The Greater Toronto Area (GTA) real estate market has experienced steady growth in recent years, with significant increases in the sales of condos and single-family homes. However, there have been noticeable differences in the trends of the two types of properties. In this updated article, we will explore the trends in the sales of condos vs. single-family homes in the GTA using the latest figures available from the Toronto Regional Real Estate Board (TRREB) for the year 2022.

Condos continue to be a popular choice for first-time homebuyers and investors due to their affordability and location. In 2022, the sales of condos in the GTA reached 21,485, a 16.8% increase from the previous year’s 18,375 sales. The demand for condos is expected to continue as they remain an attractive option for those who value convenience and proximity to the city’s amenities.

Meanwhile, the sales of single-family homes have continued to rise, albeit at a slower pace than condos. In 2022, the sales of single-family homes in the GTA reached 51,080, a 12.1% increase from the previous year’s 45,562 sales. The growth rate of single-family homes can be attributed to the high demand for larger living spaces and the need for more privacy, especially among families.

The shift towards smaller properties has continued in 2022, as the prices of homes and condos remain high. Homebuyers are increasingly opting for smaller properties that offer more affordability. This trend has led to an increase in the sales of condos and townhouses with fewer bedrooms, as well as detached homes with smaller square footage.

The COVID-19 pandemic has also had an impact on the real estate market, with more people working from home, the demand for larger properties with home offices and outdoor space has increased. This has led to a surge in the sales of single-family homes with larger yards and extra bedrooms, as well as townhouses with outdoor space.

In conclusion, the sales of condos and single-family homes in the GTA continue to grow at different rates. Condos remain an attractive option for first-time homebuyers and investors, while the demand for single-family homes remains strong among those who value privacy and larger living spaces. The shift towards smaller properties and the need for larger homes with home offices and outdoor space are expected to continue as the demand for housing in the GTA remains high.