Ajax

Brock

Clarington

Oshawa

Pickering

Scugog

Uxbridge

Whitby

Aurora

East Gwillimbury

Georgina

King

Newmarket

Richmond Hill

Vaughan

Whitchurch-Stouffville

Markham

Oakville

Milton

Halton Hills

Burlington

Toronto

Mississauga

Brampton

Caledon

Hamilton

<h2>The Short</h2>Ontario took a significant step toward overcoming its housing crisis late last month when the provincial government tabled <a href="https://news.ontario.ca/en/release/1002423/ontario-taking-bold-action-to-build-more-homes" target="_blank">new rules</a> that fast-track the process of adding basement apartments and garden or laneway suites to single residential lots.<h2>The Long</h2>Given the number of cranes dotting the skylines of Toronto, Ottawa, Hamilton and other Ontario cities, the housing crisis can seem overblown. How can there be a shortage of housing with all this condo construction going on?That&rsquo;s what makes the situation so troubling. As torrid as the pace of construction has been over the past decade, with new housing completions averaging around 67,000 a year since 2012, the pace must more than double for the government to hit its target of 1.5 million new homes by 2032. Ontario is expected to grow by more than two million people between now and then, with approximately 70 percent of this growth taking place in the Greater Golden Horseshoe Region.No wonder rental prices keep climbing, with the average monthly price for GTA condo units hitting an all-time high of $2,627 in 2022. Not to mention that, on average, rental units are sitting on the market for an all-time low of just 14 days.That&rsquo;s where the new &ldquo;missing middle&rdquo; rules included in the More Homes, Built Faster Act come in. While up to three residential units were already allowed on most land zoned for one home, the proposed legislation exempts second and third units (such as basement apartments and garden and laneway suites) from municipal by-law amendments, municipal permissions, and parkland dedication charges.These additional units are also exempt from the fees collected from developers that help pay for the cost of municipal services or impacted infrastructure such as roads and transit. If it passes, the new legislation will be in effect by the summer of 2023.<h2>Garden and Laneway Suites Explained</h2>These self-contained residential units are located on the same lot as a larger detached or semi-detached house, townhouse, or other low-rise home. Laneway suites are typically built in backyards next to public laneways, while garden suites can be set pretty much anywhere on a residential lot.<h2>My Two Cents</h2>These rules diversify the urban housing mix by bringing Ontario closer to European-style zoning, which spreads density more evenly than is typically the case in North America. Here, low-rise neighbourhoods and dense apartment/condo developments tend to be more distinct. At the same time, second and third units can not only boost the value of a homeowners&rsquo; property &mdash; but also generate rental income, and provide mortgage relief.In a city starved of housing inventory, this is a step in the right direction.

Market Byte: New Rules Pave Way For (Many) More Laneway And Garden Suites

&ldquo;Night and day&rdquo; is how Strata.ca realtor Milan Mitrovic describes the spring rental markets of 2021 and 2022. &ldquo;Last May there was some uncertainty as to what would happen when offices and storefronts reopened. Now we know one thing for sure: As we come out of the COVID-19 pandemic, the GTA market for residential rentals is going through the roof.&rdquo;Just about every measure of rental market performance has trended upward since one year prior:<ul><li>Average cost per square foot (PSF): Up 15% from $3.10 to $3.57</li><li>Average monthly rent: Up 12% from $2,271 to $2,541</li></ul>Supply indicators, meanwhile, have been sliding:<ul><li>Total inventory: Down 64% from 7,923 to 2,838</li><li>Average sold days on the market: Down 41% from 22.8 to 13.5</li></ul>&ldquo;Low inventory and <a href="https://www.ctvnews.ca/business/bank-of-canada-hikes-key-interest-rate-by-50-basis-points-to-1-5-per-cent-1.5927290" target="_blank">interest rate</a> paranoia seem to be the culprit of rising prices,&rdquo; says Strata.ca realtor Nate L&eacute;gar&eacute;. &ldquo;After a winter hibernation, rental markets are roaring back this spring with multiple offers, large rental deposits, and very few days on the market.&rdquo;<picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/147/pexels-alex-ohan-11754739-600.jpg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/147/pexels-alex-ohan-11754739.jpg"/><img src="https://media.strata.ca/article-images/147/pexels-alex-ohan-11754739.jpg" alt="null"/></picture><h2>Downtown on a tear</h2>The uptick is most dramatic in <a href="https://strata.ca/toronto/downtown/condos-for-rent" target="_blank">downtown Toronto</a>, where the average monthly rental price has increased by $387 since last June. &ldquo;With jobs moving toward a hybrid model, many are predicting they&rsquo;ll be back in the office more frequently over the next year,&rdquo; says another Strata.ca agent, Jenelle Tremblett.And according to Tremblett&rsquo;s colleague Larry Medina, three distinct demographics are fuelling the current rental market surge:1. Students coming back to the city with the return of on-campus learning2. Working professionals returning to the office on a hybrid work-from-home model, and3. Landlords selling their unitsIndeed, while the downtown core&rsquo;s overall rental supply has plummeted &mdash; when it comes to <a href="https://strata.ca/toronto/downtown/condos-for-sale" target="_blank">downtown condos for sale</a>, inventory is up slightly since last spring.&ldquo;Last year the demand was heavily focused on students, with a peak in July and August and levels returning to normal in September,&rdquo; Medina says. &ldquo;This year the uptrend started as early as March, and I&rsquo;m seeing no signs of it slowing down. In fact, I&rsquo;m seeing units get listed and in five hours, bam, they&rsquo;re gone.&rdquo;One-plus-dens &ldquo;are barely seeing the light of day when it comes to days on market,&rdquo; L&eacute;gar&eacute; points out. &ldquo;The allure of extra workspace makes these units highly desired when priced right, and it's not uncommon to see upfront payments of six months&rsquo; to one year&rsquo;s rent on these coveted gems.&rdquo;Tremblett also agrees that some rentals are being snapped up as soon as they&rsquo;re listed. At one such property in the Beaches, the offer date, she recalls, was within 24 hours of it hitting the market. &ldquo;The 2-bedroom house brought in 11 offers and was leased for $1,500 over asking. That&rsquo;s a crazy example, but definitely lit a fire under me as a realtor.&rdquo;On that note, the Strata team is offering up the following tips for finding the best value in the GTA&rsquo;s overheated rental market.<h2>Milan Mitrovic: Do your research</h2>&ldquo;If you&rsquo;re looking to stay long-term, make sure your unit is rent controlled. This means asking your agent to confirm the unit was occupied for residential purposes prior to November 16, 2018. Additionally, if you&rsquo;re looking to gain maximum value for the price you pay &mdash; there are buildings around the city that include all utilities. <a href="https://strata.ca/toronto/381-front-st-w-397-front-st-w-apex-at-cityplace" target="_blank">Apex at Cityplace</a>, for example, is a building that checks off all these boxes.&rdquo;<h2>Nate L&eacute;gar&eacute;: Get aggressive</h2>&ldquo;Dreaming of southern lake views down on Queens Quay? You're going to have to act quick and get aggressive with your offer if you want to nab a nicely furnished unit, like the ones at <a href="https://strata.ca/toronto/88-100-harbour-st-harbour-plaza-residences" target="_blank">88-100 Harbour</a>, for example.&rdquo;<h2>Larry Medina: Daily alerts aren&rsquo;t good enough; hourly is key</h2>&ldquo;In this competitive rental market, use a data-based platform like Strata.ca to its full potential. At the moment, my clients are obsessed with hourly listing alerts. This means you&rsquo;ll be notified the moment a property matching your criteria hits the market. This allows us to move quickly, so you&rsquo;re ahead of other renters.&rdquo;<h2>Jenelle Tremblett: Lean on me</h2>&ldquo;Please stop thinking you can do this on your own. Using a real estate agent is free for a renter. So please work with someone who can navigate a very competitive market and who is knowledgeable about the area you are moving to. Also, have all documents ready before starting your search so you&rsquo;re prepared for how quickly the market moves. And do not start your search too early on &mdash; I recommend six weeks of lead time before your move-in date.&rdquo;<h2>Steven Micallef: Pick your spots</h2>&ldquo;Rental prices are more balanced in areas where demand isn't as high, such as buildings further away from universities and downtown subway lines. The rental market tends to cool off and favour tenants as we approach late fall and into the winter. So if you haven&rsquo;t landed the perfect property this spring, your next opportunity will come later this year. You may even find yourself with more negotiating power then, too.&rdquo;

