By Mark McLean, TREB President
If there were ever a city aware of the dangers of falling victim to its own success, it’s Toronto, where on any given day you’re likely to encounter a water cooler discussion about house prices.
Millions of people share a love of the Greater Toronto Area and together we have built an amazing city that routinely receives top marks in global rankings
In February the average price of a GTA home was $687,278. Compare that to the average price of $454,423 five years ago and the result is a 51% per cent increase.
Benefits of Condo Living
If you feel overwhelmed with the idea of becoming a homeowner, not to worry condominium living offers an affordable alternative to low-rise housing and boasts the convenience of a maintenance-free lifestyle with proximity to countless business opportunities and entertainment options.
As evidence of its popularity you need only to look to the skies: whether its Mississauga in the west end or downtown Toronto, there is a fairground of cranes putting together the latest enticing approach to urban living. Condominium developments are creating communities geared to suit any lifestyle for the young, mature, single or family who is looking to achieve the Canadian dream of home ownership.
Why Choose Condo Life
The condominium market is a great way to get into the housing market if the costs of a detached home are outside of your budget, and so it’s no wonder that many people have embraced the condo lifestyle. In February, an average price for a detached GTA home was $909,761 whereas the average price for a condominium apartment was $382,070.
Canada Mortgage and Housing Corporation’s latest release of the results for its 2015 Condominium Owners Survey illustrates just how much we have come to embrace this housing type. The survey found that investors living in the Greater Toronto and Vancouver Areas plan to keep their last purchased condominium unit for more than five years, which shows confidence in the market’s long-term outlook.
If you’re considering the purchase of a condominium apartment either as an investment or a first home, talk to a Greater Toronto REALTOR®. In addition to searching resale offerings on MLS®, REALTORS® can also access a database of new home developments throughout the GTA, and provide you with information on government programs to put your goals within reach.