Canadians Are Buying Up GTA Condos In Every Neighbourhood But The 416
Looks like living in Toronto is starting to get a little harder
There’s a new report about Toronto Condo sales and it looks like business is booming — for some of us. Rent in Toronto is already expensive as it is, but condo sales outside downtown Toronto went up a whopping 77 percent this year. As of now, a 1-bedroom rental in Toronto goes for about $2,290 which is about 2.7 percent more than it was back in January this year.
Condos in downtown go for about $1,291 per square foot, $894 per square foot in the outer parts of the 416 and $740 per square foot in the 905 region. Living outside of the city might not sound so bad.
According to a report by Urbanation Inc, neighbourhoods outside the city like Scarborough, North York, and Etobicoke, it looks like condo sales have doubled.
Thanks to the TTC and other transit options, these areas are close enough to downtown for daily commuting. The study says this is appealing to young up-and-comers who want to stay close to the 416 but don’t want to pay for it.
When it comes to cities like Mississauga, Brampton, and Hamilton, sales grew almost 150 percent, also beating out the competition in Toronto. These cities accounted for 58 percent of condo sales in the GTA, making it a sales record.
The cause of this? People seem to be taking out fewer loans, more people are moving to these cities and there’s a pretty healthy job market.
But people who want to live the lavish life in downtown Toronto can’t seem to catch a break. The report shows that sales went downhill to 12 percent, making it the lowest it’s been since 2009.
Living in Toronto has always been expensive but Urbanation Inc suggests that changes in plans for new condos, high costs and challenges could be the cause of this.
With the recent news of and it’s suggested price drop, this might bring some reassurance for Torontonians with the cash to burn.