The average price of a GTA condo has jumped $145K from Q1-2021

Condo buyers in the Greater Toronto Area might have noticed that the price of units have jumped considerably across the region this past year.

New data released by the Toronto Regional Real Estate Board (TRREB) shows that there were double-digit annual price gains between Q1-2021 and Q1-2022. The average GTA condo apartment selling price increased 22.5 per cent from $645,303 to $790,398 year-over-year. This marks a $145,095 annual hike to the average GTA condo price.

“The GTA population will grow at or near record levels over the next few years, supported by a strong regional economy. The condominium apartment segment will be an important source of housing, both for people looking to purchase a home and also those looking to rent,” said TRREB’s chief market analyst, Jason Mercer, in the report.

“This will continue to support price growth, but the pace of price appreciation may moderate as the market becomes more balanced over the next year,” he added.

Condo prices in the City of Toronto shot up $133,874 — a 19.8 per cent increase — year-over-year, rising from $675,979 to $809,853 in Q1-2022. Out of the six individual markets TRREB analyzes, Toronto is the most expensive to buy a condo in, followed closely by Halton Region, where the average condo suite now costs $805,859.

Condo apartment prices in Durham Region grew the most over a year, where the average price increased from $447,246 to $658,860 annually, a $211,614 or 47.3 per cent difference. York Region ranked behind Durham Region for the most annual price growth, where the average condo price jumped $176,275 or 28.9 per cent from $609,754 to $786,029 between Q1-2021 and Q1-2022.

Condo sales fall 15% from Q1-2021

GTA condo sales “remained strong historically,” last quarter, but were down from Q1-2021 levels.

In Q1-2022, TRREB recorded 7,932 sales through the MLS systems, down 15.6 per cent compared to the record 9,399 transactions that took place in Q1-2021. Although first quarter sales were down, TRREB explained in its report that new condo apartment listings were “basically flat,” which meant that condo buyers felt some relief in terms of market conditions.

“Condominium apartments represent a key market segment in the GTA, providing housing for an array of households. Many first-time buyers see condos as an affordable entry point into homeownership,” said TRREB president Kevin Crigger.

“At the other end of the spectrum, condos provide a luxury alternative for many households. It is also important to note that investor-owned condominium apartments have been an important source of rental supply over the past decade,” he added.

In Q1-2022, the City of Toronto reported the most condo units sold. Last quarter, the city recorded 5,384 transactions, down 16.8 per cent from Q1-2021’s 6,474 unit sales.

Annual sales dropped in all of TRREB’s markets with the exception of Durham Region, where the number of condo that traded hands grew 6.8 per cent yearly from 176 to 188 units sold. York Region reported the biggest drop in sales, which fell 20.6 per cent from 1,116 to 885 transactions between Q1-2021 and Q1-2022. The ‘Other Areas’ market came close to York Region’s levels, where annual sales fell 20.4 per cent from 49 to 39 transactions.