The Greater Toronto Area (GTA)’s condo market has been rebounding in full force, with new sales soaring to the third-highest level recorded during the second quarter of this year, according to a report from industry experts Urbanation.

Q2 data shows that new condominium apartment sales in the Greater Toronto Area totaled 9,001 units, which was 5.5 times higher than sales during Q2-2020 (1,637 units) and nearly matched the level in Q2-2019 (9,075), representing the third-highest quarterly total on record.

Affordability has given the 905 region an edge over the 416 in condo sales this year, triggering what some have described as a mass exodus from the city. The trend continued in Q2, with 58 percent of all GTA condo sales in Q2 occurring in Toronto’s suburbs and satellite cities.

Shaun Hildebrand, president of Urbanation, says the second quarter showed that the GTA new condominium market has not only fully recovered from COVID-19 but also returned to near record-high sales volumes. The 905 continued to be a driving force as developers and buyers have shifted to more affordable locations in the region.

In the resale market, the 7,790 units sold in the second quarter represented a Q2 record and annual growth of 148% when compared to Q2-2020.

Almost as many new condos were launched in Q2 as were sold, with 8,490 units achieving a record-high absorption rate of 81 percent. The average price for these units was $728,160 GTA-wide, with launch price averages of $834,504 in Toronto and $661,537 in the 905.

Unsold inventory is plummeting as buyers emerge from hibernation, dropping 10 percent in the quarter. The 11,716 unsold units mark the lowest number seen in eleven quarters and a comfortable 23 percent below the 10-year average.

The number of new condos under construction climbed by 11 percent year-over-year to a record-high 86,346 units.

However, with inventory approaching a three-year low, further upward pressure on new condo prices is expected in the near future.