Some Toronto homes and condos double in price in 5 years
If you already own a home or condominium in Toronto, it continues to be a great investment.
A new survey found that homes in two neighbourhoods and in eight condos have increased by more than 100 per cent in five years.
The survey by real estate website Zoocasa used data from the Toronto Real Estate Board to check how much how much prices have gone up between July 2014 and July 2019. Toronto house prices in 2014 were on average just over $821,198, and now the average price is $1,167,968. That’s an increase of 42 per cent.
As detached and semi-detached homes become out of reach for many home buyers, the condo market continues to be a hot spot for Toronto real estate. Condo prices five years ago were on average were $379,002.
The average across the city this year is $627,927, an increase of 66 per cent.
Penelope Graham, Zoocasa’s Managing Editor, says the fact that many people can’t afford a detached home in Toronto is driving the increase in condo sales.
“Five years ago, if you had a budget of $700,000, you were a house buyer, but now we have more competition in the condo segment," Graham said.
With real estate, it's all about location. House prices more than doubled in the neighbourhoods of Forest Hill, Oakwood Village, Regent Park, St. James Town and Corktown. Condo prices increased in eight zones across the city, including West Hill, Centennial Scarborough, Scarborough Village, Guildwood and Malvern Rouge.
The rising prices may be frustrating first time home buyers, but Zoocasa says there are still deals to be found.
“These are averages, so there will always be some higher than the average and lower than the average" said Graham.
Condos in Toronto’s downtown core and those close to public transit were the most sought after with prices between $500,000 and $700,000.