{"id":13588,"date":"2017-07-25T10:27:11","date_gmt":"2017-07-25T14:27:11","guid":{"rendered":"http:\/\/www.zoocasa.com\/blog\/?p=13588"},"modified":"2017-07-26T09:26:44","modified_gmt":"2017-07-26T13:26:44","slug":"toronto-condo-prices-hit-half-million-mark-treb-report","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/toronto-condo-prices-hit-half-million-mark-treb-report\/","title":{"rendered":"Toronto Condo Prices Hit Half Million Mark: TREB Report"},"content":{"rendered":"

Toronto condos<\/a> \u2013 whether rental or ownership stock \u2013 are\u00a0becoming less affordable for the average Torontonian, according to fresh numbers from the Toronto Real Estate Board.<\/p>\n

High-rise dwellings are seeing a sustained surge in popularity, reveals TREB\u2019s second quarter condo \u00a0and rental reports, while tight supply pushes purchasing and rental prices ever higher.<\/p>\n

Average Toronto Condo Price Hits Half a Million Dollars<\/h2>\n

Condo prices<\/a> have shot up 28.11 per cent year over year to an average of $532,032 across the TREB region (and slightly higher, to $566,513, in the city proper), despite an 8 per cent decline in sales between April and June. Meanwhile, new listings increased by just 0.7 per cent \u2013 barely a blip compared to the flood of detached homes that came to market following the implementation of the Fair Housing Plan in April.<\/p>\n

\u201cDespite the recent dip in overall GTA home sales, the condominium market was quite resilient, especially when compared to low-rise market segments,\u201d said Tim Syrianos, TREB president. \u201cCondo apartment sales accounted for a greater share of overall transactions during the spring compared to the same period last year. Market conditions have also remained tight, which resulted in the continuation of strong annual rates of price growth.\u201d<\/p>\n

Jason Mercer, TREB\u2019s director of market analysis, said that condos will continue to be a top choice among GTA buyers; despite softening market conditions, low-rise and detached home prices are still well out of reach for many. The mortgage stress test put in place for borrowers paying less than 20 per cent down on their homes has also restricted many would-be buyers from higher-priced homes.<\/p>\n

“This makes sense given that many households, especially first-time buyers looking to live in the City of Toronto, have turned their attention in increasing numbers to less expensive forms of ownership housing,\u201d he said.<\/p>\n

Fair Housing Plan Rent Rules Contradictory: TREB<\/h2>\n

However, while some buyers are finding less expensive options within high-rise options, renters aren\u2019t so lucky. TREB finds that<\/a>, despite new rules designed to cap the cost of rising rents<\/a> in Toronto, rates rose by 8.8 per cent to an average of $1,861 for one-bedroom units, and up 8.7 per cent to $2,533 for two-bedroom units.<\/p>\n

\u201cIt is clear that we continue to suffer from a lack of available rental units,\u201d said Syrianos. \u201cThe Fair Housing Plan announced by the Government of Ontario committed to measures designed to increase housing supply. Conversely, the Fair Housing Plan also expanded rent controls which could preclude investment in rental properties, thereby further constricting supply. With different policy components potentially at odds, it will be interesting to see the eventual impact of the Fair Housing Plan on the rental market in the GTA.\u201d<\/p>\n

Mercer adds that not only have prices rose faster than the pace of inflation, but competition between renters has only heated up over the quarter. \u201c\u2026generally speaking, it has become harder to find a place to rent this year compared to last,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Toronto condos \u2013 whether rental or ownership stock \u2013 are\u00a0becoming less affordable for the average Torontonian, according to fresh numbers from the Toronto Real Estate Board. High-rise dwellings are seeing a sustained surge in popularity, reveals TREB\u2019s second quarter condo \u00a0and rental reports, while tight supply pushes purchasing and rental prices ever higher. Average Toronto […]<\/p>\n","protected":false},"author":39,"featured_media":13590,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[33,181],"tags":[],"class_list":["post-13588","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate-news","category-toronto-real-estate"],"yoast_head":"\nToronto Condo Prices Hit Half a Million Mark | Zoocasa Life<\/title>\n<meta name=\"description\" content=\"Toronto condo prices, along with rental rates, have skyrocketed over the past year, according to Q2 numbers released by the Toronto Real Estate Board.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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