Monday, February 04, 2008

Condo prices on the rise in Toronto and GTA

Condo Prices outpace Detached homes in parts of the GTA in 2007

For the first time, the average price of a condominium in some GTA districts last year rose at a higher rate than single-detached houses.

In the GTA's central core district, the average condo price in 2007 jumped by 12.2 per cent (to $327,559 from $292,064), according to Re/Max Ontario-Atlantic Canada. In the same year, the average price for single-detached homes in the same district went up by 11.5 per cent (to $910, 906 from $816,938).

In the west end, condo prices increased by 7.3 per cent, single-detached prices by 6.6 per cent.

"Condominiums are clearly a viable – and now financially feasible – alternative to single-detached housing," says Michael Polzler, executive vice-president of Re/Max Ontario-Atlantic Canada.

Condo prices rose by double-digit amounts in 12 of 63 Toronto Real Estate Board districts in the GTA last year, Re/Max said in a statement. The best-performing district was Bayview Village, where average condo prices jumped by 40.8 per cent (to $340,113 from $241,611).

As for single-detached homes, their average prices increased by double-digit amounts in 13 of those 63 TREB districts, led by Forest Hill, where the average price climbed by 21.1 per cent (to $1,028,960 from $849,697).

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A. Mark Argentino
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