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Wednesday, August 28, 2019

Toronto condo prices are soaring through the roof

With detached house prices clear out of reach for many young buyers in Toronto, condos have become the new golden standard for "starter homes" — and it shows.

We've watched sales of condo units explode in recent years as demand skyrockets on the back of a fast-growing population mixed with historically low inventory levels.

Prices have followed suit, and they're only going up according to one of Canada's leading real estate franchisers.

In a report on price-per-square-footage across Canada released Wednesday morning, Royal LePage reveals that the median price (per square foot) of a condominium in the GTA has shot up a substantial 9.1 per cent in the first seven months of 2019 alone.

Condos in the GTA are now selling for $743 per square foot, on average, while single-family detached homes went up only 1 per cent during the same period to a median of $486.

Within the City of Toronto, specifically, condo prices are up 8.5 per cent, year-over-year, at $839 per square foot while houses now sit at $747.

toronto condo prices

Prices per square foot are rising fastest in the Greater Ottawa Area, where both houses and condos remain incredibly affordable compared to Toronto or Vancouver. Image via Royal LePage.

The median size of a condominium in Toronto proper is currently 752 square feet, meaning you'd pay just over $630,000 for an average condo unit within city limits.

"Low inventory levels are putting upward pressure on price per square foot in the Greater Toronto Area, especially for entry-level properties like condos," explained Royal LePage sales representative Tom Storey in a release accompanying today's report. 

"Although detached homes hold more value per square foot, condos are more affordable for first-time home buyers in the region given their smaller living space and higher supply."

The idea of paying more than half-a-million dollars for a one-bedroom plus den may be laughable to people in some smaller cities, but it's the reality buyers are facing in downtown Toronto right now.

But hey, at least we're not Vancouver, where the average price per square foot of a condo is currently $1,044. 

If you're looking for value, Calgary now offers the lowest condo price point out of all five major urban markets surveyed by Royal LePage at just $313 per square foot.

by Lauren O'Neil via blogTO

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