Realtors’ Top Tips for Conquering GTA’s Red-Hot Rental Market

It&rsquo;s said that April showers bring May flowers. But in residential real estate circles the saying goes differently: April offers bring May closings. For decades, two key measures of momentum in the GTA housing market &mdash; sold transactions and total inventory &mdash; have typically peaked between March and May. A third key metric, average days on market, typically hits its lowest levels over the same period each year. As nature blooms, so do home sales.With all bets being off during pandemic-fuelled volatility, GTA real estate watchers can be forgiven for expecting the spring market of 2022 to return to form. But this simply hasn&rsquo;t happened. Instead, just about every measure of market performance peaked from January to March before dipping in April and early May. At the same time, terminated listings spiked oddly in late April, with 567 properties being pulled from the market between April 26 and May 2.<h2>Competition cools</h2>According to Galina Sheveleva, a realtor at <a href="https://strata.ca/">Strata.ca</a>, higher interest rates and an increase in the number of listings are the two main factors cooling the GTA market. &ldquo;What makes a hot market hot is a large number of buyers and a small number of listings, causing buyers to fiercely compete for scarce properties. When this formula changes and there are more listings and fewer buyers, the competition dies down.&rdquo;Indeed, both the new and total inventories of GTA residential property have steadily increased since the start of the year, with the latter more than tripling from around 1,400 listings in early January to 4,609 on May 9. The relatively high number of terminated listings, meanwhile, indicates that many sellers did not receive the kind of &lsquo;way-over-asking&rsquo; offers that made headlines during what Sheveleva describes as the &ldquo;insane&rdquo; first quarter of 2022.Of all residential properties, studio and one-bedroom condos &ldquo;are holding their value fairly well,&rdquo; Sheveleva says. &ldquo;Since condos in general are the most popular entry-level property type, they tend to be the choice for those people who want to get into the market but cannot afford a bigger place. Downsizers also happen to be attracted to condos, too.&rdquo;All of this begs the question: Does the spring of 2022 represent a tipping point, when the GTA&rsquo;s five-year-long seller&rsquo;s market will finally morph into a buyer&rsquo;s market?<h2>Time to sell and buy</h2>From a seller&rsquo;s perspective, the market would have to bottom out like never before to erase year-over-year property value gains. With the average sold price of all GTA homes topping $768,000 &mdash; more than double 2015 values &mdash; anyone who bought a home just a few years ago has an increasingly appealing option: selling and rebuying.Home sellers who get ahead of any market-softening prime rate hikes by the Bank of Canada &ldquo;would be able to take advantage of a cool down in their purchase, while still benefiting from a historically overheated sales market,&rdquo; Sheveleva says. &ldquo;Freehold homes are likely to experience a more significant dip than other types of properties, so if you can afford to purchase one this would be a great investment in the long run.&rdquo;<h2>Supply still outpacing demand</h2>According to Strata.ca broker Cliff Liu, the market will only soften so much in 2022. &ldquo;House-hunters don&rsquo;t suddenly disappear. Buying will heat up again once there is more clarity in the market about the current economic and political environment. As of now there is an excess of two million immigration applications in backlog. And if Canada is still going to bring in 1.3 million immigrants from 2022 to &lsquo;24, the housing shortage isn&rsquo;t going anywhere.&rdquo;May&rsquo;s <a href="https://toronto.ctvnews.ca/15-000-carpenters-walk-off-job-across-gta-joining-thousands-of-other-workers-already-on-strike-1.5894801" target="_blank">LiUNA construction strike</a> is putting further strain on new housing supply, Liu adds, pushing up prices. &ldquo;If the strike ends with wage increases for construction workers, this will translate into higher costs and lower margins for developers and builders. This, combined with increases in the cost of materials and rising inflation overall, could cause some developers to put housing projects on hold.&rdquo;No wonder the runup to <a href="https://toronto.citynews.ca/2022/05/11/ontario-election-poll-doug-ford/" target="_blank">June&rsquo;s Ontario election</a> is being so closely watched by prospective buyers, sellers and real estate professionals. &ldquo;I see May as the calm before the storm,&rdquo; Liu says. &ldquo;It&rsquo;s just not clear if and when the storm will arrive &mdash; and what kind of storm it will be.&rdquo;

Are GTA Home Sales Nearing a Tipping Point?

