Ever since December, condo sales in Toronto have been booming, making up for the quick stint of beingsomewhat more affordableandin greater supplyearlier in 2020.

And nothing shows just how much sales volumes and prices of units have picked up quite like theQ1 2021 numbers released this weekby the industry experts atUrbanation.

According to the firm's data, the number of condominum properties changing hands in the first three months of this year almost matched pre-pandemic numbers, with 5,385 units sold — only 4 per cent fewer than in the first quarter of 2020.

Another development is the fact that interest in the city proper has piqued once more after what felt like a mass exodus of people seeking more space for cheaperin the surrounding GTA suburbsandbeyond, causing a surge of activity and prices in some nearby regions.

New condos in particular have been popular, with a whopping 2.5 times more units sold pre-sale from January to March (a total of 2,886) than in the final three quarters of last year, on average.

Sales of these types of properties were also even higher than in the same time period of 2020, before the health crisisreally took hold in Canada.

The resale market also broke records, increasing by an entire 74 per cent year-over-year as far as number of transactions.

Downtown Toronto Condo Market Bounces Back in Q1. Urbanation's latest release:https://t.co/5n5clOjWenpic.twitter.com/8okMq1CNuM

— Urbanation Inc. (@Urbanation)May 3, 2021

There has also been 11 per cent less unsold condo inventory in the city and across the GTA so far this year compared to the same time last year, as well as compared to the previous 10 quarters dating back to 2019 — meaning that the COVID-19 fears and trends that led tothe cooler market last fallseem to be shifting.

Other sources have likewise cited strong new condo sales thathave even outpaced new single-family home sales, while those who bought pre-construction and are now selling are nowgetting better returns on their investmentsthan those reselling older units.

This is a big change from last fall, whennew condo sales were dragging down market stats, bringing home sales overall in Toronto in October 2020 down a staggering 44 per cent from October 2019.

But, these new numbers do only take January, February and March into account, and it looks like as of April,the tides have begun to change once more, in part thanks to fatigue from those who were looking to nab a condo in such acompetitive and high-riskmarket.

Experts do not expect thebidding wars, sales forhundreds of thousands over asking, and record-breaking numbers to persist through the rest of the year, but in Toronto's frantic market, who can really know for certain?