With prices up double digits in each of the property classes; Detached homes are sitting at an average of 1.8M up 19% from last year, Semi-detached homes are selling at an average of 1.47M , up 22%, Condos at an average of 760k up 21% and Towns up a whopping 32% at 1.080M.
What the numbers illustrare clearly is that the last and only product in the city that you can purchase at under 1 million dollars is a Condo. Making it the only real option for many. In my personal opinion, this might very well be the year of the condo because this has absolutely been my lived experience on the ground so far. There has been renewed interest in this category of property as detached homes have priced out many from considering it a viable option and in many circumstances a 20% downpayment can be avoided also.
We are only 6 weeks into this year so far, and the condo market has been a busy one. With the anticiapted interest rate increases in the coming months (starting with March) it will be interesting to see how a rate hike may potentially impact (if at all) condos. I’ll be sure to keep you updated on my experiences on the ground.