For Toronto and the GTA, the past five years have seen seismic shifts in the local economy &mdash; including a (seemingly) never-ending boom in real estate. Now with the intensity of the last couple of years just out of view, we can turn our focus to the next five. So let&rsquo;s look at what shifts are currently taking place, and where the market might be headed in the near future.<h2>How did we get here in the first place?</h2>In order to paint the future real estate picture, it&rsquo;s crucial to understand how we even got here in the first place. Since 2016, an increase in population has been one of the most significant impacts on property price hikes. Between interprovincial, interregional and international migrations &mdash; Toronto has seen <a href="https://www.ryerson.ca/centre-urban-research-land-development/blog/blogentry35/" target="_blank" rel="nofollow">unprecedented population growth</a>, all while the construction of new dwellings have failed to keep pace.Between 2016 and 2021, rapid growth at historically low interest rates and an increase in foreign investment kick-started an upward trajectory for the Canadian real estate market. Only a year later, the latter was soon counteracted by Ontario&rsquo;s Non-Resident Speculation Tax (NRST) &mdash; a 15% charge on non-citizens in a move that slowed foreign investment. But ultimately, it had little effect on the impending housing boom. (The provincial government recently increased the NRST to 20% and expanded it provincewide.)Of course, what began as an easier playing field for citizens (i.e. 5% down on a first home) became drastically more difficult when the Canadian Mortgage and Housing Corporation introduced their &lsquo;Stress Test&rsquo; in January 2018. This forced buyers to prove they could afford a much higher mortgage rate increase than in years prior, leaving many first-time buyers out of the running, and creating a frenzy for those who just made the cut.While these moves may have levelled the playing field for a time, most proved largely insignificant in the wake of the pandemic in early 2020.<h2>Oh right, the pandemic&hellip;</h2>The trends borne out of the pandemic, including the advent of &lsquo;work from home&rsquo;, the need for more space (think garage gyms) or increased amenities for condo living, pushed an already accelerating market over the top.This shift has encouraged people to purchase everything from larger detached homes on the outskirts of the GTA to more centralized <a href="https://strata.ca/toronto/downtown/condos-for-sale" target="_blank">condos in the downtown core</a>, driving up housing costs (literally) everywhere.Now, as the pandemic winds down and with the recent announcement of a new set of rules set out by the <a href="https://www.cbc.ca/news/politics/liberal-ndp-accord-confidence-supply-agreement-1.6397985" target="_blank" rel="nofollow">Liberal-NDP partnership</a> &mdash; local real estate professionals are predicting a number of positive changes.<h2>New policies announced for real estate</h2>&ldquo;The Liberal-NDP coalition will result in new government policies 100 per cent,&rdquo; says <a href="https://strata.ca" target="_blank">Strata.ca</a> realtor Daniel Forte. &ldquo;These will be policies that should speed up housing development to meet demand, and remove barriers to allow more people to enter the market.&rdquo;Some of those policies include:<ul><li>Extending the rapid housing initiative for an additional year</li><li>Aiming to commit all funds as quickly as possible to ensure housing is available within 12 months of agreements, unless otherwise agreed upon</li><li>The Housing Accelerator Fund that will help municipalities build housing more quickly</li><li>A &lsquo;Homebuyers Bill of Rights&rsquo; by the end of 2023</li></ul><h2>Will these new regulations impact property flipping?</h2>While the full effect of these new measures remains to be seen &mdash; when it comes to the growing popularity of the house flip, Forte also says that &ldquo;only recently have people been using real estate as a two to four year investment tool.&rdquo; While it began largely with the housing market, he expects that this type of investment will shift to condos.In particular, Forte says, &ldquo;condos with reasonable fees and parking will be the properties that offer the biggest return on investment in the next five years.&rdquo;<h2>Where to? Here are the neighbourhoods to look at next</h2>With the outlook holding steady for growth and investment, the question on everyone&rsquo;s minds is: Where is demand going next?Osman Omaid is another real estate professional at Strata.ca, who believes specific condo types will yield the highest return on investment.&ldquo;A reasonably priced one bedroom or one bedroom plus den in up-and-coming neighbourhoods will offer great appreciation between 2025 and 2030,&rdquo; he explains.Some of Omaid&rsquo;s suggestions include:<ul><li>One bedroom condos in <a href="https://strata.ca/toronto/downtown/regent-park/condos-for-sale" target="_blank">Regent Park</a></li><li>One bedroom + dens in <a href="https://strata.ca/toronto/north-york/flemingdon-park/condos-for-sale" target="_blank">Flemingdon Park</a></li></ul>Both neighbourhoods are flourishing in terms of new builds or added amenities currently under construction. In fact, Flemingdon Park Station is being built as part of a new transit project called The Ontario Line &mdash; which is expected to increase overall property values in the surrounding area.In terms of the best property to purchase for that kind of gain? Forte recommends a detached home in a desirable area with frontage.&ldquo;This is generally considered the best and most desired property,&rdquo; he says. &ldquo;And its long-term value will not only hold but also increase, especially when it hits the 10-year milestone.&rdquo;

Where is Toronto’s Real Estate Market Headed Over the Next Five Years?

