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Toronto's Condo Market Essay

586 Words3 Pages

“Glut” - turn the clock back roughly three years and that was the popular term to describe Toronto’s condo market. Between the bevy of construction cranes, numerous high-rises breaking ground in all corners of the city and headlines of record levels of unsold inventory - it’s easy to see how.

However, as supply of new high-rises from condo developers have dipped to new lows and resale listings of apartments are tightening, today, real estate insiders are tooting a different horn.

And for good reason.

Between October to December 2016, the latest quarter for which MLS sold data is available, the average price of a condominium across the GTA shot up 14.5% - a significant spike compared to the usual single-digit annual increases normally associated with the high-rise market. …show more content…

Rather than stop and just provide a broad city-wide snapshot of the condo sector in Canada’s largest metropolis, TheRedPin isolated Toronto’s six most prominent high-rise ‘hoods to give condo buyers in the 416 a better idea how much prices can vary from one community to the next. Given the neighbourhoods on this list are based on the Toronto Real Estate Board’s boundaries, which are not colloquial to most Torontonians, each area features descriptions that broadly outlines their location in the city.

MLS Community: Niagara
Average Condominium Apartment Price: $459,000
Percent Price Increase (Q4 2016 vs Q4 2015): 16

While not prime-downtown territory, the community of Niagara is the next best thing, with a convenient location that sits just a few minute’s streetcar ride west of Toronto’s core. From Liberty Village and Fort York, to smaller pockets of Queen and King streets, Niagara is among Toronto’s top destinations for condo hunters.

MLS Community: Waterfront Communities C1
Average Condominium Apartment Price: $527,000
Percent Price Increase:

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