Average new Toronto condo now selling for almost $1,500 per square foot

Condo prices are up in Toronto, and that means the average price per square foot has gone up as well.

A new report from Urbanation dug into the GTA condo market at the end of 2021, revealing that the average price per square foot of a new condo in Toronto rose a staggering 17% year-over-year to $1,429.

As high as this jump was, an even bigger change was seen in the 905-region of the GTA, where prices grew 23% annually to a new average of $1,050 per square foot.

Condo activity has been incredibly high all across the GTA, with a total of 30,844 units selling in 2021, marking the second-highest year ever on record, and a 69% increase over 2020’s sales. The number of sales also exceeded the 10-year-average by a whopping 43%.

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Condo sales in 2021 handily outpaced the number of new units coming onto the market, with just 26,835 presale units opening up in 2021.

“These new units were met with record demand as their absorption rate reached a high of 85%, far surpassing the 10-year average of 66%,” the report reads “With the total number of sales in 2021 outweighing the number of new launches last year by over 4,000 units, unsold inventory dropped 26% year-over-year to a 14-quarter low of 10,422 units in Q4-2021.”