Yorkville Condo Prices Are Dropping So Much That They're Actually Becoming Affordable
Toronto's upmarket neighbourhood of Yorkville has become a lot more affordable in recent months due to plummeting property values.
According to a report published by Strata, Yorkville's condo prices have declined by over 10% in the last twelve months, and even more in surrounding areas.
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-11.79%
Decline in Yorkville's condo value
The value refers to the average price-per-square-foot for that neighbourhood.
Real estate in The Annex has dropped by 29.9%, and 11.98% in the Bloor-Yonge area, according to the report.
It's also become a lot cheaper to rent in these areas. Rental values plunged by 19.21% in Yorkville, 21.58% in Bloor-Yonge and 22.56% in the Bay Street corridor.
For example, units in the Residences of Yorkville Plaza are listed for just over $500,000, and some are $1,500 a month to rent. Another nearby condo in the heart of Yorkville is selling for $609,000.*
"I have investor clients who were once so proud to own a property in a luxury neighbourhood. But they had no idea a pandemic like this was going to hit and drive immigration out of the city," said Strata real estate agent Sam Massoudi in the report.*
"So now some of them have sold. For those who didn’t, they’re renting these places out for very cheap. That's why we’re seeing such low rents in some luxury areas."
Meanwhile, historically more affordable parts of the city, like The Junction and Regent Park have gone up in value — 11.33% and 5.67%, respectively.
Strata's Broker of Record Robert Van Rhijn told Narcity that he's "not startled to see values increase as cautious buyers hunt for better deals," in these areas.
"Look, even during lockdown periods, we’re seeing bidding wars in these areas," he said.
*This article has been updated.