The average selling price for Q3 2021 condominium apartment sales was $689,831 – up 8.9% compared to Q3 2020.
The condominium apartment 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 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.
Greater Toronto Area (GTA) REALTORS® reported 7,810 condominium apartment sales through the Toronto Regional Real Estate Board’s (TRREB) MLS® System in Q3 2021. This result was up by 10.6 per cent 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.
GTA Condo Market Report October 2021 – Rental Market Summary
There were 16,121 condominium apartment rentals reported through TRREB’s MLS® System in Q3 2021 – up by 15% compared to Q3 2020.
Over the same period, the number of units listed for rent was down substantially, by almost one-third. The average one-bedroom condominium apartment rent was $2,060 in Q3 2021 – up 2.4% compared to $2,012 in Q3 2020. The average two-bedroom condominium apartment rent was $2,773 in Q3 2021, representing an increase of four per cent compared to $2,666 in Q3 2020.
Contact Team Kalia to Buy or Sell Your GTA Condo Aprtment
Amit is a full time local REALTOR® with RE/MAX Real Estate Brokerage Inc. in Mississauga. RE/MAX is Canada's #1 real estate company. Team Kalia serves property sellers, first time buyers, investors, landlords, new immigrants and non-residents in Mississauga including Square One City Centre area. Team Kalia offers a 30 Days Sold Guarantee to Sellers. They also provide tenant finding services to their investor clients.