Toronto Condo Prices - A New All-Time High as Inventory Drops
Toronto’s housing detached real estate prices are down 10% from peak, but the condo market in downtown Toronto continues to move higher. Toronto Real Estate Board (TREB) numbers show condo sale prices reached a new all-time high in October. The high was the result of more sales and less inventory. Despite the tighter market, price gains continued to decelerate to half the pace seen last year.
Toronto Condo Prices Are Up Over 9%
Toronto condo prices reached a new high in both the city and the suburbs. TREB reported a condo benchmark of $507,700 in October, up 9.56% from last year. The City of Toronto saw the benchmark hit $538,300, up 10.92% from last year. Unsurprisingly, condo prices in the city are rising faster than those in the suburbs. The demand continues to remain strong for both investors and end users. The investors are seeing the value in the market due to the extremely low inventory in the rental market (approximately 1.3% from the Toronto Star and rent could increase by as much as 11% as stated by New in Homes December 18). Add all these factors together and you are looking at a wonderful opportunity to buy pre construction and earn immediately depending on how much you put down.