Condo sales continued to grow in the later half of the year as low-rise sales slowed down. Of the 5,377 homes sold in the GTA last month, only 9% were low-rise single-family homes. This number represents the trend that has been ongoing in 2017 with new condos outselling multi-family homes.
The three key buyer groups of the condo market are as follows: small investors, buyers who have been priced out of single-family homes and buyers who prefer the convenience of the condo lifestyle. With these buyer groups growing in size, things continue to look up for Toronto’s condo market. Below are the main stats you should know before 2018 begins.
1. Of the 5,377 new homes sold in the GTA in October, 91% were multi-family homes.
2. In October, condo sales were 80% above the ten-year average while low-rise sales were 64% below the ten-year average.
3. 82% of total new home sales so far in the year have been condos.
4. Supply of new housing increased to 12,500 units.
5. Average price for a new single-family home this year was $1,217,428, up 30% from last year’s average which was $937,689.
6. Average price for a new multi-family home went up 34% compared to last year, reaching $677,456.
7. October’s average unit size for new condos was 857 square feet, seeing an increase from 809 square feet from last year.
8. October’s average price per square foot for new condos was $791, compared to $601 from last year.
source: Buzz Buzz News
The post What You Need to Know About Toronto’s Changing Housing Market Heading Into 2018 appeared first on Penthouse Queen.