So 2021 was a pretty good year for condominiums here in the Greater Toronto Area. According to the latest data (Q4-2021) from Urbanation, this is what happened last year:
- 30,844 new condominium sales. This is a 69% increase compared to 2020, which saw 18,282 new unit sales.
- Fourth quarter alone saw 8,361 unit sales, which is the best quarter on record according to Urbanation.
- Unsold inventory dropped 26% year-over-year because sales exceeded the number of new project launches by over 4,000 units.
- Average price for an unsold condominium unit in Q4-2021 reached $1,322 psf, which is an 18% increase compared to the year before.
- Resale condominiums also did exceptionally well with 29,880 unit sales — a 49% annual increase.
- All in all, some 60,000 condominium units were purchased last year in the GTA. Of course, some were ready to be lived in and some were future homes.