In a new analysis, real estate information portal and brokerage Zoocasa fond that year-to-date (January 1 to August 28, 2018), the average price of a 1-bedroom condo in the city is $473,800 (up 11% from 2017), and a 2-bedroom condo stands at $641,056 (up 7% from 2017).
Zoocasa, which looked at the sold data for 1- and 2-bedroom condo buildings in 95 neighborhoods across Toronto, said that the results attested to the unparalleled influence of steady demand for the market’s condo units.
This was supported by a June report from the Building Industry and Land Development Association, which stated that the sales volume of GTA’s condos has consistently exceeded that of single-family homes so far this year.
BILD said that despite the benchmark price for the housing type growing by 23.5% year-over-year (up to $774,554) in June, condo units in Toronto’s low-, medium-, and high-rises accounted for 2,079 transactions, out of that month’s total of 2,500 new home sales.
Read more: Pace of residential development in Toronto accelerates
In the 1-bedroom condo buildings segment, these neighborhoods saw the largest year-over-year increases in value:
1. M1W: L'Amoreaux, Corinthian
– 2018 price of $268,400 vs. 2017 price of $182,000
– 47% increase
2. M5P: Forest Hill, Midtown Toronto
– 2018 price of $496,222 vs. 2017 price of $342,923
– 45% increase
3. M9R: Richmond Gardens, Willowridge, Kingsview Village
– 2018 price of $270,000 vs. 2017 price of $197,433
– 37% increase
4. M6G: Wychwood, Palmerston – Little Italy
– 2018 price of $577,167 vs. 2017 price of $456,161
– 27% increase
5. (Tie) M4N: Lawrence Park
– 2018 price of $661,500 vs. 2017 price of $535,875
– 23% increase
6. (Tie) M3C: Flemingdon Park
– 2018 price of $443,486 vs. 2017 price of $359.442
– 23% increase
Meanwhile, 2-bedroom condos in these neighborhoods exhibited the greatest year-over-year appreciation:
1. M1M: Cliffside, Cliffcrest, Scarborough Village
– 2018 price of $386,265 vs. 2017 price of $266,966
– 45% increase
2. M8W: Alderwood, Long Branch
– 2018 price of $587,940 vs. 2017 price of $435,250
– 35% increase
3. (Tie) M3L: Downsview West
– 2018 price of $226,625 vs. 2017 price of $170,000
– 34% increase
4. (Tie) M6C: Humewood – Cedarvale
– 2018 price of $800,000 vs. 2017 price of $598,715
– 34% increase
5. (Tie) M3C: Flemingdon Park
– 2018 price of $642,995 vs. 2017 price of $484,671
– 33% increase
6. (Tie) M4B: Woodbine Gardens, Parkview Hills, Topham Park
– 2018 price of $395,000 vs. 2017 price of $298,000
– 33% increase
7. M4V: Deer Park, South Hill, Summerhill, Rathnelly
– 2018 price of $1,295,685 vs. 2017 price of $1,016,906
– 27% increase