In the last quarter of 2018, the city of Toronto’s condo prices rose to a staggering $569,812, illustrating an increase of 10.1% year-over-year. In addition, the rate of remaining areas in the GTA also experienced a rise in their rate of appreciation. When compared to the aggregated price of a home in Toronto, which in the fourth quarter, rose 8.8% to a value of $901,280, it is understandable as to why homeowners as of late have elected to own a condo as oppose to a traditional townhouse.
According to the House Price Survey released by the Royal LePage, there has been a 3.4% increase year-over-year for the price of a home in the GTA in the fourth quarter of 2018 to $843,641. This is what the breakdown would look like when categorized by housing type in the GTA:
A bungalow’s median price dropped 0.3% to $802,785
A two-story home’s median price increased 2.9% to $984,097
A condominium’s median price increased 9.0% to $520,033.
Chris Slightham, President of Royal LePage Signature Realty had this to say in regards to the Toronto real estate market, “Despite sluggish sales in the city’s core, sellers are often able to receive their asking price because of the region’s lack of inventory. While market conditions have improved greatly for buyers, Toronto will be a seller’s market until inventory levels increase.” Slightham also cited several aspects that highlight the optimism one should have towards Toronto’s real estate market. The aspects he mentioned are the city’s steady population growth, great employment rate, and strong, healthy economy. When observing the real estate market on a national level, it is evident that year- over-year home prices made strides in a healthy direction in 2018’s fourth quarter.
The property data pulled from the nation’s 63 largest real estate markets illustrates that in the fourth quarter of 2018, there was a 4.0% increase in the price of a home in Canada year-over-year to $631,223. Below is a breakdown, categorized by housing type in Canada:
A bungalow’s median price increased 1.5% to $516,950
A two story home’s median price increased 3.9% to $745,007
A condominiums median price increased 7.2% to $447,915
Phil Soper, President and CEO of Royal LePage believes that the real estate “reset” button was pressed in 2018, allowing for a plethora of potential benefits for homeowners, and any operating within the real estate market.