The Toronto condo market began recovering with 2021, but everyone was cautious and didn’t want to make any bold predictions. However, after the first quarter, it was evident that we were looking at a trend that was bound to continue.
Even though the trend slowed down a bit in April, experts don’t think that’s significant, and the condo market will see progress in the days ahead. Here’s some data and predictions from relevant institutions that genuinely know and comprehend the condo market in Toronto.
The Toronto Regional Real Estate Board predicts that condo prices will experience strong growth later this year. At the same time, new condo construction is practically the same as before the Covid-19 pandemic, and condo demand is more than solid this quarter. Currently, the average price of a condominium in Toronto is $637,551.
But to better understand the condo market and what to expect in terms of price per condo, we need to observe the neighborhoods in Toronto. To that end, we will make an overview of the condo market and prices in three Toronto neighborhoods- Chinatown, King West, and Liberty Village.
Most of the condos for sale in Chinatown feature only one bedroom. There is a high demand for one-bedroom condos in this part of town, and developers follow that trend. The average condo price in Chinatown in the last twelve months has been $570,458. Compared to the previous year, that’s a 9% increase.
Same as in Chinatown, the residential market in King West predominantly consists of condos. Condos make 86% of all sales in this neighborhood, followed by townhouse condos (12%) and other condominiums (2%). The average condo price in King West for the last two years has been $450,183. There is a wide selection of Condos in King West of all floor plans, sizes, and different amenities. And that has been a trademark for this area. Recent trends point to an increase in the demand for luxurious condos supported by high-end amenities.
Condos in Liberty Village account for almost 86% of all residential unit sales. One-bedroom apartments are in the highest demand. On average, condos sell for $450,183, and that has been consistent for the last year or so. The demand for condos in this part of Toronto is always high and will even increase in the times ahead, say the experts. A recent condo purchase that was made public kind of paints a nice picture of that all situation.
The one-bedroom condo in question was made famous as it received more than 50 purchase offers. That’s unheard of in the world of the condo markets, especially in Toronto. As expected, the one-bedroom apartment was sold to the highest bid, which was 26% higher than the original asking price. Its original, listed price was $599,000, whereas the highest, winning offer was $760,000.
Now that you are aware of the condo prices in Toronto, you can make your purchase decision accordingly.