It’s no secret that 2020 was a wild year for real estate. Well, it was a wild year for pretty much everything, but we’ll stick the point here. Not even the notoriously pricey Toronto scene was immune to the impact the global crisis had. Now, new reports are saying that an unexpected twist in condo sale trends took place last year. It turns out that more new condos were sold in the outer GTA than in Toronto itself for the very first time EVER.
This info comes from leading real estate insight firm Urbanation. On Monday, they released a report breaking down patterns of new condos sold in the area for 2020.
Overall in the GTA, new condo sales dropped a whopping 28% last year. Only 18,247 unit were sold, which is the lowest annual total since 2013 and 15% below the 10-year average. Oof.
— Urbanation Inc. (@Urbanation) February 1, 2021
But, perhaps more interestingly, a greater number of those sales took place in the 905 GTA (in other words, the parts of the GTA that are NOT part of Toronto), than within the city itself. The 905 region saw 9,288 units sold in 2020. While the 416 region only saw 8,959.
Perhaps this is a reflection of the growing trend to move away from the downtown core amid the pandemic. Why pay the pricey Toronto rates when you can work-from-home with a little extra room? But nonetheless, it’s still pretty wild.
If you’d like a little more info on all this, you can check out the full report here.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