While 2017 may have been a roller coaster period for housing trends, there was one constant among the policy-induced flux – demand for condos remained on a tear throughout the year, especially following the implementation of the Ontario Fair Housing Plan last April.
According to data from the Toronto Real Estate Board (TREB), while condo sales had softened 7.5 per cent over the 2017 calendar year, price growth outstripped that of all other home types, increasing 23 per cent to an average price of $545,826. In comparison, detached home sales plunged 23 per cent with 13.4-per-cent price growth over the same timeframe. However, by year end, houses still carried the too-pricey-for-most average price tag of $1,420,046 in the 416 – a factor that has further supported condo demand, says TREB Director of Market Analysis Jason Mercer.
“Seller’s market conditions remained in place for the condominium apartment segment in the fourth quarter,” he wrote in the board’s year-end report. “Based on price point, this housing type remains top of mind for many first-time buyers. In addition, as home prices have grown year-over-year, some buyers who initially may have considered the purchase of a low-rise home have chosen to purchase a condo apartment as well.”
A New Record for Average Condo Price
That increased demand has pushed the prices of resale multi-family dwellings into a new stratosphere; while the average price for new builds approached $1,000 per square foot in the autumn, a number of resale Toronto-area condos have already crossed that threshold, reveals data released at the end of last year.
According to total 2017 numbers from TREB and compiled by Zoocasa, 12 condos located within the 416 now fetch an average of $1,000 or more per square foot – and they’re all located within the Yonge Street / University Avenue corridor.
To identify them, over 600 condos within 416 city limits (south of Steeles Avenue, east of Highway 427 and west of Scarborough-Pickering Townline) were analyzed, with those with a minimum of five transactions included.
Check out the infographic below to see which Toronto condos cost an average of $1,000 per square foot, as well as their increase in value over 2017.
Toronto Condos That Sell for $1000 PSF
Condo Buildings That Now Sell for Over $1,000/Sq. Ft.
- U Condos, 65 St Mary St/1080 Bay St – $1,319
- Four Seasons Residence, 55 Scollard St – $1,296
- One Bedford, 1 Bedford Rd – $1,231
- Karma Condos, 15 Grenville St $1,121
- Residences of the Ritz Carlton, 183 Wellington St W – $1,076
- Pears on the Avenue, 170 Avenue Rd – $1,062
- The Prince Arthur, 38 Avenue Rd – $1,040
- Shangri-La, 180 University Ave – $1,040
- Theatre Park, 224 King St W – $1,038
- Murano, 38 Grenville St – $1,013
- Nicholas Residences, 75 St Nicholas St – $1,012
- Aura, 386-388 Yonge St – $1,004