One North York Neighborhood Is A Hotspot In Condo Market
As Toronto’s condo market is on track to bounce back with an upward price trajectory amid the ongoing pandemic, one area in Toronto has been consistently seeing condo prices increase.
In North York, one-bedroom units have seen four consecutive months of price increases, according to a report from Strata. In March, the average sale price for this unit type was $503,000. By the end of July, it had gone up to $528,000 for an increase of $25,000 in just a few months alone.
Two-bedroom units also became more expensive, hitting a yearly high in July; North York homebuyers paid $698,400, an increase of over $45,000 since March.
The growing desirability of the North York market has also resulted in properties selling for well over asking. In July, one-bedrooms sold for 3.32 per cent above list price, a stark contrast from the beginning of the year when they were selling below.
Willowdale, an area close to both the DVP and 401 as well as stops on the Yonge and Sheppard subway lines, is the hottest pocket in North York right now.
It also includes the major arterial road of Yonge Street, stops along both the Yonge and Sheppard subway lines, plus easy access to the popular Fairview Mall. The area is already home to many condominiums with more to come, due to the city’s policy of densification around existing mass transit.
Those purchasing a one-bedroom in Willowdale last month paid on average about $60,000 more compared to June.
Condo prices in surrounding areas, are higher, but have remained relatively unchanged in the last few months.
In downtown Toronto, for example, average condo prices have hovered at about $790,000 since April. And in midtown, condo values there have actually plunged by nearly $150,000 since April’s peak of $1,026,083.
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