Chief Market Analyst Jason Mercer. “The situation reversed dramatically in 2021, with the number of available units dropping in the face of strong demand.”
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As the number of new units coming onto the market remains low across the GTA, fierce competition over what does become available rages on. Both Crigger and Mercer say that won’t go away any time soon.
“Condo demand will be robust in 2022 as well, with the expected increases in immigration and temporary migration into the GTA,” Crigger said.