This week, the prices of condominium properties in Toronto and at the lakeshore condos in the city’s east will hit record highs, according to research by property consultants.
Story continues below advertisementThe average condo in Toronto’s Lakeshore neighbourhood is now selling for $1.25-million, up 10 per cent from a year ago, the report shows.
At the same time, the average condo on the Bayshores Condominiums at the edge of Toronto’s west end, at $1,800, is up more than 25 per cent.
In total, condos in Toronto sold for $3.6-million in June, an increase of more than $10-million over a year earlier.
But condos in Bayshire condos, which are located just to the north of the lakeside condo development, sold for just $1-million last month, according a spokesperson for the developers.
“The average price in Bisheshires condos is a bit higher than in Lakeshores condos,” said Mark Krumholz, president of Bayshouse Condominium and Investment Group, which has a major office in the area.
The city’s condo market has become more diverse over the past few years, with buyers moving into condo-hot areas in the downtown core.
At least half of all condo owners are foreign-born, a demographic that’s often seen as more of a challenge in the more expensive suburbs of Toronto, where the average age of a condo owner is nearly 35.
Story continue below advertisementFor some condo owners, the rising cost of living is a huge incentive to stay in their properties.
“It’s always been a challenge for us,” said Krumhelz, who added that many buyers who move to the city are in their mid- to late 30s.
“But if you can get into that 30s and start buying, you’re going to be the most valuable of all.”
He added that he has seen a significant spike in buyers in the past year, but stressed that this was a recent phenomenon.
“We have had an influx of foreign-Canadian buyers,” he said.
“We’re still seeing some people coming from Toronto.
But I wouldn’t say it’s unprecedented.”
At the same times, many of the condos that have sold this year in the Toronto area are priced well above their original asking price.
“The average asking price for a condo is $1 million,” Krumhez said.
For those that are in the market, he said, “you’re going have to be willing to pay more than you thought you would.”
In addition to the rising condo prices, the developers of the Lakeshoor condominium project say the new residents at the condo are also taking advantage of the city and the condominium is getting a lot of attention.
“People have been noticing the condo,” Kramholz said of the increased attention.
“It’s a lot more affordable than it was a year or two ago.”