Living walking distance to your office isn’t an option for most who work in the downtown core anymore. It’s a question of affordability: the average property in Toronto central now goes for about $1.3 million, while condos are almost $600,000.
Many residents are now choosing instead to live within commuting distance to the city. Not only are they likely to get a bigger house on more land, but if they live close to the GO Transit line, they can skip the congestion and traffic and enjoy an easy ride to work.
Condo sales posted unusually weak price gains this March, rising only 2 per cent year over year, says a recently released report by the Toronto Real Estate Board.
It’s surprising because since new mortgage regulations came into effect on January 1, 2018, condo prices have been the darling of the Toronto real estate market, rising between 5- 10 per cent year over year every month, even as detached houses softened. But this March, condo prices only grew slightly.
Units in the 416 rose 2.3 per cent to $603,969, while units in the 905 grew 3.3 per cent to $463,774. Condos for sale in downtown Toronto were still the most expensive units across the TREB region, going for $673,220, but are only $20,000 more expensive than in March 2018.