Despite the introduction of the Ontario Fair Housing Plan and the resultant sales activity declines across all home types in Toronto and the surrounding areas, the city’s condos continue to magnetize demand – which has led to record price growth levels.
The latest study by Canadian real estate portal Zoocasa analyzed the performance of Toronto’s condominium segment, which has seen values increase by 10.7% year-over-year in February 2018 (up to $570,275).
“Expect stronger price growth to continue in the comparatively more affordable townhouse and condominium apartment segments,” Toronto Real Estate Board director of market analysis Jason Mercer said, noting that upward pressure on high-rise homes is just getting started. “Listings supply will likely remain below average in many neighbourhoods in the GTA which, over the long-term, could further hamper affordability.”
In particular, the city’s North York section has seen units increase in price anywhere between 38% and 69% over the last year. The Zoocasa study looked at over 140 buildings in the former borough, and ranked the buildings which experienced the largest price growth between 2016 and 2017.