Data from Urbanation’s second-quarter Condominium Market Survey, released Tuesday, shows that the Greater Toronto Area’s new condo market fully recovered from its COVID-19 lull and has since returned to near record-high sales volumes. Urbanation says the so-called “905” — areas beyond Toronto’s downtown — continued to be a driving force as developers and buyers shifted to more affordable options.
Hildebrand says he expects prices to climb in the near term because new condo inventory in the Toronto area is at a three-year low.The condo recovery in Metro Vancouver has been more muted, with apartment sales up 19 per cent year-over-year in July according to the Real Estate Board of Greater Vancouver . But condo prices followed the trend of the region’s overall housing prices and dipped slightly between June and July.New condos are showing signs of a rebound, though.
“The Greater Toronto Area will continue to be Canada’s single greatest metropolitan beneficiary of that population growth and all of these people are going to require a place to live,” says Mercer. The CN Tower can be seen behind condos in Toronto’s Liberty Village community in Toronto on Tuesday, April 25, 2017.He says greater planning will be required from all levels of government because the housing supply issues, specifically the so-called “missing middle,” that existed pre-pandemic have not been addressed.
“If we want to see sustained affordability over the long term, we need to see more housing supply,” says Mercer. “We also need to see a greater diversity of housing supply, so more bridging the gap between traditional single-family homes and condominium apartments.”
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