Toronto condo sales surged 71% in 2021, with year-to-date condominium apartment and townhome sales reaching 30,383 units as of August 31, 2021, up from 17,760 units over the same stretch in 2020. The average condo price rose roughly 7% to $688,138. That rebound reflected buyers chasing affordability, lifestyle shifts after the pandemic, and strong demand spilling into the 905 suburbs.
Why did Toronto condo sales surge 71% in 2021?
Toronto condo sales jumped 71% in 2021 because buyers wanted affordable urban housing as single-family prices climbed, and because confidence returned after the first pandemic shock. Year-to-date condo sales hit 30,383 units by August 31, 2021, versus 17,760 a year earlier. Lower borrowing costs at the time and a return to city living drove much of that demand.
After the initial pandemic slowdown, the GTA market proved resilient. Condos became the logical entry point for buyers priced out of detached and semi-detached homes. In my experience working with first-time buyers across North York and Vaughan, the condo question almost always comes down to one thing: it's what the budget allows. When a freehold feels out of reach, a well-located condo with transit at the door keeps people in the ownership market.
The 905 belt also pulled its weight. Buyers from the 416 widened their search into York Region and Peel looking for value, and that outward migration added fuel to an already busy market.
How much did Toronto condo prices rise in 2021?
The average Toronto condo price rose about 7% in 2021 to roughly $688,138. That increase was modest compared to the sales spike, which told you the surge was driven by volume and demand rather than runaway pricing. For buyers, it meant more choice; for sellers, it signalled renewed confidence without the frenzied bidding seen in the detached segment.
A 7% price gain alongside a 71% jump in sales is a healthy combination. It points to a market absorbing inventory rather than one overheating on scarcity. Still, I always tell clients to anchor decisions to their own numbers. A pre-approval and a clear budget matter more than any headline percentage. You can run different rate and down-payment scenarios with the Canadian mortgage calculator before you shop.
Which GTA regions saw the biggest condo sales growth?
York Region and Peel led GTA condo sales growth in 2021, with sales up 121.8% in York Region and 66.3% in Peel. Buyers from the City of Toronto increasingly looked to these 905 areas for more affordable options, which pushed demand and transaction volume well above the City of Toronto itself over the same period.
That suburban pull is something I've watched build for years across Thornhill, Vaughan, Richmond Hill, and Markham. A condo near a subway extension or GO line often gives a buyer the commute of a downtown unit at a lower price per square foot. If you're weighing those trade-offs, my Thornhill and Vaughan real estate guide breaks down how the 905 condo and townhome segments stack up.
| Metric (2021 year-to-date, to Aug 31) | Figure |
|---|---|
| Condo apartment and townhome sales (2021) | 30,383 units |
| Condo apartment and townhome sales (2020) | 17,760 units |
| Year-over-year sales increase | 71% |
| Average condo price increase | ~7% (to $688,138) |
| York Region sales growth | 121.8% |
| Peel Region sales growth | 66.3% |
What did the 2021 surge mean for buyers and sellers?
For buyers, the 2021 surge brought more inventory and more neighbourhood choice, but it also meant desirable units moved fast. For sellers, strong demand supported strategic pricing. The lesson that carried forward: get financing sorted first, price to the current data, and work with someone who knows the local segment you're transacting in.
Buyers who hesitated often lost units they liked. I counsel clients to have their pre-approval, lawyer, and deposit ready before they start viewings so they can act when the right unit lists. For sellers, pricing to recent comparable sales, not to last year's peak, is what wins. You can see what I've sold recently on my recently sold page, and if you're deciding whether to list, a free home valuation is the honest starting point.
Bilingual service matters to many of my clients too. I work with Persian-Canadian buyers and sellers in Farsi throughout the process, which you can read about on my Farsi-speaking agent page.
Where does the Toronto condo market stand now?
As of the latest TRREB Market Watch (May 2026), the Toronto Central average price sits at about $1,186,000, down 1.8% year over year, with homes averaging 17 days on market. Borrowing costs have shifted markedly since 2021: the Bank of Canada overnight rate is 2.75%.
That rate backdrop is the single biggest change from the 2021 story. When financing costs move, monthly carrying costs move with them, and that reshapes what buyers can afford. I always recommend confirming your rate options with a licensed mortgage broker, since the figures above are averages and your situation is specific. With 25-plus years in the GTA and RE/MAX Hall of Fame recognition, I've watched several rate cycles come and go, and the discipline that worked in 2021 still works: buy on fundamentals, not headlines.
To browse what's available right now, see current homes and condos for sale or current rentals. I am not able to give legal or tax advice, so confirm closing details with a real estate lawyer before you sign.