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RSS FeedsCondos alone withstood housing correction, Re/MAX says
(The Star Movies)

 
 

13 november 2018 16:08:13

 
Condos alone withstood housing correction, Re/MAX says
(The Star Movies)
 


Condos represent more than a third of residential property sales in the Toronto area so far this year, accounting for about 25,000 sales or 36.7 per cent of real estate transactions between January and October this year. That is up from 30.1 per cent in the same period five years ago, including both new and resale units.It is the only housing market segment that maintained its upward momentum through the 2017 market correction, according to a report from Re/MAX released on Tuesday. The average price of a condo apartment rose about 8 per cent or about $40,000 year over year in the period between January and October — to $551,761, from $512,552.Condo townhome prices remained essentially flat in the same period, says the report. The success of condos is largely a function of the region’s affordability challenges, said Christopher Alexander, Re/MAX Ontario-Atlantic Region executive vice-president.Most of the growth in condos has come in the last two years with the largest jump of nearly four percentage points occurring between 2016 and 2017. Before that, he said, “There wasn’t a lot of inventory and there wasn’t a lot of price appreciation.” Although condos have gone mainstream, they are still a compromise for a lot of buyers, who would prefer to own a house, Alexander said.“You look to an area where you’d love to buy a home but a condo is 30 or 40 per cent less. You can still be in the neighbourhood you want, just in a lot less space,” he said. “Affordability really propelled the condo market in both market share and just it really carried the resale market in the last year and a half.”Higher downtown Toronto condo prices are pushing some buyers, including first-timers, to areas outside the core. About 10 per cent of resale condo transactions were near the Yonge St. corridor north of Hwy. 401 and along the Sheppard subway between Bayview Ave. and Leslie St., says the report.Buyers such as Cherry Qin, ...


 
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