Second quarter 2021 Toronto condo and loft sales were up substantially compared to Q2 2020, but ebbed slightly compared to Q1 2021, following the broader market trend. Competition between buyers continued to accelerate compared to last year, which led to year-over-year and quarter-over-quarter average price increases.
The Toronto Regional Real Estate Board reported 8,793 condo and loft sales in Toronto in Q2 2021 – up by 155% compared to Q2 2020, but down by approximately 6% compared to Q1 2021, following the broad-based slowdown in home sales since March.
There is no doubt that the Toronto condo and loft segment has improved markedly over the past six months, after lagging the low-rise market segments in the second half of 2020. Consumer polling conducted by Ipsos for TRREB suggested that about 40% of buyers in 2021 would be first-time buyers. For many first-time buyers, their entry point into homeownership is the condo and loft market so we expect further upward movement this year with accelerated migration back to cities and heightened immigration.
The average Toronto condo and loft apartment selling price was up by 10.8% year-over-year in Q2 2021 to $686,312. This also represented more than a 6% increase compared to Q1 2021. The average Toronto condo and loft selling price was $721,109 – up by 9% compared to Q2 2020.
The second quarter marked a turnaround for the Toronto condo and loft market in terms of price growth. Whereas other market segments experienced a resurgence in price growth in the latter half of 2020, the Toronto condo and loft market took longer to recover. Looking forward to 2022, condo and loft demand could very well strengthen as immigration picks up and younger people, more impacted by COVID-19, look to purchase a home.
If you want to buy or sell a Toronto condo or loft, contact Casey Ragan at 416-486-5588 or by email at firstname.lastname@example.org
“Toronto’s Condo Authority”