Toronto-area Condo Construction Sales Near Pre-Pandemic Levels

Dated: May 27 2021

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The number of new condominiums sold in the first quarter was only 4% below the levels seen before the recession, surpassing a ten-year average, a sign that the market has recovered. According to Urbanation, a market research firm that tracks GTA development, the number of new condo sales in the first quarter of 2021 was the highest in two years. The average selling price for a residential property in the Toronto region in the first quarter of this year was $1,261. During the first quarter, the average sale price for residential properties in the City of Toronto was $1,419 per square foot. This is a 5.7% over the same period last year.

 

The recovery has been steady, with activity remaining Strong throughout the year. For instance, last year’s summer season was a bounceback for the market. The second quarter of 2020 saw a solid start to the year, giving other developers confidence to launch new projects. This is usually the season when new condos are typically launched.

 

“A lot of them were waiting for their turn, and they got their Q2 product,” said Pauline Lierman, Urbanation’s director of market research. The number of units sold in Toronto’s downtown core during the first quarter of 2019 was up significantly from the previous three quarters. The sales were also higher than in the same period last year. Lierman also shared that condos selling now likely won't be ready for occupancy until around 2024. 

 

Urbanation indicates the rebound in urban areas is attributed to the low-interest rates and an improved economic environment. But, rising prices in the suburbs have also revived interest in buying a home.

The number of new condo units under construction in the Toronto area has hit a record high. While downtown Toronto still accounts for most of those units, the 905 communities are seeing a record number of new construction.

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