Canada's Condominium Magazine
According to a recent report by the Toronto Real Estate Board, real estate prices rose drastically in four areas of Toronto — faster than the average:
- The Beachess condo segment’s benchmark price rose to $681,000, an increase of 9.16 per cent, one of the most dramatic increases of any area.
- The Toronto Real Estate Board’s E02 Area (surrounded by Danforth Avenue, Victoria Park, Lake Ontario, and Coxwell Avenue) was $1,053,900 in December, an increase of 7.88 per cent from the previous year.
- In the C01 Area (which includes the downtown core, waterfront, and parts of West Toronto), the benchmark price for a standalone home surged 10.46 per cent to $1,068,700.
- The W03 Area (which extends north-south from Eglinton Avenue West to St. Clair Avenue West and east-west from Dufferin Street to the Humber River), however, saw a benchmark increase of 8.5 per cent from the previous year.
- The C03 Area, which includes Oakwood-Vaughan and parts of Forest Hill, increased by 8.19 per cent over the previous year.
The data released by the Toronto Real Estate Board included homes that changed hands through its multiple listing system, a proprietary service used to record transactions. Three areas saw more rapid growth than the Beaches. However, none of those were in East Toronto.
Jason Mercer, director of market analysis for TREB, attributed the relative strength of the Beaches detached market to multiple factors. “The Beaches on their own have always been an attractive place,” he said. “It’s a nice area to live in the city, and there are certainly transportation links back into the downtown core.” He also stated that neighbourhoods like this typically attract a great deal of attention, which leads to surrounding areas becoming more popular as well, drawing people who are looking for similar yet more affordable housing.
Many of the 36 TREB areas in Toronto posted gains of 20 per cent or more, which places the Beaches well below the average for condo apartments. However, Mercer stated that the data is slightly skewed by the fact that the Beaches has a small sample size, especially in December. “You’re talking about three deals done in December,” he said. During the month of December, only 17 detached homes sold in the Beach. The area also does not have as high a share of condos on the resale market as others that are more centrally located. The entire year of 2017 saw only 674 home sales of all types in the Beach area, with an average price of $1,081,826.