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The condo market is catching up to the low-rise market segments in terms of market conditions

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.

Common questions when pricing a condo:

What is my condo worth today? What is the right listing price for my condo? Who determines listing price? Should I hire a Realtor to price my condo? Should I list high or low? Is condo valuation free? My Toronto condo worth? How to price my condo right?
The key to selling a condo for top Dollar in least number of days can be proper market valuation, pricing and identifying the right time to list. Your condo Realtor can assist you with making the right decision when pricing your condo.
Offer hold backs can add an extra layer of protection against inaccurate listing price.
Trust your real estate agent but make the final decision yourself.

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