A recent study released by Zoocasa shows condo units in Simcoe County saw the highest price growth over the past year.
According to the study, condo unit sales fell 71.6 percent in April 2020 and prices by -1.7 percent. It was the single-family homes that saw high demand throughout the lockdown as those in the GTA fled the city in search of more space in suburban and rural areas.
But it seems condo sales are making a comeback in 2021, leading the market in May, up 170 percent year over year, which was 20 percent higher than single-family homes.
The average cost of a unit in the GTA cost $682,280, compared to $1,415,698 for a detached home.
A recent study of average condo prices, sales, listings, and buying conditions between April 2020 and May 2021 shows the regions of Simcoe**, Durham, and Halton have experienced the strongest pace of price growth for condo units.
Simcoe County region has the fastest appreciating condo values, with an average price of $605,980 in May 2021. The market with the second-largest price increase is Durham County, where a unit now sells for roughly $531,222, an increase of 46 percent between April 2020 and May 2021.
Halton Region experienced the third-highest pace of price growth of 22 percent between April 2020 and May 2021, with the average unit now selling for $615,750.
The City of Toronto remains the most expensive location to purchase a condo but falls in the middle of the list in terms of price growth. The average unit cost $716,976 in the 416 area code in May 2021, a 17 percent increase from April 2020.
**As Simcoe County had no condo sales in April 2020, sales data from March 2020 was used as a comparison.
Average home prices, sales volumes, and new listings for March 2020, April 2020, and May 2021 were sourced by Zoocasa from the Toronto Regional Real Estate Board (TRREB).
Zoocasa is a full-service brokerage that offers advanced online search tools to empower Canadians with the data and expertise they need to make more successful real estate decisions.
