Condo sales are significantly contributing to the Toronto, Ontario and even Canadian economy. The Toronto Real Estate Board (TREB) reports that the total dollar volume of sales in the Greater Toronto Area — just from condo units — add up over $1 billion, or $1,082,211,277 to be exact, this August. Condo sales are big business.: two thousand units were sold this August across the GTA at an average of about $540,000. Moreover, condos continue to outstripping all other market segments in price growth. Condos in the City of Toronto are up about 8 per cent to $585,350 from last August, according to the Toronto Real Estate Board (TREB). The same trend is true in the 905, where condos are up about 6 per cent to $440,750.
Compare that to other property types, which have shown inconsistent price movement all year. This August, no price growth happened for semi-detached or townhouses in the 416, although they did increase between 4 and 5 per cent in the 905. Detached houses have increased in price 5 per cent year-over-year in the City of Toronto, and are stable in the 905. That leaves condos the clear winner in the price growth competition, with demand holding steady and prices growing every month to date year-over-year.
The most expensive place to buy a condo unit across TREB is in central Toronto, at $662,000 That’s still less than Vancouver, the most expensive housing market in the country. Vancouver MLS data shows that the benchmark price for condos in the Greater Vancouver Area is $695,500.
The least expensive area in the TREB region is Georgina, where the average price of a condo $230,000, (although only one unit was sold in August). That’s about equal to the price in smaller Canadian metropolises. Condo units on the
Calgary real estate market, for example, sold for an average of $294,300 this August. Meanwhile, sales of 905 condos are growing far faster than the 416. Condo sales in the 905 jumped 18.6 per cent from last August, while in Toronto they decreased 5.6 per cent. Still, more than double the amount of units were sold in the City of Toronto compared to other TREB regions: 1,388 to 612. Condos are only taking two days longer to sell than last year, at 25 versus 23 days. TREB is optimistic that price and sales growth will show sustained growth into fall.
Check out the infographic for all the details:
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