This Toronto neighbourhood has seen the biggest increase in condo prices
Toronto's condo market took a dip during the pandemic and while it looks like prices are on an upswing, one neighbourhood is seeing consistent price increases.
Lockdowns may have had some people itching to get out of their shoeboxes in the sky as single-family home prices skyrocketed last fall while condo sales cooled. Some Toronto residents looked to escape the city altogether.
But as the condo market starts to gain ground, one area in Toronto has been consistently seeing condo prices increase, according to a report from Strata.
In North York, one-bedroom units have seen four consecutive months of price increases, Strata states. In March, the average sale price for this unit type was $503,000. By the end of July, it had gone up to $528,000 for an increase of $25,000 in just a few months alone.
Two-bedroom units also became more expensive, hitting a yearly high in July; North York homebuyers paid $698,400, an increase of over $45,000 since March.
"Many of the people buying in North York right now are first-time homebuyers as it's a bit more ideal as an entry point," says Strata broker Cliff Liu. "It's also an area where downsizers can pick up a retirement home, but still find all the conveniences of the city."
Willowdale, an area close to both the DVP and 401 as well as stops on the Yonge and Sheppard subway lines, is the most popular in North York, according to Strata.
Those purchasing a one-bedroom in Willowdale last month paid on average about $60,000 more compared to June. But, Strata adds, the price of a two-bedroom went down in July by about $20,000, despite being up for the year as a whole.
Condo prices in surrounding areas, are higher, but have remained relatively unchanged in the last few months.
In downtown Toronto, for example, average condo prices have hovered at about $790,000 since April. And in midtown, condo values there have actually plunged by nearly $150,000 since April's peak of $1,026,083.
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