The stats are out and the average price of a downtown Toronto condo is heading up again!
With a seemingly unbeatable record, compared with the semi-detached and detached housing market segments, the average price of a downtown Toronto condo has climbed higher in 2017 and 2018 than we’ve seen previously.
In District C01, where Karma Condos is located, the average price of a condo in March 2017 was $623,618. Now in March 2018, that average is $687,700. An increase of 9.3%!
That is notably higher than the average year-over-year increase for condos in the 416 area code, which is at 7.1% from March 2017 to March 2018.
Interestingly, there was a recent report out from BuzzBuzzHome that noted Karma Condos is one of the most expensive condos in Toronto on a price per square foot basis. The article zones in on the top 12 priciest buildings in Toronto, and Karma is ranked as #4 out of the bunch. Have a full read of the report here. No doubt it’s the 8 out of 12 buildings in the C01 District on the list that are helping to keep the average price so high in the area.
So what does that mean for players in the market? Well, sellers should be happy about the appreciation they’ve been able to invisibly generate, but buyers need to really be aware of the expected prices for the sizes they’re look for, so as not to be disappointed. And as the purchase prices increase, often landlords need to rent their units for higher to cover their costs, so tenants might see rental prices increasing, particularly if the lack of rental availability continues and there is competition between tenants for units.
Visit our main The Condo Lounge site here to find out more about Karma Condos and to find out how The Condo Lounge team can help get you on track as a buyer, seller, renter or landlord. We’ve seen 10 years of movement in this area, and can speak well about the trends and changes!