If you haven’t looked at condo pricing lately, this might seem like a leading question. Is the pricing for condo apartments in fact escalating? After all, the last most of us heard was that condos were out of favour following the mass pandemic exodus from downtown Toronto.
However, home buyers who have been tracking the pricing curve over the past several months know the truth: renewed interest in condo apartments is quickly becoming a thing.Buyers who were shopping this time last year in Burlington, for example, may be surprised to learn that the same condo now sells for a full 25% more. In Halton Hills, it’s worth 35% more.
In fact, Halton region is the second highest-performing market in terms of both average sale price and fastest speed of sale.
The apparent condo disengagement phase that marked the second half of 2020 has been replaced by a seemingly reinvigorated buyer appreciation for condo apartments.
Condo fees and all.
The current trend won’t come as a huge surprise to those who have been following mid-pandemic real estate trends. As the market inventory for all other housing styles is depleted due to an overall housing shortage and unusually tight demand, the remaining affordable option is condo apartments.
From this perspective, the shift was inevitable.
Here are the changes in average condo prices in the top two performing markets in the GTA: Simcoe County and Halton Region.
Toronto Regional Real Estate Board (2021). Condo Market Report. TRREB Releases Q3 2021 Condo Market Statistics
Toronto Regional Real Estate Board (2021). Condo Market Report. TRREB Releases Q3 2020 Condo Market Statistics
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