Despite the introduction of the Ontario Fair Housing Plan and the resultant sales activity declines across all home types in Toronto and the surrounding areas, the city’s condos continue to magnetize demand, leading to record price growth levels.
The latest study by Canadian real estate portal Zoocasa analyzed the performance of Toronto’s condominium segment, which has seen values increase by 10.7% year-over-year in February 2018 (up to $570,275).
“Expect stronger price growth to continue in the comparatively more affordable townhouse and condominium apartment segments,” Toronto Real Estate Board director of market analysis Jason Mercer said, noting that upward pressure on high-rise homes is just getting started. “Listings supply will likely remain below average in many neighbourhoods in the GTA which, over the long-term, could further hamper affordability.”
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In particular, the city’s North York section has seen units increase in price anywhere between 38% and 69% over the last year. The Zoocasa study looked at over 140 buildings in the former borough, and ranked the buildings which experienced the largest price growth between 2016 and 2017.
Rank 10: Meridian in 15 Greenview Ave.
2016 – 2017 change: 38%
2017 price/sq. ft.: $776
Rank 9: Maple Creek Condominiums in 10 Martha Eaton Way
2016 – 2017 change: 39%
2017 price/sq. ft.: $244
Rank 8: Pulse I in 5500 Yonge St.
2016 – 2017 change: 40%
2017 price/sq. ft.: $725
Rank 7: Pulse II in 5508 Yonge St.
2016 – 2017 change: 41%
2017 price/sq. ft.: $733
Rank 6: Cosmo Residences in 35 Bales Ave.
2016 – 2017 change: 42%
2017 price/sq. ft.: $741
Rank 5: Meridian II in 25 Greenview Ave.
2016 – 2017 change: 42%
2017 price/sq. ft.: $763
Rank 4: Spectrum Condos in 28 Harrison Garden Blvd.
2016 – 2017 change: 42%
2017 price/sq. ft.: $639
Rank 3: The Broadway in 153 Beecroft Rd.
2016 – 2017 change: 46%
2017 price/sq. ft.: $701
Rank 2: Royal Arms in 5418 Yonge St.
2016 – 2017 change: 48%
2017 price/sq. ft.: $614
Rank 1: High Point Condos in 3300 Don Mills Rd.
2016 – 2017 change: 69%
2017 price/sq. ft.: $413
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