Condo prices in these Toronto neighbourhoods increased more than houses (MAP)
Detached homes were the hot topic in real estate for a while, that is, until condos came to play.
As of March 2017, detaches home prices were skyrocketing, up to a whopping 29.8% year over year.
But, according to a report by Zoocasa, that changed when the province implemented the Ontario Fair Housing Plan, which meant to improve housing affordability, and effectively chilled the detached and semi-detached housing market.
While that chilled out, condo sales heated up, and continues to well into this year,
Zoocasa reports that quarterly data from the Toronto Real Estate Board reveals the average condo unit price rose 9.7% year over year to $594,039 between July and September.
Meanwhile, last month alone, the average unit fetched $615,582, up 11.7%, compared to a decline of 1.4% for detached home prices.
And according to a new value appreciation analysis by Zoocasa, condo values are up in 23 of 35 markets, and up 11% compared to last year throughout the city as a whole. In comparison, low-rise homes (the weighted average of detached and semi-detached houses) rose only 1%, and only outpaced condos in 12 neighbourhoods.
Condos in downtown Toronto, especially toward the city’s west end, continue to dominate the market. As well, neighbourhoods known for their upscale housing stock, such as North York’s Willowridge community, as well as Yorkville, are among the top five areas experiencing the greatest price appreciation.
Zoocasa
Top 5 neighbourhoods where condo prices appreciated more than houses
TIE 1 – (W09) Willowridge, Martingrove, Richview
Average Condo Price: $372,000 (+43%)
Average Semi / Detached Price: $1,006,00 (+16%)
TIE 1 – (W05) Black Creek, York University Heights
Average Condo Price: $358,566 (+43%)
Average Semi / Detached Price: $745,160 (+5%)
2 – (E10) – West Hill, Centennial Scarborough
Average Condo Price: $297,500 (+37%)
Average Semi / Detached Price: $827,370 (-9%)
3 – (E06) – Birchcliff
Average Condo Price: $536,333 (+35%)
Average Semi / Detached Price: $965,362 (+7%)
TIE 4 – (W01) – Roncesvalles, Parkdale
Average Condo Price: $629,045 (+32%)
Average Semi / Detached Price: $1,716,518 (+18%)
TIE 5 – (C02) – Yorkville, Annex, Summerhill
Average Condo Price: $1,209,938 (+32%)
Average Semi / Detached Price: $2,020,217 (+23%)
TIE 5 – (E08) – Scarborough Village, Guildwood
Average Condo Price: $364,915(+29%)
Average Semi / Detached Price: $851,155 (+1%)
Zoocasa
Top 5 neighbourhoods where house prices appreciated more than condos
1 – (C08) – Regent Park, St. James Town
Average Condo Price: $695,740 (+14%)
Average Semi / Detached Price: $1,891,000 (+58%)
2 – (C09) – Rosedale, Moore Park
Average Condo Price: $1,474,379 (+30%)
Average Semi / Detached Price: $4,097,250 (+51%)
3 – (C11) – Leaside, Thorncliffe Park, Flemingdon Park
Average Condo Price: $446,538 (+15%)
Average Semi / Detached Price: $2,404,875 (+26%)
4 – (W07) – Stonegate-Queensway
Average Condo Price: $510,000 (+5%)
Average Semi / Detached Price: $1,484,853 (+25%)
5 – (W08) – Islington-City Centre West
Average Condo Price: $499,903 (+1%)
Average Semi / Detached Price: $1,513,584 (+24%)
Zoocasa