Average condo price in Greater Toronto Area soars above $700,000
The average resale price of a condominium in the Greater Toronto Area has now surpassed $700,000
there were a record 7,815 condominium apartment transactions in the GTA in the fourth quarter of 2021, despite a 29 per cent drop in listings from the previous year.
the increased demand alongside a dip in supply created “very tight market conditions” in the condo sector, which resulted in the average resale price rising 16.4 per cent year-over-year to $710,087.
the average monthly cost of a one-bedroom unit rose 13.7 per cent to $2,099 and the average cost of a two-bedroom unit rose 12.6 per cent to $2,763.
the average selling price across all residential property types in the GTA hit a peak of $1.095 million at the end of 2021, up nearly 18 per cent from the previous year.
While there has been some speculation that home prices will be impacted as the Bank of Canada embarks on an interest rate hiking cycle, demand will continue to be strong in 2022 as immigration increases and new listings continue to languish below historic levels.
there were more than 16,000 condo apartment units listed for rent in the fourth quarter of 2021, down 48.9 per cent from the previous year.