Toronto Condo Prices Are Rising By An Insane Amount And It's Just So Alarming
Some areas have more than doubled in price in 5 years.
Oh, for the days of 2014. Toronto condo prices are increasing at staggering levels, without much relief for those in the market. , people looking at smaller investments as a way to save money will be shocked to see the difference in prices over the last five years.
And, depending on where you want to buy, your jaw (and heart) might be dropping even further.
According to Zoocasa, the prices for condos in some Toronto neighbourhoods have doubled since 2014. A look at some of the numbers will leave you wishing you could build a time machine and go back to grab a condo for prices that seem insane today.
In Scarborough's West Hill neighbourhood, for instance, the average price of a condo has spiked 147 percent over the past five years. In 2014, you could potentially buy at an average price of $138,000. But now, you are looking at an average of $340,750.
Yes, that means the increase alone is considerably more than what the price was in 2014, which is just staggering.
To the southwest, in Scarborough Village, the average condo will cost you $424,344 now, but only five years ago, you were looking at a mere $176,711!
At look at Zoocasa's mapping of neighbourhoods shows that areas in Toronto's east and west ends, once considered "cheap" spots to buy, are being eaten up by the nightmare that local housing prices have become.
Willowridge - Martingrove - Richview is the west-end neighbourhood where these staggering and somewhat depressing price increases are the highest. In 2014, the average condo price there was $184,245. Sounds great, right? But you are now looking at shelling out around $420,000.
These are only some of a few of the eight areas where condos prices have more than doubled.
But the news isn't all bad. Well, not all that bad.
Compared to a lot of neighbourhoods, these areas are still a whole lot cheaper to buy in. And if you are hoping to live in a more "upscale" place, prices in neighbourhoods like Leslieville, the Bridle Path, and Rosedale only jumped between 30 to 50 percent in the last five years!
In Toronto's crazy housing market, it's always important to find a silver lining. Let's call it baby steps.