There was once a time when Torontonians would never dream of living in cities like Ajax, Mississauga or Vaughan because it was simply &lsquo;too far&rsquo;. But of course that era is long gone as homebuyers explore their options further and further outside city limits; an exploration fuelled by that desperate search for affordability.No doubt this ongoing quest for cheaper housing has brought many people to the city of Hamilton. A former blue-collar steeltown whose economy was once famously dominated by Stelco and Dofasco &mdash; Hamilton is now seen as simply an extension of the GTA suburbs.<h2>Hamilton condo values jump by 68%</h2>Last spring, <a href="https://strata.ca" target="_blank">Strata.ca</a> data showed Hamilton was one of the hottest real estate markets to emerge from the COVID-19 pandemic. At the time, condo sales had <a href="https://strata.ca/blog/hamilton-condo-prices-appear-to-be-cooling-off-even-though-sales-nearly-triple" target="_blank">nearly tripled</a> compared to one year prior.When it comes to property values, Hamilton has seen some of the highest appreciation rates in all of Ontario. Right now, the average cost per square foot (PSF) on a <a href="https://strata.ca/hamilton/condos-for-sale" target="_blank">Hamilton condo for sale</a> is $641. That&rsquo;s a far cry from the humble $388 PSF back in April 2020, indicating an overall price increase of 68%. Like elsewhere in Ontario, this jump is largely attributed to a drop in supply &mdash; yet an exponential increase in the number of homebuyers trying to make The Hammer their new home.<h2>&ldquo;Pushed out to the &lsquo;Hamiltons&rsquo; of Hamilton&rdquo;</h2>Until now, headlines have largely focused on the Torontonians moving to Hamilton, taking advantage of relatively cheaper housing and a different pace of life. But we want to know &mdash; what has this migration meant for the people already living in Hamilton their entire lives?We checked in with Christopher Climie, a partnering agent at Strata.ca who specializes in Hamilton real estate. Here are his insights.1) First off, what do you think is behind this stunning increase in Hamilton property values?Christopher: I&rsquo;d say Hamilton originally gained some momentum in 2017, even before the COVID-19 pandemic. That&rsquo;s when several Toronto-based magazines were featuring Hamilton as an up and coming city. Reliable GO train service plus word of new housing developments is what made Torontonians realize en masse that Hamilton was the next Oshawa, Mississauga or Vaughan.Essentially, Hamilton was one of the last places to find affordable housing with relative accessibility. For sure it&rsquo;s still a long commute into downtown Toronto. But it&rsquo;s doable. And that&rsquo;s what mattered most to people.2) So what changed then when the pandemic actually hit?Christopher: When Ontario&rsquo;s first lockdown happened in March 2020 and people started working from home, many Torontonians began to realize the $3,000 they&rsquo;re paying in rent could easily get them a purchased home in Hamilton with minimal down payment. I saw this realization play out over and over again with my Toronto-based clients looking to make the move out here. That&rsquo;s when a mass pilgrimage to Hamilton began, triggering that steady increase in property values.We saw this influx again in 2021 as the &lsquo;late adopters&rsquo; (uncertain if they were ever going back to the office in-person) also decided to make that pilgrimage. At the same time, Hamilton was making headlines for its rising property values. And this definitely pushed even more people into the Hamilton market, largely driven by a &lsquo;now or never&rsquo; mentality.I want to add that the pandemic has also brought a lot of ex-Hamiltonians back to our city. Generally people who want to be close to family again, and use their buying power to purchase a house rather than rent an apartment in Toronto.3) So what has this meant for those originally from Hamilton, who are trying to purchase real estate in their own city?Christopher: I&rsquo;ve talked to a lot of Hamiltonians, and they feel prices here are just too high. Much in the same way that Torontonians have looked outside city limits for affordability &mdash; those born and raised here are being pushed into the &lsquo;Hamiltons&rsquo; of Hamilton. I have clients who are now looking at properties in Beamsville, Cayuga, Paris, London and even further beyond.4) And what&rsquo;s the sentiment among those who have already owned a home here for decades?Christopher: A lot of them are empty nesters, and they&rsquo;re cashing out because they never believed their house could ever be worth a million dollars. You have to remember, anything remotely close to that price point was always seen as a &lsquo;Toronto thing&rsquo;. Nobody ever imagined this would happen in Hamilton.5) Where do you see Hamilton real estate headed over the next few months and beyond?Christopher: I think we&rsquo;re going to see a repeat of 2017. That&rsquo;s when prices jumped right before the spring market, but then settled during April and May. Things were then quiet over the summer months. But if you want to look ahead to, say, the next three years &mdash; I can&rsquo;t predict what&rsquo;ll happen because even the past three years alone have shocked a lot of us.6) How do you see Hamilton adapting to the ongoing influx of buyers from outside the city?Christopher: The truth is, many of those born and raised here are feeling pushed out. So they&rsquo;re pushing back by demanding our governments provide affordable housing and more rent controls. In fact, the community just succeeded in pushing through a <a href="https://www.hamilton.ca/starting-small-business/business-licences/rental-housing-licensing-pilot-program" target="_blank" rel="nofollow">pilot project</a> in three Hamilton wards in response to their concerns on illegal rental units. This is one example of an initiative that may help cool an overheated market, albeit indirectly.But even outside real estate, Hamilton has seen a tremendous revival during the past 10 years. This was always a blue-collar city, but many people have accepted that things have changed. Our neighbourhoods have evolved, and there&rsquo;s a profound entrepreneurial spirit that now runs through our communities. It&rsquo;s not hard to see why Hamiltonians take such pride here. Many of us are anxious, yet very excited, to witness what&rsquo;s next for this great city.

Suburb Creep: What GTA’s Continued Push Into Hamilton Means For Those Already Living There 

