Condos continue to outpace all other market segments this February, according to a recently released report by the Toronto Real Estate Board.
Condos in the 905 rose 3 per cent to $449,000 year over year while condos in the City of Toronto rose 7.5 per cent to $612,500. Overall, condos rose 6 per cent across TREB to $562,000.
“Price growth was driven by the condominium apartment segment and higher density low-rise home types,” TREB says.
Particularly active neighbourhoods in the City of Toronto are Liberty Village and North York.
Liberty Village condos for sale rose 13.5 per cent year over year to $702,00 . Similar increases were also seen among condos for sale in North York, which rose an identical 13.5 per cent in Willowdale East and Newtonbrook East to $602,300.
Meanwhile, detached houses softened 2 per cent in the 905 to $894,000 year over year and 0.8 per cent in the 416 to just under $1.3 million. A single-family home now sells for an average of $981,000 in the GTA, 2 per cent less than last February.
The most expensive place to buy a single-family home in the GTA remains Toronto Central at just under $2 million — that’s a bargain compared to last year, when it went for 3 per cent higher, topping $2 million. The second most expensive place is King City, at $1.75 million, which has actually soared an incredible 18 per cent since last February.
Semi-detached homes also saw prices jump, about 10 per cent in the GTA to $832,500. But since the sales volume is relatively low, with just 450 sold, just a few expensive transactions can make a big difference to the average. In comparison, 2,170 detached houses were sold and 1,536 condo units.
TREB is counting on more price increases across all property types in 2019, due to shrinking inventory.
“Despite sales being down year over year, new listings actually declined by a greater annual rate. This suggests that market conditions became tighter compared to last year,” TREB says. “Tighter market conditions continued to support year-over-year average price growth.”
The average property price across TREB region is now $780,400.
For more details on the February Toronto housing market, check out the infographic below.