Toronto's condo market appears to be cooling down once again aftera brief pandemic lullthat led toa rapid spike in activityfor thoselooking to get a bit of a bargainin Canada's largestand most expensivecity.

According to new data from condo listing websiteStrata, the number of condo sales in the city has indeed dropped, and quite substantially — down 17 per cent in April compared to March, all while the number of units on the market actually increased slightly.

公关ices per square foot, too, have begun to fall, albeit marginally, at $3 less per square foot last month than in the month prior.

It blows my mind that a 70m² condo downtown Toronto is more expensive than a whole ass ISLAND in Nova Scotia

— uwu (@glitter_tears_)May 4, 2021

Experts earlier this year feared market overheating so drastic that it could have requiredgovernment intervention, but it seems like,as some predicted, cooling may be happening all on its own, at least when it comes to condos in the city.

Strata's brokers agree, saying intheir recent analysisthat the norm will no longer be rampantbidding wars, condos selling forhundreds of thousands over asking, and record-breaking prices and transaction volumes we've come to know in late 2020 and thus far in 2021.

What a joke. The max purchase price under this “expansion” is $720K. That won’t get you more than a studio or 1 bed condo in Toronto, if you’re lucky. We need real affordability solutions for young professionals that need a home to start a family.

— AngryMillennial (@MillennialTo)May 3, 2021

Part of it is due to buyer fatigue in such a hectic and competitive market, which is still overallconsidered high risk, with a home in the GTA now costing, on average,more than $1 million, and the average detached house in the city proper now setting buyers backa staggering $1.75 million.

With numbers like that, it's no wonder so many have given up on the hope to ever own property in the GTA,or even anywhere in the province.

While the first quarter of the yearsaw the condo market bounce backquite dramatically — boosting the portfolios especially ofthose who'd invested in presale units— Strata believes that Q2 will be a whole lot tamer.

In every wild cycle of any asset, there's a story people will forever point to as "the Greatest Fool" moment

In the Great 2021 Housing Rush, will it be this story?

A 500 SF condo that got a blind bid of $100,000 over most other bids?#UnrealRealEstate#torontohttps://t.co/T7kmPQ6EY0

— JeannieLee@CBC (@JeannieLee88)May 4, 2021

Even amid a health crisis that has decimated numerous industries, Toronto has beenon the verge of a housing bubblefor months now, so stakeholders will have to sit tight and see how a return to some form of normal — whenever that actually happens — will impact the market.