There doesn’t seem to be any end in sight for Toronto condo demand; despite double-digit sales drops across all home types in the 416 region following the Ontario Fair Housing Plan, multi-family housing continues to lead the market in terms of price growth.
While overall condo sales have softened 29.9 per cent from February 2017, their values remain on the rise, with the average unit appreciating 10.7 per cent to $570,275 last month.
Related read: Toronto Neighbourhoods Where House Prices are Rising
According to Jason Mercer, Toronto Real Estate Board’s director of market analysis, upward pressure on high-rise homes is just getting started, following recent mortgage rules that further limit affordability for home buyers, and a general lack of housing supply.
“Expect stronger price growth to continue in the comparatively more affordable townhouse and condominium apartment segments,” he stated. “This being said, listings supply will likely remain below average in many neighbourhoods in the GTA which, over the long-term, could further hamper affordability.”
While the fastest-appreciating condos for sale in Toronto are found south of Queen Street, there are a number of other regions in the city seeing rapid gains. In North York, for example, units increased in price between 38 – 69 per cent last year.
Which North York condos are experiencing the fastest price appreciation? To find out, Zoocasa analyzed over 140 buildings in the former borough (based on postal code, and within a geographical area south of Steeles, west of Victoria Park, east of Etobicoke, and north of Eglinton / Lawrence Park) to identify which buildings saw the greatest increase in price per square foot between 2016 and 2017.
The data reveals the majority of appreciating units are located within two postal code regions: M2N (Willowdale-Lansing), and M2M (Newtonbrook), accounting for eight of the top 10 buildings.
Check out the infographic below to see which 10 North York condo buildings have appreciated the most in value:
Top 10 Best Appreciating Condos in North York
Zoocasa analyzed over 140 condo buildings in North York to identify the top appreciating condos based on sold prices per square foot in 2017 versus 2016.
North York was defined as the regions with postal codes starting with M2H, M2J, M2K, M2L, M2M, M2N, M2P, M2R, M3A, M3B, M3C, M3H, M3J, M3K, M3L, M3M, M3N, M4A, M6A, M6L, M6M, M9L, M9M. This is south of Steeles Ave, west of Victoria Park Ave, east of Humber River, and approximately north of Eglinton Ave/Lawrence Ave/York Mills.
Only buildings with at least 10 sold transactions in both 2016 and 2017 were included.
Sold prices of individual condo units were sourced from the Toronto Real Estate Board. All calculations are by Zoocasa.