The average Toronto condo price keeps on climbing, surpassing $720,000 in the second quarter of this year.
A new report from the Toronto Regional Real Estate Board found that although condo sales dropped slightly this quarter compared to the last, prices continued to trend upwards, pushing the average Toronto condo price to $721,109. This is a significant increase from the first quarter of this year, which averaged $675,844, and is much higher than the current GTA average of $686,312.
“There is no doubt that the condominium apartment segment has improved markedly over the past six months, after lagging the low-rise market segments in the second half of 2020,” said TRREB President Kevin Crigger.
The number of condo sales over the past three months fell from 6,475 in Q1 to 6,053. But, as to be expected, Toronto was responsible for the overwhelming majority of the GTA’s 8,793 sales during Q2.
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The condo market across the entire GTA was slower to recover than other real estate market segments after a market drop last year, but the number of sales is expected to rise in 2022.
“Looking forward to 2022, condo demand could very well strengthen as immigration picks up and younger people, more impacted by COVID-19, look to purchase a home,” said TRREB Chief Market Analyst Jason Mercer.