Toronto condo sales bounce back to match city's 2017 housing peak
Toronto condo prices dropped to a low when the pandemic hit, but they have since risen 44% and are back to 2017 levels, according to a real estate brokerage firm.
Properly, a tech-enabled real estate brokerage, says the city’s housing prices have appreciated since Toronto’s last housing peak in 2017.
Homes of all types in the GTA were hot were at a peak between January to April in 2017 and that’s now being matched.
“This past year, condo sales were hit the hardest by the pandemic,” Anshul Ruparell, co-founder and CEO of Properly, said Friday. “While sales are now back up to pre-pandemic levels, it’s relieving for condo owners to know that their investments have appreciated significantly over time.”
“Moving forward, it’s forecasted that solid growth in condo sales will continue as pandemic restrictions ease. I anticipate we’ll see people coming back to the city centre and back to our incredible city that offers world-class dining, entertainment, and liveability,” he said.
The condo market is bouncing back after weak sales in the early pandemic months.
The medium selling price of a condo from January to April in 2017 was $437,000. And in June 2021 the medium instant estimate was $625,927. For these time periods, townhouses with condo fees were $552,000 in 2017 and $708,782 in 2021.
“Following the extremely hot spring market we’ve just seen, we’re beginning to see a slight cooling as we head into the slower summer months,” Ruparell said.
“By comparing sale prices during the 2017 peak to today, we hope to shed light on how properties can perform over time,” he said. “As a brokerage, the most important thing we can do is work with our clients to carefully track home values, align on the price they can afford, and avoid overbidding at all costs.”