While the housing markets in most of the country seem to be cooling off at last, the same cannot be said for Ontario, and the GTA in particular. The average prices for real estate continue to rise to record levels throughout the city and the surrounding area. Those considering a more compact living space than a typical single-family house may be surprised to learn that the condominium market is just as hot as the resale home market.
The most recent numbers from the Toronto Real Estate Board show the average price of a condo in the GTA rose to $518,879 in March. That’s a 33.1 percent increase from the same time last year. Though prices in the suburbs were lower than in the core, the percentage increase was about the same no matter the region.
Big sale prices are the result of big sales totals, it seems. Buyers purchased more than 3,200 units across the Greater Toronto Area, an increase of 23.9 percent compared to March 2016. For those who follow the market, it will be interesting to see if the Ontario government’s proposed “cooling off” measures have a measurable effect on condominium sales going forward.
Purchasing a condominium is not exactly the same as buying a house. It is important for the buyer to understand all the details of the contract before signing at the bottom, especially if the unit is a new build, or has yet to be constructed. A potential buyer may feel more confident after having a real estate lawyer go over all the legal details with him or her first.
Source: betterdwelling.com, “Toronto Condo Prices Were Up 23.98% In March“, April 24, 2017