Here's where you'll find the cheapest condos in and around Toronto right now
Condominium apartments, once seen as the affordable alternative to houses in Toronto, have been growing more and more expensive in recent months as people take advantage of low interest rates and pandemic-led supply bumps to enter the market.
Yes, even despite all of the tiny downtown condos being put up for sale since last March, demand remains strong enough to drive prices up across the board — and not only in the City of Toronto proper, but in outlying suburbs and towns.
According to the real estate listing and analysis firm Strata, overall condo values have been rising consistently across the Greater Toronto Area for the past 60 days, reaching a new average price of $669,900 this March.
Recent data from the Toronto Regional Real Estate Board (TRREB) shows that condo sales shot up by a staggering 64.3 per cent year over in the GTA last month, with average prices rising some 5.4 per cent in the 905 alone.
"Properties in the GTA suburbs have been a hot commodity since the start of the COVID-19 pandemic last March," writes Strata in a report released this week. "In the past 12 months, Mississauga and Markham have both seen condo values soar by 9 per cent and 14 per cent respectively."
Condo sales in Toronto rise again thanks to people looking for bargain prices https://t.co/DuHXyW8l4A #Toronto #TorontoRealEstate #RealEstate— blogTO (@blogTO) January 8, 2021
That said, the company says that homebuyers on a budget can still find condos all over the region for less than the GTA average.
In Toronto, specifically, Flemingdon Park and Old East York boast particularly low average condo sale prices at $495,000 each. Condos in the West Mall neighbourhood of Etobicoke are currently selling for an average of $550,000.
Real estate agent Nathaniel Hartree-Hallifax credits this to a surplus of "first generation condos" built in the 1970s and early 1980s.
"The value found in first generation condos is enough to attract many first-time buyers, including new Canadians getting on the property ladder," he says of the buildings, which offer some of the best price-per-square-foot values in Toronto.
"But given there are fewer immigrants moving to the GTA at this time, I think it's easy to see why prices are softening in these neighborhoods."
Here, per Strata, are five neighbourhoods throughout the GTA where condos are still selling below the regional average, with listings to demonstrate the kind of deals you'll find:
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