The GTA condo market continues to thrive, with multiple offers and over-list sale prices seemingly becoming the new norm. According to February statistics recently released by the Toronto Real Estate Board (TREB), while the number of condo sales in the GTA was down year-over-year (along with every other housing type), prices were 10% higher. Comparatively, prices of detached homes dropped by about 17%.
One could suggest that the new mortgage stress-test rules have forced prospective detached home buyers to reconsider their definition of affordability. Those once shopping for a house in the GTA may now be shifting their focus to a condo. The average price of a GTA condo in February was $529,782 – 4.4% higher than in January – compared to the average price of $1,000,736 for a detached home.
As TREB president Tim Syrianos points out in the TREB report, “prospective home buyers are still coming to terms with the psychological impact of the Fair Housing Plan, and some have also had to reevaluate their plans due to the new OFSI-mandated mortgage stress-test guidelines and generally higher borrowing costs.”
Don’t expect condo price growth to stall, either. Jason Mercer, TREB’s director of market analysis, predicts “stronger price growth to continue in the comparatively more affordable townhouse and condominium apartment segments,” while “listings supply will likely remain below average in many neighbourhoods in the GTA, which, over the long-term, could further hamper affordability.”
Average price for one bedroom condo apartment :
Liberty Village: $532,799
West of Toronto
The Junction: $518,800
High Park North: $522,500
Mimico( Lakeshore and Park Lawn ): $448,954
City Centre: $359,688
Port credit: $618.000
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