Toronto’s condo market has now been gripped by the same fever that has enveloped the region’s single-family home market throughout the pandemic. Realtors say a shortage of listings and fierce competition among buyers is boosting condominium prices on an almost week-over-week basis.
“You might as well buy now because you see prices going up week by week,” said Harrild, adding that it’s common to see at least a dozen bids on scheduled offer nights.The Toronto Regional Real Estate Board reports that the last quarter of 2021 was the tightest for resale condos in 20 years.
Mamourian said he noticed listings dropping in December but it wasn’t until “we hit a critical low” of fewer than 700 units in that area that “we turned into an aggressive seller’s market across the board.” The action isn’t confined to downtown, however, he said. A condo at 555 Wilson Ave. that was listed at $649,000 drew 35 offers and sold for about $900,000 this week.
Condo experts are predicting the government could make it tougher to buy investment units, which could tamp down activity, say agents like la Fleur, who sells predominantly to investors.