RE/MAX Condominium Report - 2021

RE/MAX's 2021 Condominium Report examined market trends for condos in five major Canadian metro areas, along with 100 sub-market. As prices of single-family homes and townhomes continued to go up  throughout the year, buyers increasingly turned to condominiums. Greater Vancouver and Calgary saw the highest gains in overall sales (with increases of 87 and 83 percent, respectively) while condos in the Greater Toronto Area (GTA) saw a 71% increase in 2021 - the highest in the east. In terms of prices, Halifax-Dartmouth and Ottawa saw the largest jumps, rising 30% and 18% this year, respectively.  The rise in condo purchases across the country have been attributed in large part to younger buyers, who are looking to lock in prices before they continue to climb higher.  

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2021 RE/MAX Condominium Report: Greater Toronto Area Overview

Affordability concerns have been a major driver for condo sales in the GTA, with 2021's prospective buyers turning to condos as detached homes and townhomes slide further and further out of reach. Some key takeaways:

• Sales growth has been the strongest in the suburban 905-area code, with Peel Region (121.8% increase) and York Region (66.3%)
• As Toronto's downtown core begins to regain its popularity, sales have seen an 81.3% increase in the first eight months of 2021 (11,518 transactions recorded, compared to 6,354 during the same period in 2020). At the same time, the East End and West End have seen sales increases of 63.5% and 46.2%, respectively).
• Rises in prices have also been concentrated in the 905 region, with price appreciation being highest in Oshawa (32.9%), Whitby (32.1%) and Clarington (30.7%), King (27.3%), Newmarket (23.8%) and Oakville (21.7%).
• Tight inventory levels are now once again the norm, with the oversupply that existed earlier this year having been absorbed.
• Luxury sales (over $2 million) have seen a 71% increase year-over-year, with almost 90% of these type of sale taking place in Toronto proper.
• 34% of total residential sales in the Toronto area are now made up by condos - a share that is expected to increase in the next 6-12 months.