Condo prices surged way higher in Toronto over the past year
Today in news that should surprise absolutely no one in the market for a home right now: Condos are getting more expensive to buy in the City of Toronto.
Royal LePage's most recent quarterly House Price Survey, released today, shows that prices for condominium apartments in Toronto have risen "a significant 7.9 per cent" over the past 12 months to a median of $596,995.
That's nearly double the rate of appreciation seen on condos at the national level. The median price for a condominium apartment in Canada rose 3.8 per cent between the second quarters of 2018 and 2019, according to Royal LePage, and now sits at $452,451.
Interestingly enough, condo prices declined in Vancouver over the same period for the first time since 2014.
"In the City of Toronto, prices rose above inflation across all housing types, led once again by strength in the condo market," said Royal LePage president Phil Soper in a release with the findings of his firm's survey on Wednesday.
The median price for two-storey homes in Toronto proper (now $1,260,823) and bungalows ($875,360) went up by 2.8 per cent and 2.4 per cent respectively, year over year.
Combined with condo rates, this makes for an average aggregate home price of $898,013 in the City of Toronto — an increase of 4.3 per cent over the past year.
"We now have evidence of a sustained market recovery in the nation's largest market, and signs of a price floor in other regions hit hard by the eighteen month-old housing correction," said Soper of the data. "Only in the West do we see a significant number of home buyers remaining on the sidelines."
Whether or not we've truly avoided a bubble pop situation remains to be seen, but things are certainly looking up for home sellers right now.
Young people looking to buy condos, on the other hand, are more often finding themselves in the same position as young people looking to buy actual houses: Priced out, frustrated, and relegated to rent forever... or at least until they move away.