If there&rsquo;s one thing homebuyers are constantly seeking, it&rsquo;s certainly good value. And that hunt for value is even more fierce in an increasingly expensive real estate market. After all, the average cost of a GTA condo is about $807,600 or $934 per square foot (PSF).But with thousands of condos out there, how can you tell if you&rsquo;re making the right purchase? One of the best ways is to see if that property offers the best value. In other words, does it provide the most rewarding combination of cost and quality?At <a href="https://strata.ca" target="_blank">Strata.ca</a>, we collect data on every condominium in the GTA. And that data allows us to pinpoint which properties offer the most on every dollar spent. The top-ranking condos tend to have the following:<ul><li>Most affordable maintenance fees</li><li>Most affordable cost PSF</li></ul><h2>Townhouse condos in GTA suburbs take top spots</h2>The top 10 properties offering the best value are dominated by townhouse condos in the suburbs, including Vaughan, Markham and Oakville. Only two properties in Toronto made the list.One reason why townhomes in particular offer great value is due to their lack of amenities. These condos can usually afford to keep maintenance fees low for residents because they have no elevator, indoor pool or concierge service to maintain.As for why suburban condos have the best value &mdash; that&rsquo;s because properties outside city limits tend to offer more square footage. So homebuyers are often getting extra space on every dollar spent.Given all that, it&rsquo;s no surprise that the competition to secure a unit in one of these top-ranking condos is fierce. If you want to get into a condo that offers incredible value, Strata.ca realtor Cyrus Ghazvini says you must get your finances in order before making an offer.&ldquo;This way, you can present an attractive offer with as few conditions as possible,&rdquo; he says. &ldquo;And by knowing in advance what your mortgage comfort zone is, you can strategically bid higher than other competing buyers.&rdquo;In today&rsquo;s market, Ghazvini says it&rsquo;s also important to know what other units in that particular condo have already sold for.&ldquo;This will give you a good idea as to how much above asking other buyers paid for a comparable unit,&rdquo; he explains.<h2>Top 10 Condos Offering &lsquo;Best Value&rsquo;</h2>So here are the highest-ranking condos, based on maintenance fees and the average cost to buy in. The figures in parentheses reflect the neighbourhood average.1. <a href="https://strata.ca/vaughan/1-118-leah-cres-1-23-tova-pl-3-19-edenbridge-dr-leah-crescent-townhomes" target="_blank">Leah Crescent Townhomes</a> | Thornhill, Vaughan<picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/135/01_6_leah_cres_townhomes-600-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/135/01_6_leah_cres_townhomes-600.jpeg"/><img src="https://media.strata.ca/article-images/135/01_6_leah_cres_townhomes-600.jpeg" alt="Leah Cres Townhome"/></picture>Cost: $452 psf (vs. $767)Maintenance Fee: 16&cent; psf (vs. 70&cent;)View more <a href="https://strata.ca/vaughan/thornhill-vaughan/condos-for-sale" target="_blank">Thornhill - Vaughan condos for sale</a>.2. <a href="https://strata.ca/markham/1-200-legends-way-circa-carriage-townhomes" target="_blank">Circa Carriage Townhomes</a> | Unionville, Markham<picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/135/01_circa_carriage_townhomes-600-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/135/01_circa_carriage_townhomes-600.jpeg"/><img src="https://media.strata.ca/article-images/135/01_circa_carriage_townhomes-600.jpeg" alt="Circa Carriage Townhome Exterior"/></picture>Cost: $663 psf (vs. $976)Maintenance Fee: 23&cent; psf (vs. 58&cent;)View more <a href="https://strata.ca/markham/unionville/condos-for-sale" target="_blank">Unionville condos for sale</a>.3. <a href="https://strata.ca/vaughan/8-brighton-pl-8-brighton-place-townhomes" target="_blank">Brighton Place Townhomes</a> | Thornhill, Vaughan<picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/135/01_ 8_brighton_place-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/135/01_ 8_brighton_place.jpeg"/><img src="https://media.strata.ca/article-images/135/01_ 8_brighton_place.jpeg" alt="Brighton Place Townhomes Exterior"/></picture>Cost: $559 psf (vs. $767)Maintenance Fee: 18&cent; psf (vs. 70&cent;)View more <a href="https://strata.ca/vaughan/condos-for-sale" target="_blank">Vaughan condos for sale</a>.4. <a href="https://strata.ca/toronto/97-101-the-queensway-8-windermere-ave-107-119-the-queensway-windermere-by-the-lake-townhomes" target="_blank">Windermere by The Lake Townhomes</a> | High Park, Toronto<picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/135/00_118TheQueensway_Windermere_by_the_Lake_Townhomes_ExteriorFacade-600-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/135/00_118TheQueensway_Windermere_by_the_Lake_Townhomes_ExteriorFacade-600.jpeg"/><img src="https://media.strata.ca/article-images/135/00_118TheQueensway_Windermere_by_the_Lake_Townhomes_ExteriorFacade-600.jpeg" alt="Windemere Townhome Exterior Facade"/></picture>Cost: $724 psf ($905)Maintenance Fee: 23&cent; psf (vs. 73&cent;)View more <a href="https://strata.ca/toronto/west-end/high-park-swansea/condos-for-sale" target="_blank">High Park condos for sale</a>.5. <a href="https://strata.ca/aurora/1-150-poplar-cres-100-112-henderson-dr-poplar-crescent-townhomes" target="_blank">Poplar Crescent Townhomes</a> | Aurora Highlands, Aurora<picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/135/01_ poplar_cres_townhomes-600-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/135/01_ poplar_cres_townhomes-600.jpeg"/><img src="https://media.strata.ca/article-images/135/01_ poplar_cres_townhomes-600.jpeg" alt="Poplar Cres Townhome"/></picture>Cost: $484 psf (vs. $495)Maintenance Fee: 19&cent; psf (vs. 19&cent;)View more <a href="https://strata.ca/aurora/condos-for-sale" target="_blank">Aurora condos for sale</a>.6. <a href="https://strata.ca/markham/1-100-cricklewood-cres-cricklewood-estates-townhomes" target="_blank">Cricklewood Estates Townhomes</a> | Thornhill, Markham<picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/135/01_crinklewood_estates_townhomes-600-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/135/01_crinklewood_estates_townhomes-600.jpeg"/><img src="https://media.strata.ca/article-images/135/01_crinklewood_estates_townhomes-600.jpeg" alt="Crinklewood Estate Townhome Exteriors"/></picture>Cost: $396 psf (vs. $863)Maintenance Fee: 30&cent; psf (vs. 65&cent;)View more <a href="https://strata.ca/markham/thornhill-markham/condos-for-sale" target="_blank">Thornhill - Markham condos for sale</a>.7. <a href="https://strata.ca/toronto/1-reidmount-ave-sheppard-point-condos" target="_blank">Sheppard Point Condos</a> | Agincourt, Scarborough<picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/135/01_sheppard_point_condos-600-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/135/01_sheppard_point_condos-600.jpeg"/><img src="https://media.strata.ca/article-images/135/01_sheppard_point_condos-600.jpeg" alt="Sheppard Point Condo Building Exterior"/></picture>Cost: $354 psf (vs. $794)Maintenance Fee: 54&cent; psf (vs. 60&cent;)View more <a href="https://strata.ca/toronto/scarborough/condos-for-sale" target="_blank">Scarborough condos for sale</a>.8. <a href="https://strata.ca/oakville/2369-ontario-st-2370-2378-marine-dr-the-harbour-club-townhomes" target="_blank">The Harbour Club Townhomes</a> | Bronte, Oakville<picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/135/01_harbour_club_townhomes-600-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/135/01_harbour_club_townhomes-600.jpeg"/><img src="https://media.strata.ca/article-images/135/01_harbour_club_townhomes-600.jpeg" alt="Harbour club townhome exterior"/></picture>Cost: $568 psf (vs. $809)Maintenance Fee: 19&cent; psf (69&cent;)View more <a href="https://strata.ca/oakville/condos-for-sale" target="_blank">Oakville condos for sale</a>.9. <a href="https://strata.ca/richmond-hill/50-81-northern-heights-dr-northern-heights-drive-townhomes" target="_blank">Northern Heights Drive</a> | Langstaff, Richmond Hill<picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/135/01_northern_heights_townhome-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/135/01_northern_heights_townhome.jpeg"/><img src="https://media.strata.ca/article-images/135/01_northern_heights_townhome.jpeg" alt="North Heights Townhomes"/></picture>Cost: $639 psf (vs. $972)Maintenance Fee: 29&cent; psf (vs. 75&cent;)View more <a href="https://strata.ca/richmond-hill/condos-for-sale" target="_blank">Richmond Hill condos for sale</a>.10. <a href="https://strata.ca/oakville/41-45-nadia-pl-1440-1456-sixth-line-nadia-place-sixth-line-townhomes" target="_blank">Nadia Place &amp; Sixth Line Townhomes</a> | Downtown Oakville, Oakville<picture><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/135/01_43_nadia_place-600-600-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://media.strata.ca/article-images/135/01_43_nadia_place-600-600.jpeg"/><img src="https://media.strata.ca/article-images/135/01_43_nadia_place-600-600.jpeg" alt="Nadia Place &amp; Sixth Line Townhomes"/></picture>Cost: $455 psf (vs. $753)Maintenance Fee: 32&cent; psf (vs. 63&cent;)View more <a href="https://strata.ca/oakville/downtown-oakville/condos-for-sale" target="_blank">Downtown Oakville condos for sale</a>.

