Toronto condos are seeing the fastest appreciation of all types of housing in the city. Actually, Toronto Real Estate Board (TREB) numbers show this is the fastest rising home type in the country, with the exception of condos in Oakville-Milton. This is despite a decline of sales, and a record number of listings.
Toronto Condos Saw Prices Increase Over 31%
Toronto saw condo prices soar compared to last year. The benchmark price in the Greater Toronto Area (GTA) is now $464,600, 31.85% higher than May 2016. We’ll save you the math, it’s $112,200 more than the same month last year. In the 416, the benchmark condo is now $477,600, a 31.03% increase from last year. This makes condo prices the fastest growing of all home types. Yup, even more so than detached home.
The average condo sale price also moved higher, albeit less than the benchmark price. Across TREB the average sale price was $531,659, a 28.4% increase from the same time last year. Breaking that down, the 905 had an average sale price of $448,867, a 29% increase from last year. The city proper saw an average price of $564,808, a 27.7% increase. So prices are appreciating faster in the burbs, but the city is still more expensive.
Toronto Condo Listings Grew More Than 8%
Toronto condo owners are putting up a record number of units for sale. Across TREB there were 5,053 new listings in May, an 8.4% increase from the same time last year. The City of Toronto (a.k.a. the 416) saw 3,616 of those new listings – a 9.2% increase from last year. New listings are growing quickly, but not nearly as fast as detached units.
Toronto Condo Sales Declined Over 6%
Sales of condos are cooler than they were this time last year. TREB logged a total 2,854 sales, a 6.4% decline from the same month last year. The 905 accounted for 816 sales, an 11.1% decline from last year. The 416 accounted for 2,038 of the sales, a 4.3% decrease from the year before.
Declining sales are normal as prices get higher, but not when listings are increasing, so there’s a bit of a detachment. As prices rise, people are naturally priced out of the market. When listings start to increase, sales either need to catch up quickly or prices need to start coming down. It’ll be an interesting next few months for real estate in the city.
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