Condo prices in these Toronto neighbourhoods increased more than houses (MAP)

Oct 25 2018, 6:40 pm

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

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