Suburban Condos Dominate GTA’s 'Best Value’ Report

GTA&rsquo;s winter real estate market isn&rsquo;t necessarily known for its competitive nature. But this winter, there is certainly competition in the air. It&rsquo;s not necessarily that a crush of buyers are flooding the market, although you could argue there is some of that happening. But rather, the competitive nature of today&rsquo;s landscape is being fuelled by historically low inventory levels that continue to persist.Since the start of the COVID-19 pandemic, GTA condo listings peaked in October 2020 with a total of 8,428 units on the market. But inventory levels have been on the decline ever since. The month of January, for example, saw a total of 1,415 condo listings. Compare that to the 3,811 units available in January 2021 &mdash; a 63% drop in inventory over just 12 months.<h2>&lsquo;Perfect cocktail&rsquo; of sentiments</h2>So you&rsquo;re probably wondering, why exactly is inventory so low?Well the answer to that largely lies in the current, overarching sentiments among both buyers and sellers.For starters, sellers don&rsquo;t want to list their properties right now in the dead of winter. Unless a seller has no choice &mdash; they&rsquo;re usually advised to wait until the busier spring market, rather than list when homebuyers are in hibernation.Meanwhile, ongoing concerns over COVID-19 variants is another reason why sellers are largely holding off.&ldquo;Omicron is still dominating the headlines, so some of my seller clients are closely monitoring how ongoing restrictions may impact the market,&rdquo; says <a href="https://strata.ca" target="_blank">Strata.ca</a> realtor Milan Mitrovic.&ldquo;And then there are others who don&rsquo;t want to list because they&rsquo;re simply uncomfortable with people walking through their home when infection rates are still high,&rdquo; he adds.&ldquo;Whatever the reason, Omicron is making people think twice about listing, which is driving down inventory rates even further.&rdquo;When it comes to buyers, much of the sentiment there is dominated by FOMO, otherwise known as a &lsquo;fear of missing out&rsquo;. The message that many buyers are hearing is that <a href="https://globalnews.ca/news/8524457/interest-rate-bank-canada-inflation-jan-2022/" target="_blank" rel="nofollow">interest rates</a> may rise this year, so they better purchase something before getting priced out.But the reality is that interest hikes tend to be very minimal, and historically we do not see increases above a quarter of a percent.Regardless, the GTA is seeing an influx of buyers who are being pushed into the market, largely driven by a &lsquo;now or never&rsquo; mentality. And as mentioned earlier, there are hundreds of potential sellers who feel there&rsquo;s just no good reason to list at this time.These competing sentiments are essentially swirling together to create a &lsquo;perfect cocktail&rsquo; exacerbating the current inventory phenomenon.<h2>Condo prices up 34% in just 15 months</h2>This lack of listings is likely what&rsquo;s driving an overall pricing surge across the GTA.In October 2020, prices had dipped to their lowest point since the start of the COVID-19 pandemic. At this time, units were selling for an average of $678 per-square-foot (PSF). But since then, prices have been rising rapidly with a condo now costing an average of $910 PSF, an increase of 34% in just 15 months.Although it&rsquo;s unclear whether prices will eventually plateau, one thing is certain: Persistently low inventory levels will only exacerbate the issue.Still though, many of us at Strata.ca are optimistic that we&rsquo;ll see a dramatic uptick of new listings in the next couple of months.&ldquo;I suspect we&rsquo;ll see a lot of new inventory in March as sellers look to cash out during the busy spring market,&rdquo; says Mitrovic, who&rsquo;s also hopeful that competition won&rsquo;t be as fierce, since all those buyers with FOMO are actually in the market right now.&ldquo;Many of those buyers will have purchased something and exited the market by spring, leading to less competition and a fairer playing field overall.&rdquo;

