Toronto condo sales and prices have been skyrocketing throughout the year
The Greater Toronto Area housing market has been quickly generating steam, springing back after sputtering through the first several months of lockdowns and restrictions.
The newly-released RE/MAX Canada 2021 Condominium Report shows strong growth in condominium markets across the country, covering activity in five major urban centres with over 100 combined submarkets.
Real estate markets saw the most robust resurgence in western Canada, but it's been almost as busy here in Toronto and in the surrounding suburbs, where reports of sizzling-hot real estate markets have been making headlines through much of 2021.
RE/MAX says that "condominium sales and prices have roared back to life" in the GTA, the region witnessing a 71 per cent year-over-year increase in the year-to-date sales of condominium apartments and townhomes over the first eight months of 2021.
That's an impressive 30,383 units sold compared to 17,760 during the same period last year.
"Affordability, coupled with availability, set the stage for the exceptional rebound in condominium sales across the country in 2021," said Christopher Alexander, Senior Vice President, RE/MAX Canada.
"Double-digit acceleration in detached housing values revived slumping condominium sales early in the year, with demand shifting into high gear as supply dwindled and prices accelerated. Younger buyers have been behind the push for condominiums to date, with most looking to lock in low interest rates and buy before prices climb beyond their means."
Condo sales are undoubtedly on the recovery in the GTA. The Toronto Regional Real Estate Board says that condos represented 34.5 percent of total residential sales in the first eight months of the year, a modest increase over last year's 30.8 per cent.
This demand has increased competitiveness, pushing prices higher. Average prices for condominium apartments and townhomes jumped seven per cent year-over-year to $688,138.
But where are all these sales occurring?
Sales within Toronto's core fell off in the early days of the pandemic, but it seems the heart of the city's real estate market is beating once again, with sales jumping by 81.3 per cent in the first eight months of 2021, reaching 11,518.
Only 6,354 units were sold in the core during the same period last year.
While 72.1 per cent of all sales from January 1 to August 31 of 2021 were priced below $1 million, it sure looks like there's a growing demand for posh luxury condos.
Sales for units above $2 million spiked by 71 per cent year-over-year, with 195 of these units sold versus the 114 sold in the same period last year.
Two of these units even exceeded $10 million in price. Practically all demand for luxury units is concentrated in the 416 area, where a 90 per cent share of luxury units were sold.
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