TRREB Releases Q3 2021 Condo Market Statistics TORONTO, ONTARIO

October 29, 2021 – The condominium apartment market has experienced strong growth in 2021 and this continued in the third quarter. Sales in Q3 were up substantially compared to the same period last year. In addition, the condo inventory that built up during the initial phases of COVID has been more than absorbed with listings down significantly compared to last year. The result has been the resumption of seller’s market conditions, and above-inflation price increases relative to 2020. 

Greater Toronto Area (GTA) REALTORS® reported 7,810 condominium apartment sales through the Toronto Regional Real Estate Board’s (TRREB) MLS® System in Q3 2021. This result was up by 10.6 per cent compared to Q3 2020. Over the same period, new listings were down by 31 per cent. This means that market conditions tightened markedly over the last year, increasing competition between buyers.

“The condo market has seen a dramatic resurgence compared to a year ago. In 2020, first-time buyers sat on the sidelines due to economic uncertainty. This year, however, improving economic prospects have seen many of these buyers accelerate their search for a property. This trend will only continue as population growth resumes next year, and limited changes to supply are expected,” said TRREB President Kevin Crigger. 

The average selling price for Q3 2021 condominium apartment sales was $689,831 – up 8.9 per cent compared to Q3 2020. 

“The condo market is catching up to the low-rise market segments in terms of market conditions. If demand continues to increase relative to supply, which is a distinct possibility assuming an acceleration in population growth over the next year, the annual rate of price growth could increase as we move into 2022,” said TRREB Chief Market Analyst Jason Mercer.

GTA REALTORS® Release October 2021 Stats ( The near-record home sales and low inventory marked strong price growth across the GTA.)

Home sales in the Greater Toronto Area (GTA) reached the second-highest level on record for the month of October. However, the inventory of homes for sale did not keep up with demand. The number of new listings was down by approximately one-third compared to October 2020. Market conditions tightened across all major home types compared to last year, and the annual rate of average price growth remained in the double digits, including for the resurgent condominium apartment segment.

“The only sustainable way to address housing affordability in the GTA is to deal with the persistent mismatch between demand and supply. Demand isn’t going away. And that’s why all three levels of government need to focus on supply. The federal government has stated that collaboration with provinces and municipalities is required. This collaboration could be spearheaded, at least in part, with housing-related incentives tied to federal infrastructure investment,” said TRREB President Kevin Crigger.

GTA REALTORS® reported 9,783 sales through TRREB’s MLS® System in October 2021 – down by 6.9 per cent compared to the October 2020 record of 10,503. A strong double-digit increase in condominium apartment sales mitigated annual declines in low-rise home sales. The number of new listings entered into the system was down by almost a third over the same period, with consistent declines across all major home types.

The MLS® Home Price Index Composite Benchmark was up by 24.2 per cent year-over-year. The average selling price for all homes combined rose by 19.3 per cent year-over-year to $1,155,345. The low-rise market continued to drive price growth in October, but the annual price growth for condominium apartments was in the double digits as well.

“The tight market conditions across all market segments and areas of the GTA is testament to the broadening scope of economic recovery in the region and household confidence that this recovery will continue. A key part of future economic development in the GTA will be the ability to provide adequate ownership and rental housing supply so that people can continue to move to the region to live, work and spend money in the local economy,” said TRREB Chief Market Analyst Jason Mercer.

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