Condo prices continued to hold strong in April, according to the latest market report released by the Toronto Real Estate Board (TREB). Compared with the same time last year, prices increased by 3.2%. In contrast, the price of detached homes dropped by 12.4% year-over-year.
Prices are strong for condo apartments across all GTA markets, not just Toronto. In York Region, the average price in April was $485,243 and in Peel Region, $424,449.
The average Toronto condo price in April was $601,211 – up 3.8% from last year. Condo prices remain the lowest in Dufferin County (which includes Orangeville, where the average April price was $285,000).
As policy changes and high prices for detached homes make it difficult for first-time buyers to enter the market, condominium apartments and townhouses are a much more viable and therefore in-demand option.
Price increases should continue throughout 2018, according to Jason Mercer, TREB’s director of market analysis. Mercer notes that “market conditions should support moderate increases in home prices as we move through the second half of the year, particularly for condominium apartments and higher density low-rise home types.”
Like all other housing types, the number of condo sales in April was down compared to April 2017. A total of 2,218 condo sales were reported through TREB’s MLS system, representing a 26% drop year-over-year. Similarly, detached homes saw a 38.4% drop.
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