Canada's Condominium Magazine

Toronto condo average resale prices increase 31.85 per cent in May over last year at $446,600, now the fastest growing home type in Canada

Despite a year-over-year drop in number of listings and actual sales, Toronto condominium prices rose more than any other home type. In Canada, the overall aggregate composite MLS price rose 17.9 per cent in May 2017 from April 2017 — the first reporting month since the Ontario government announced new measures to cool the market.

Average prices were up $112,200, May this year over May last year in the GTA, with the average resale condo at $464,600. In Toronto 416 the increase was slightly less at 31.03 per cent. In part this reflects the swing in market preferences towards condominiums due to both lifestyle choices (location) and price (condominiums still more affordable.)

 

Toronto Real Estate Boards report on Index and Benchmark prices for May 2017 compared to same period in 2016 by region and by home type. Condominiums saw the highest average increase in price.

 

The popularity of condos continues to grow, even though it is already the most popular home type in the GTA. The average resale prices of condos also make new condos a good choice for homeowners wanting to buy into a reasonably affordable home with the potential for a big upside on future sale.

 

Condominiums have become the most popular option for urban living due to affordability, and preferences in lifestyle (access to amenities, shorter commutes, transit, avoiding highways). The preference is resulting in unprecedented activity in new condominium developments. In picture, a Tridel community rises. 

 

Average price increase by home type

According to the May data from the Toronto Real Estate Board (TREB), by home type in the city of Toronto, prices year over year rose:

  • Condominium apartments up 31.03%
  • Condominium townhome up 27.05%
  • Attached single family home up 22.1%
  • Detached single family home up 24.82%

 

TREB data for Toronto (Resales) May 2017 showing condominium average price increases.

 

Average price increases in condominium apartments by region

In the same dataset, some regions, on a percentage basis, out-performed Toronto in condominium apartment prices:

  • City of Toronto up 31.03% to average $477,600
  • York Region up 33.97% to $511,000
  • Brampton up 34.08% to $314,700
  • Mississauga up 32.97% to $408,900
  • Richmond Hill up 29.13% to $456,700
  • Durham Region up 43.42% to $424,700
  • Peel Region up 33.7% to $394,000

 

Average condominium prices by regions.

 

Average price increases in condominium town homes by region

Town homes have also dramatically increased. Although not all town homes are condominiums, many are:

  • City of Toronto up 27.05% to $628,100
  • York region up 18.87% to $631,700
  • Brampton up 25.58% to $552,900
  • Mississauga up 31.62% to $581,000
  • Richmond hill up 15.65% to $628,000
  • Durham Region up 39.21% to $415.900
  • Peel Region up 34.49% to $552,900

Canadian (CREA) average price index month of May 2017 compared to other months in 2017.

Sales soft, prices not

Although sales are softer in May 2017 over May 2016 — largely due to intervention measures from the Ontario Government to put the brakes on a sizzling hot market — prices continued to increase on expectation of a soft landing, shortage of inventory and continuing demand.

Toronto sales volume drops year over year:

  • Detached: –26.1 per cent.
  • Semi-detached: –14.1 per cent.
  • Townhouse: –24.3 per cent.
  • Condo: –4.3 per cent.

 

Listings are generally up, but there is an overall shortage of inventory, putting upwards pressure on prices despite a softening in sales volume.

 

GTA sales volume drops:

  • Detached: –26.3 per cent.
  • Semi-detached: –22.7 per cent.
  • Townhouse: –18.1 per cent.
  • Condo: –6.4 per cent.

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