04 November 2016 ~ 0 Comments

High Rise Trumps Low Rise In Sales

Condo owners are rejoicing as the Toronto Real Estate Board released their monthly market statistics for October 2016 and condo sales activity (units sold) as well as sold prices saw healthy increases in Toronto proper.

Sales of condos were up almost 20% from last year this time and prices went up a whopping 12.9%! The average condo is $459,199.00 and although this pales in comparison to the $1,102.738 average for semi and detached houses where averages increased about 21% in value, the gap is closing.

Another positive for condo owners is that unit sales were greater than the combined of housing type (detached, semi-detached and townhouse) for the month. Buyers who have been priced out of the low-rise house market are now turning their attention to the condo market.

It will be interesting to see how November’s numbers come in to see if this is more of a trend and not just a blip in Toronto’s housing market.

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