City of Toronto condos continued to impress with their sustained price growth this January. Prices were up 8.8 per cent to $591,444 from January 2018, outpacing the market as a whole, where prices were up just 1.7 per cent to $748,328.
In sharp contrast, detached housing prices are acting the exact inverse of condos, which were down 8.8 per cent to $1,174,134, according to the Toronto Real Estate Board (TREB).
TREB attributes the popularity of condos compared to single-family homes to their lower prices — one can buy almost two condo units for the price of a single detached house, and with the mortgage stress test in place for a year now, prospective buyers are especially price sensitive.
“Given housing affordability concerns in the GTA, especially as it relates to mortgage qualification standards, we have seen tighter market conditions and stronger price growth associated with higher density low-rise home types and condominium apartments, which have lower average selling prices compared to single detached homes,” said Jason Mercer, director of market analysis for TREB. “The condominium apartment market segment continued to lead the way in terms of price growth.”
Within the City of Toronto, however, condo prices and growth vary by area. Condos sell in Toronto West for $492,677, up an incredible 13 per cent year over year. Etobicoke condos for sale are some of the most affordable in this western region, with prospective buyers able to snap up a unit for as low as $344,156 near Rexdale-Kipling and West-Humber Claireville.
Toronto Central is the most in-demand and pricey area for condo units, going for an average of $677,997, up 10 per cent year over year. To live in the popular hub of Liberty Village, prospective buyers are looking at almost $665,000, with Liberty Village condos for sale rising 7.5 per cent in just a year.
Still, there are bargains to be had, especially in North York. Prospective buyers can grab a unit for under $600,000 if they limit their search to condos for sale in North York near the neighbourhoods of Newtonbrook East, Willowdale East, Bayview Woods-Steeles, Don Valley, and Hillcrest.
Prospective buyers should note that TREB forecasts that condo prices will only continue to rise in 2019.
For more information on the rest of Toronto’s real estate market, including data on sales, detached houses, semi-detached and townhouses, check out the infographic below.
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