Whether you're a first-time homebuyer or someone who wants to downgrade to something a little cheaper, condos have always been the less expensive option when it comes to living. However, a new study done by Royal LePage states that if you live in Toronto, this actually isn't the case. In fact, it turns out that Toronto condos prices are starting to become nearly as expensive as Toronto's homes, and even more expensive than the average Canadian home.
In a new study done by Royal LePage, one of their key findings was that the price gap between condos and homes in the city of Toronto is dramatically shrinking, as condos surpassed the $600,000 mark this year.
This year, the average condo prices in Toronto rose to whopping $618,391, compared to the average $566,482 from the year before. With bungalow housing prices rising to $870,179, or $811,090 in the Greater Toronto Area, it seems that condos are no longer becoming the more affordable option for Torontonians.
In fact, the study also states that as condo prices continue to rise, and the price gap between condos and detached properties continues to shrink, the demand for detach homes has grown throughout the city as more people are choosing to pay the extra for a home.
In fact, when it comes to an average Canadian home, the average price of a bungalow nationally is $521,250, which is actually less than what you can expect to pay for a condo in the city of Toronto.
However, it's not just Toronto that is facing this massive surge in condo pricing. Royal LePage states that condos are now the fastest appreciating housing type, and this year, the median price nationally rose 3.4 percent.
According to the Toronto Star, condos, townhouses, and apartments saw prices rise 9.2 percent in Toronto this year.
To make matters even worse, according to a study done by Zoocasa this summer, the prices of condos in some Toronto neighborhoods have even doubled since 2014.
With Toronto housing prices skyrocketing, it's predicted that by the end of the year, a price of a home in Canada will rise an additional 1.5 percent.