Condo price growth have been the darling of the 2018 Toronto housing market, outpacing all other market types and proving resilient in the face of government regulations and tighter lending rules.
This October is no different, according to data recently released by the Toronto Real Estate Board (TREB).
Greater Toronto Area condo prices are are up 7.5 per cent, to an average of $562,523. Condos in downtown Toronto are doing even better, and are selling for an average of $674,252, and a respectable $461,013 in the 905. Buyers are also snapping up condos in central Toronto at record pace. These units are only lasting 20 days on market, which is three days less than the average for condo units across TREB, and four days less than the average days on market for all housing types.
Prospective buyers seem to be attracted to high-density housing likely because it’s the only market type that remains somewhat affordable, and because the low-maintenance lifestyle is becoming more mainstream and appealing.
Single-family homes are often more than double the price of condo units, and now sell for an average of $1,019,416 across TREB. Price growth has been soft, however, all year, and only up 1 per cent year over year.
Anywhere in the 416, even in the eastern boroughs, which are often the most affordable, you will likely be paying more than double the cost of a condo for a house. Houses for sale in Etobicoke, for example, go for around $1.2 million.
Price growth is likely to continue for condos well into 2019, as there is an undersupply of all types of housing units.
“Annual sales growth has outstripped annual growth in new listings for the last five months, underpinning the fact that listings supply remains an issue in the Greater Toronto Area,”said Jason Mercer, TREB’s director of market analysis.
“With municipal elections in the rear view mirror, all levels of government need to concentrate on policies that could remove impediments to a better-supplied housing market, including facilitating the development of a broader array of medium density housing choices.”
Check out the infographic below for detailed data on other market types like detached, semi-detached and townhouses:
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