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GTA condo sales in March were highest they’ve been in 2 years; demand to outpace supply until early Summer

Author: 
Robert Van Rhijn
Publication date:
June 4, 2022
Article Summary: 


GTA Condo Sales In March Were Highest They've Been In 2 Years; Demand To Outpace Supply Until Early Summer
In March, condo sales in the GTA beat out every month over the past two years.

The overall GTA condo market increased in value by 3%. Best time to buy was in November.

"We now know in hindsight that the best time to buy during this whole pandemic was in November. That's when the average price of a GTA condo fell to $610,000."

Condos consistently sold above-asking in March; surging demand continues until early Summer.

In March, GTA condo inventory was up 21% compared year-over-year.

The average condo sold for 5.5% above the asking price, indicating that buyer demand continues to eclipse the properties that are available.

"I suspect that demand will continue to far outpace supply until the early summer months. Come the end of the spring market, those pent-up buyers will likely have purchased by then," says Van Rhijn.

Keywords: 

condo sales, condo real estate, GTA condo sales, GTA condo market, average price of a condo, most expensive condo in the GTA, GTA condos

Source Citation: 
Robert Van Rhijn
GTA condo sales in March were highest they’ve been in 2 years; demand to outpace supply until early Summer
June 4, 2022
https://strata.ca/blog/gta-condo-sales-in-march-were-highest-theyve-been-in-2-years;-demand-to-outpace-supply-until-early-summer
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