Toronto condo prices continue to soar as the market heads into the busy spring season. The average selling price of a condo was $590,184 in March. This represents a 7.1 percent increase from March 2017, though the number of sales fell by about 32 percent compared with last year. Meanwhile, the average selling price of a detached home fell by 17.1 per cent and the number of sales by 41.1 per cent.
It’s not just in Toronto that condos are faring better than detached homes; condo prices also rose in the 905 region, by 2.1 per cent, while prices for detached homes fell by 17.9 per cent.
Why the difference between housing types? It could be that a change in market conditions continue to make condos a more accessible purchase for many would-be buyers; the average price of a Toronto detached home is still $921,515. As Tim Syrianos, president of the Toronto Real Estate Board, points out “the effects of the Fair Housing Plan, the new OSFI-mandated stress test and generally higher borrowing costs have prompted some buyers to put their purchasing decision on hold.”
Growth is expected across the board this summer, which means that Toronto condo prices could continue to rise. “In the second half of the year, expect to see the annual rate of price growth improve compared to Q1, as sales increase relative to the below-average level of listings,” says Jason Mercer, TREB’s director of market analysis.
Wondering How Much Your Home Is Worth?
How much are other homes in your neighborhood selling for?
Just give my office a call for a no-fuss, professional evaluation.
I won’t try to push you into listing with me or waste your time.
I’ll just give you the honest facts about your home and its value.