The Toronto condo and loft market has experienced strong growth in 2021 and this continued in the third quarter. Sales in Q3 were up substantially compared to the same period last year. In addition, the condo and loft inventory that built up during the initial phases of COVID has been more than absorbed with listings down significantly compared to last year. The result has been the resumption of seller’s market conditions, and above-inflation price increases relative to 2020.
The Toronto Real estate Board reported 7,810 condo and loft sales in Q3 2021. This result was up by 10.6% compared to Q3 2020. Over the same period, new listings were down by 31%. This means that market conditions tightened markedly over the last year, increasing competition between buyers.
The Toronto condo and loft market has seen a dramatic resurgence compared to a year ago. In 2020, first-time buyers sat on the sidelines due to economic uncertainty. This year, however, improving economic prospects have seen many of these buyers accelerate their search for a property. This trend will only continue as population growth resumes next year, and limited changes to supply are expected.
The average selling price for Q3 2021 Toronto condo and loft sales was $689,831 – up 8.9% compared to Q3 2020.
The Toronto condo and loft market is catching up to the low-rise market segments in terms of market conditions. If demand continues to increase relative to supply, which is a distinct possibility assuming an acceleration in population growth over the next year, the annual rate of price growth could increase as we move into 2022.
If you want to buy or sell a Toronto condo or loft, contact Casey Ragan at 416-486-5588 or by email at email@example.com
“Toronto’s Condo Authority”