Where Have All the Listings Gone? GTA Condo Inventory Drops 63% In Last 12 Months

Given the steady rise of GTA condo prices since the start of the COVID-19 pandemic, hardly anyone would blame you for believing in the appreciation potential of this particular housing segment. And considering the unrelentingly high price of detached housing, it&rsquo;s also not unreasonable to predict we&rsquo;re about to witness a mass shift away from the freehold market &ndash; further fuelling overall condo values.For example, the average cost of a <a href="https://strata.ca/toronto/condos-for-sale" target="_blank">Toronto condo for sale</a> is currently $743,278. That&rsquo;s a far cry from the average of $1,807,983 you must spend to get a detached house, or the $1,432,000 required for a semi-detached home. And that discrepancy could be enough to set up a landscape that overwhelmingly favours condo ownership. And during the past 12 months, condo values across the GTA increased by 16%. Currently, the average cost per square foot (PSF) is sitting at about $825, up from $714 PSF one year prior.Unsurprisingly though, condos in the neighbouring suburbs saw some of the biggest gains in 2021, dramatically outpacing Toronto:Markham: +26%Brampton: +24%Vaughan: +23%Pickering: +16%Toronto: +12%The disproportion, however, is likely due to a lack of affordability in places like the downtown core, and remote working arrangements that continue to influence purchasing decisions.<h2>&lsquo;Dark horse&rsquo; to see unexpected gains</h2>It goes without saying that the real estate landscape of 2021 was marred by soaring property values and stories of &lsquo;bidding wars&rsquo;, ultimately leading to buyer fatigue. For those dreaming of owning a detached home &ndash; the ongoing chasm between available listings and active buyers led to severe scarcity, triggering multiple offer scenarios seemingly at every turn.But the frenzied and unattainable nature of the freehold market is exactly why GTA real estate is poised to do an about-face, according to <a href="https://strata.ca" target="_blank">Strata.ca</a> broker, Cliff Liu.&ldquo;Throughout this pandemic, detached home values have sprinted like a hare, while condos have moved like a tortoise,&rdquo; he says. &ldquo;But condos will likely become the dark horse in 2022, especially among those who missed out last year.&rdquo;Like Liu, many realtors believe buyer focus is set to shift en masse towards condominiums, which could trigger a tremendous revival as detached housing becomes further out of reach. This will be especially true for <a href="https://strata.ca/blog/townhouse-condos-in-gta-suburbs-hardest-to-buy-right-now-data-reveals" target="_blank">townhouse condos</a>, which have jumped in value by 25% in the past 12 months alone.&ldquo;Without a doubt, people will continue striving for bigger units that feel like a bungalow in the sky,&rdquo; predicts Liu, who thinks this is because socializing space is no longer seen as existing solely outside the home.&ldquo;With ongoing restaurant and nightclub <a href="https://www.cbc.ca/news/canada/toronto/ontario-cabinet-meeting-covid-spike-1.6302223" target="_blank" rel="nofollow">restrictions</a>, people understandably now want that social space inside their homes,&rdquo; Liu explains. &ldquo;And this means a 500-square-foot condo will no longer do.&rdquo;This doesn&rsquo;t mean, however, that smaller units will be undesirable. They will still be an attractive option for investors or perhaps the <a href="https://www.canada.ca/en/immigration-refugees-citizenship/news/notices/supplementary-immigration-levels-2021-2023.html" target="_blank" rel="nofollow">411,000 new permanent residents</a> Canada expects to welcome this year.<h2>Condo size, not affordability, to dominate purchasing decisions</h2><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/132/sidekix-media-jt2I98bh53A-unsplash-600.jpg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/132/sidekix-media-jt2I98bh53A-unsplash.jpg"/><img src="https://strata.ca/slate-image/article-images/132/sidekix-media-jt2I98bh53A-unsplash.jpg" alt="Toronto condo interior"/></picture>So where does all this leave the average Ontario homebuyer &ndash; particularly first-timers and young families who want a shot at ownership, but don&rsquo;t want to live in cramped units?According to some agents, buyers turning to the &lsquo;dark horse&rsquo; condo market must first make an important decision that usually has nothing to do with affordability.&ldquo;Do they want to purchase something older but bigger, versus something newer but smaller?,&rdquo; asks Strata.ca realtor, Galina Sheveleva, who says many of her clients struggle with this question.This is because, as Liu pointed out earlier, people&rsquo;s perceptions around space have shifted over the past two years.&ldquo;Older condos tend to have <a href="https://strata.ca/blog/top-5-condos-in-toronto-with-the-biggest-layouts-for-the-best-price" target="_blank">better layouts</a> and generally more square footage, although hallways and lobbies can be quite outdated,&rdquo; explains Sheveleva. &ldquo;Newer buildings usually offer better finishes and taller ceiling heights, but I&rsquo;ve seen some very awkward floor plans there that&rsquo;ll make you scratch your head.&rdquo;Whether condo size will end up dominating purchasing decisions this year remains to be seen. But what is certain is that real estate prices in the GTA will continue to rise. The government is just not doing enough to narrow the gap between shrinking supply and an ever-growing base of active buyers.Ontario not only needs more housing, but better policies &ndash; such as making it illegal to leave investment properties vacant. A <a href="https://www.thestar.com/business/2021/04/19/federal-tax-targets-foreign-home-buyers.html" target="_blank" rel="nofollow">1% tax</a> tax won&rsquo;t make a dent.As for that &lsquo;Dark Horse&rsquo;? Well if in doubt, we can refer to the condo market&rsquo;s infamous rise in 2017. This is the same year when the price of detached housing literally <a href="https://www.thestar.com/business/2021/04/19/federal-tax-targets-foreign-home-buyers.html" target="_blank" rel="nofollow">fell off a cliff</a>, while condo prices continued to peak.&ldquo;Detached homes and condominiums are like yin and yang,&rdquo; says Liu. &ldquo;They tend to move cyclically, always chasing each other to find that new balance.&rdquo;

GTA Condos to Become the 'Dark Horse' of 2022 as Buyer Attention Set to Shift En Masse 

