We’ve spent a little longer this month digging into the market report to make sure we’re not missing anything as we’ve had some downward movement in Townhouses in the Central and East downtown districts as well as a slight decrease in Central semi’s. A few big ticket semis and towns traded this time last year driving up the 2015 average so the downward movement in our infographic (below) shows isn’t indicative of the market trend for those product types. Quite the opposite in fact.
What I’d like to draw your attention to is the price of condos across the board. You can see that $400K doesn’t get you as far as it used to. In fact, we’ve never seen such high prices per square foot in Toronto’s urban communities. Condos and Lofts in the Leslieville area are regularly trading at $700/sqft with some tipping the scales at $800/sqft. But of course some condos can still be bought in the mid $600’s per square foot.
Look, it’s foolish to think that prices will continue to appreciate this aggressively but it’s also foolish to think that we’ll experience an immediate crash making detached homes affordable again. Click here to Tweet This TidBit
Two bedroom apartments are still highest in demand as folks get priced out of local town houses and freehold product so don’t expect any deals there. If you’re on the fence waiting for prices to crash, then your butts probably getting a bit numb from keeping your stubborn self up there because Toronto’s the talk of the World right now and prices aren’t going to settle for at least another 18 months. I checked my crystal ball. It’s legit.
Look, it’s foolish to think that prices will continue to appreciate this aggressively but it’s also foolish to think that we’ll experience an immediate crash making detached homes affordable again. It’s time most come to terms with the fact that you won’t be able to jump right into a detached home. It’s going to take some strategic investing, some time and of course some luck to make that dream happen for you. In the mean time consider an apartment or a smaller townhouse. Or rent…those are your options.
Check out the infographic below to see how the rest of Toronto’s urban communities are performing. Remember, we’re not interested in pulling together irrelevant data from the communities we don’t serve and only analyze the data from Toronto’s urban communities from The Beaches to Just West of High Park and Bloor south to the lake.
This trend is something that the new 1001 Queen Street development is taking advantage of and that’s why we’ve gone all-in on 1001 Queen spending the past couple weeks giving an advance look to our clients and friends. Our relationship with the developer will ensure our clients top choice when sales are opened this Tuesday. Starting $860K up to $1.4mm. You can check that out here and book your appointment to view before we cut off advance access Dec 13th.