First quarter 2021 results for condo apartment sales were encouraging, according to the Toronto Regional Real Estate Board (TRREB). With the condo market slower to recover over the past months compared to other housing styles, the reversal of fortune has not gone unnoticed.
According to TRREB, the GTA saw a substantial rise in condo apartment sales in the first quarter of this year, an encouraging sign for both buyers and sellers. Overall, the GTA saw a 79.8% increase in the number of apartment condos sold and a 42.8% increase in the number of new listings coming on the market during the same period.
Interestingly, Halton outperformed its GTA peers on both average pricing increase and average days on market.
Let’s take a look at what transpired in Oakville and Milton in the first quarter of 2021.
Overall, the average condo apartment sale price Halton region rose by 20.6% in the first quarter of 2021. This is a notable difference especially when compared with more sluggish results from other municipalities.
Durham Region showed an 8.3% average price increase, followed by York Region at 4.5%, Peel Region at 3.3%, and the City of Toronto which showed a decrease of 1.4% compared to the same period last year.
Looking at Milton and Oakville in particular, average condo apartment prices in Q1 came in at $579K and $737K respectively. By contrast, in the first quarter of 2020 average condo apartments were selling for $523K in Milton and $565K in Oakville.
This is a growth of 10.7% in Milton in the first quarter of this year along with a huge jump of 30.4% for Oakville in average housing prices compared to the same period in 2020.
Days on Market
We saw two notable trajectories in Halton Region for speed of sale in the first quarter of this year.
First, Milton condo apartments took an average of 18 days to sell in the first quarter of 2020, and just 12 days in 2021; a full 6 days faster.
Second, the trend in Oakville showed a noted slowdown in the pace of condo apartment sales taking an average of 17 days to in Q1 2020 compared with 26 days in the first quarter of this year.
That said, Oakville’s speed of sale may be influenced by other factors, such as the significant increase in average pricing for condo apartments in that region and the heightened demand for other housing styles in the area.
In summary however, Halton Region is outperforming its peers. A substantially higher increase in average sale price and a significant decrease in average days on market were in marked contrast to condo apartments in the GTA. It took an average of 23 days to sell condo apartments in the GTA compared with Halton’s 17 average days.
Even so, it’s clear the condo apartment market is beginning to heat up throughout the GTA. With vaccinations well underway and the resulting consumer confidence on the upswing, this could turn out to be a very good year for all housing styles.***
Toronto Regional Real Estate Board (2021). Condo Market Report. First Quarter 2021. Q1 2021 GTA Condo Sales Rise Substantially.
Toronto Regional Real Estate Board (2021). Condo Market Report. First Quarter 2020.
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