Homebuyers have had enough of Toronto’s condo prices and it shows. According to a new report by Strata.ca, Toronto condos are not appreciating in value as much as properties in cities like Burlington, Oshawa, and Hamilton. For the first time in six months, GTA condos are dominating the list. That’s because people are seeking greater affordability and a quicker return on their investment, according to Strata’s Broker of Record, Robert Van Rhijn.
“Homebuyers are increasingly looking outside city limits for affordability, and the data is finally starting to reflect that trend,” says Van Rhijn. Strata realtor Nathaniel Hartree-Hallifax estimates that Toronto condos cost $720,000 on average right now — a price that many homebuyers have “psychologically written off,” he says.
While Toronto condos “have already hit that glass ceiling of affordability,” properties outside of the city have “so much more room to appreciate,” says Hartree-Hallifax.
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Over the past 12 months, Strata notes that these are the properties that have appreciated in value the most. Out of the top 10, only one of them is located in Toronto.
Address: Lakepoint Condos, 2190 Lakeshore Rd
Address: Pears on the Avenue Condos, 127-135 Pears Ave
Address: Vibe Condos, 5030, 5010, 5020 Corporate Dr
Address: Wentworth Gardens Townhomes, 401 Wentworth St W
Address: Kenora Townhomes, 250-262 Kenora Ave
Address: Sprucedale & Palisades Townhomes, 1-118 Sprucedale Way, 10-34 Palisades Crt
Address: Glen Erin Drive Townhomes, 4171 Glen Erin Dr
Address: Glen Street Townhomes, 1010 Glen St
Address: Pearson Street Townhomes, 222 Pearson St
Address: Dorchester Drive Townhomes, 540 Dorchester Dr
Despite this trend, there are still several neighbourhoods that are appreciating in value faster than any others in Toronto, including Jane and Finch, Rexdale, and Malvern, according to a February report from Strata.