GTA Detached Home exceeds $1M & The 905 Condo Thrives
Not sure if you noticed but the price of a detached house throughout the entire GTA hit an average price of over $1 million dollars for the first time ever in September, that's great news for homeowners throughout the region. Not the greatest news for first time home buyers looking to get into the housing market. Perhaps this was the trigger on some of the new changes imposed by the government on the housing market in the last few weeks.
With the low-rise housing market so heated, I think it's important to look at condominiums - which are becoming the feasible option for individuals and families buying their first home in the GTA and those who simply enjoy the stress-free amenity-rich lifestyle (like me). Also, with the entry to homeownership becoming more and more difficult due to increasing prices and new housing rules, we will most likely see an increase in the demand for rentals. This is more good news for condo investors.
Now let's look at the stats. Condos were the only home type that saw an increase of sales over 20% from 2015 in both 416 and 905 regions with the most activity out of all home types occuring in the 905 condo market. In addition 905 condos saw an increase of almost 20% in prices which is 10% more than 416 condos and fairly aligned with the price increases on townhome and semi-detached homes. Overall positive outlook for condos in the last month.