While Toronto’s real estate market was a perpetual rollercoaster in 2017, one thing remained the same: the demand for condos in the city outpaces the supply.
According to Zoocasa, a full-service real estate brokerage, data from the Toronto Real Estate Board (TREB) shows that “while condo sales softened 7.5% over the 2017 calendar year, price growth outstripped that of all other home types, increasing 23% to an average price of $545,826.”
On the other hand, detached home sales dropped 23%, with 13.4% price growth over the same time-frame.
However, by year-end, average houses in Toronto still had extremely expensive price tags, a factor that Zoocasa says further helped support condo demand.
This increase in demand has made the price of resale family homes skyrocket while the average price of new builds in Toronto approached $1,000 per sq. ft. this past fall.
According to Zoocasa, based on the 2017 numbers from TREB, there are 12 condo towers in the downtown core that have reached a staggering price of $1,000 (or more) per sq. ft.
Each of these buildings also happens to be located within the Yonge Street and University Avenue neighbourhood.
To find out what the most expensive condo buildings in the city are, Zoocasa analyzed over 600 buildings in Toronto to identify the average price per square foot in the past year.
Only buildings with at least five sold units in 2017 were included.