Prices around Toronto are rising as more people GTFO of the city.
A new survey from CENTURY 21 Canada revealed the most expensive areas in Ontario when looking at property price per square foot and (surprise, surprise) downtown Toronto topped the list.
According to their findings, downtown Toronto condos cost $956 per square foot. Trailing in at second (and nearly $350 behind) were detached homes in Vaughan at $612 per square foot. Markham and Hamilton were next with $557 and $532 for detached homes respectively, and Cambridge duplexes rounded out the top five at $527 per square foot.
"Demand has been off the charts," Mike Seiler, owner of CENTURY 21 In-Studio Realty said. "Our clients are moving up from Toronto now that they can work from home. People are realizing how much more space you can get once you get out of the metro area."
The CENTURY 21 report also revealed that property prices in cottage country areas like Owen Sound and Grey Bruce grew more than 80 percent from 2020 to 2021. Suburbs around the GTA also saw a double-digit increase in prices, while downtown Toronto condos were "actually slightly down for the first six months of the year, but are coming back strong."
The survey compared the price per square foot of properties sold between January 1 and June 30 of this year to the same time last year. This year, condo prices in Toronto were 7.45% less than they were in 2020 (when they were $1,033 per square foot). Interestingly, Hamilton saw a 31% leap from $406 to $532 per square foot for detached homes.
The report also broke down the most expensive areas across the country. Surprisingly, Toronto did not crack the top five. According to the survey, Montreal is the most expensive area with detached homes costing $1,350 per square foot. Downtown Vancouver condo prices took the number two spot at $1,310 per square foot.
This article's cover image is used for illustrative purposes only.
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