There’s no denying condos have been the hottest performing housing segment in 2017; following the introduction of the Ontario Fair Housing Plan in April, demand for multi-family housing dominated the market in the second half of the year, resulting in the sharpest increase in price growth.
According to the Toronto Real Estate Board, November condo prices rose a whopping 17.7 year over year per cent in the 416 region to an average price of $555,396. And, while annual sales were down by 6.1 per cent to 1,606 units sold due to overall slower market conditions, that’s a relatively small decline when compared to the 18.9 per cent decrease in the detached segment, and 17.6 per cent decrease in townhouses. It’s evident that home buyers are clamouring for the most affordable home types as detached house prices remain above the realm of affordability for many.
But not all Toronto condos are coveted equally, and some have seen larger gains than others. To find out which condo buildings saw the greatest increases this year, Zoocasa reviewed over 400 buildings in downtown Toronto, within an approximate boundary south of Bloor Street, west of the Don Valley River, and east of Dufferin. Price appreciation was calculated based on sold price per square foot in 2017 compared to 2016, and included only buildings with a minimum of 25 transactions.
What we’ve found is condos south of Queen Street are experiencing the greatest surges in sold price per sq foot, with nine out of the top 10 condo buildings increasing over 30 per cent in value compared to 2016. That means a buyer who paid $400,000 for a unit in 2016 would have gained $120,000 in 2017.
Check out the findings in the infographic below:
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