Data released by market research firm Urbanation shows that new condominium sales in the Greater Toronto Area (GTA) rose 69% in 2021 from a year earlier, falling just shy of a record.
Condo sales in Toronto totaled 30,844 units in 2021, narrowly missing the previous all-time sales record of 31,216 units recorded in 2017.
The report also showed that the Toronto real estate market capped off the year on a strong note with fourth-quarter sales up 77% year-over-year with 8,361 condos sold – a new record for the three-month period.
The number of new condos that came onto the market in 2021 was the third highest ever at 26,835 units, but that was still outpaced by demand. Urbanation said unsold inventory dropped to its lowest in more than a year.
With market conditions continuing to tighten, the average price per square foot for a new condo in the fourth quarter jumped 18% annually to $1,322, led by price growth in the suburbs surrounding Toronto, according to the latest data.
