It's so hot it could burn a hole in your wallet. 🔥
The condo market in North York is burning up right now as more homeowners are flocking north of the 6ix to secure their first-time home.
According to Strata, prices of condos all throughout North York have been on a steady increase since March this year. One-bedroom condos went up $25,000 in the past four months, going up to an average sale price of $528,000, while two-bedroom units went up $45,000 to a grand average total of $698,400.
The condominium apartment market has seen a marked turn-around in 2021 with sales up compared to last year. For mor… https://t.co/JCtItbkijt— Toronto Regional Real Estate Board (@Toronto Regional Real Estate Board) 1628190343.0
The report says that one-bedroom condos have even gone for well over the asking price, which is a complete turnaround from the beginning of the year apparently when they were typically selling below.
The most desirable area in North York right now is Willowdale, Strata says, which is situated near all of the major roads like the DVP, the 401 and Yonge Street. Anyone who bought a one-bedroom condo in July 2021 in this neighbourhood apparently paid on average about $60,000 more than those who secured a space in June 2021.
"Many of the people buying in North York right now are first time homebuyers as it's a bit more ideal as an entry point. It's also an area where downsizers can pick up a retirement home, but still find all the conveniences of the city," Strata broker Cliff Liu said in the August 3 announcement.
As the market heats up in North York, the rest of the City is apparently cooling off. Downtown Toronto condo prices have reportedly stayed at a healthy average of $790,000 since April while midtown prices actually plummeted nearly 150K since April's high at over a million.
Toronto Regional Real Estate Board recently released their homeownership data for July, which demonstrated the continued strong demand despite "a pandemic-related lull in population growth."
"Of specific note is the condominium apartment market, which has seen a marked turn-around in 2021 with sales up compared to last year. First-time buyers, many of whom were slower to benefit from the initial recovery phase, remain very active in the market place," TRREB President Kevin Crigger said.