It&rsquo;s a known fact among Canadian realtors that the housing market definitely has a dormant season. Traditionally, real estate activity tends to slow down near the end of the fall as people get ready to bunker in for the winter months.Prior to the COVID-19 pandemic, you could pretty much expect a blanket cooldown across many areas of the condo sector. That&rsquo;s because it was assumed that most people just weren&rsquo;t interested in transacting on anything when it&rsquo;s cold outside and leading up to the (often costly) holidays in December. (It&rsquo;s important to note, however, that realtors have largely expected competition to remain fairly consistent for <a href="https://strata.ca/toronto/downtown/condos-for-sale" target="_blank">downtown Toronto condos for sale</a>, even in the slowest months of December and January.)But over the past year and half, the shifting priorities among Ontario homebuyers has meant that many of the &lsquo;seasonal rules&rsquo; realtors have come to expect are just no longer relevant. So while it&rsquo;s true that there is a decrease in overall demand &mdash; we may still see a competitive market this winter, but only for very specific unit types.<h2>Smaller units, suburban townhomes most coveted</h2><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/130/Pickering_frenchmens_bay-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/130/Pickering_frenchmens_bay.jpeg"/><img src="https://strata.ca/slate-image/article-images/130/Pickering_frenchmens_bay.jpeg" alt="Pickerings Frenchmen's Bay"/></picture>After all the stories this past year of surging prices and fierce competition, it&rsquo;s no surprise that buyer fatigue is real. But what about right now? Is the GTA condo market cooling down, or is it still on fire?Most agents at <a href="https://strata.ca" target="_blank">Strata.ca</a> will say it really depends on what you&rsquo;re looking for.&ldquo;In general, yes there&rsquo;s definitely a cooling of the market,&rdquo; says Strata.ca realtor Cyrus Ghazvini, who represents clients in a number of high-profile neighbourhoods, especially in <a href="https://strata.ca/toronto/north-york/condos-for-sale" target="_blank">North York</a> and Toronto's <a href="https://strata.ca/toronto/east-end/condos-for-sale" target="_blank">East End</a>. &ldquo;But if you&rsquo;re looking specifically for a one bedroom or a one plus den, the demand is certainly high.&rdquo;One reason these smaller units are in higher demand is because a lot less of them are being put up for sale. For example &mdash; When it comes to larger units, such as 2 bedrooms, 758 have been listed so far in the month of November. But take a look at the number of new listings for those coveted smaller units:<ul><li>1 bedroom: 444 new listings</li><li>1 bedroom+Den: 506 new listings</li></ul>Similarly, competition for condominium townhomes in the GTA suburbs remains particularly fierce...despite a general cooling of the market. Strata.ca realtor Osman Omaid has felt this firsthand as he tries to secure a townhouse for one of his clients in Peel.&ldquo;Even with a reasonable budget, we&rsquo;ve been losing out because some of these listings are attracting over 10 bids on offer night,&rdquo; he says, adding that his clients lost out on two townhouses in a relatively short period. &ldquo;My clients are understandably exhausted and have decided to wait until next year; but who knows where prices will be by then?&rdquo;Omaid says one of the most interesting things about his client&rsquo;s situation is that had they begun the townhome search just several weeks prior &mdash; things may have played out quite differently.&ldquo;It was so irritating because my client&rsquo;s budget would have easily secured them a property just five weeks prior,&rdquo; he explains. &ldquo;Demand spiked so fast that comparable sold prices weren&rsquo;t even relevant anymore.&rdquo;It appears to be a different story though for condos in that middle territory. There are many high-quality 2-bedroom listings in popular neighbourhoods that aren&rsquo;t attracting as much attention. Had we been in a different market, the following units may have sold already:<ul><li><a href="https://strata.ca/toronto/8-wellesley-st-eight-wellesley-street-east/unit-807" target="_blank">8 Wellesley St E, Unit 807</a></li><li><a href="https://strata.ca/toronto/38-forest-manor-rd-the-point-at-emerald-city-condos/unit-1310" target="_blank">38 Forest Manor Rd, Unit 1310</a></li><li><a href="https://strata.ca/toronto/260-merton-st-the-hampton-condos/unit-901" target="_blank">260 Merton St E, Unit 901</a></li><li><a href="https://strata.ca/mississauga/8-ann-st-nola-condos/unit-201" target="_blank">8 Ann St, Unit 201</a></li></ul><h2>&lsquo;No offers came in on offer night. Period.&rsquo;</h2><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/130/ferdinand-stohr-1m4VlCcKaqA-unsplash-600.jpg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/130/ferdinand-stohr-1m4VlCcKaqA-unsplash.jpg"/><img src="https://strata.ca/slate-image/article-images/130/ferdinand-stohr-1m4VlCcKaqA-unsplash.jpg" alt="Toronto Esplande Iron Tower"/></picture>Realtors say they&rsquo;re seeing a trend where a number of units are being relisted because the seller&rsquo;s original pricing strategy backfired. One such strategy is to include what&rsquo;s called an &lsquo;offer date&rsquo;, which is a specific time when the seller will accept and review offers from all interested buyers, usually about a week after the property is listed on the market.&ldquo;I&rsquo;m seeing offer dates listed by overly optimistic listing agents, but then many of those same listings are being put back on the market at a higher price a week later,&rdquo; explains Ghazvini, who says he&rsquo;s pretty sure it wasn&rsquo;t because the seller didn&rsquo;t like any of the offers that came through. &ldquo;It&rsquo;s likely because &lsquo;no&rsquo; offers came in on offer night, period.&rdquo;In the past 12 months, we&rsquo;ve actually seen a 20% increase in GTA condo values as we continue to see some of the lowest inventory in 25 years. However, a lot of that price gain is attributable to a natural &lsquo;snapping back&rsquo; from pandemic pricing as the market resumes some degree of normalcy.During this adjustment period, there&rsquo;s often a lag where sellers still believe they may get a minimum of 5 to 10 offers on their property. But this is certainly a different market from the one we saw back in March, which saw condo values jump by 11 per cent in just three months alone. So in practice &mdash; some sellers, particularly those without the coveted smaller units or suburban townhomes, are seeing far fewer offers or simply none at all.The good news though is that buyers will continue fighting for unique condos, especially in high-demand buildings; no matter the unit type.&ldquo;A few of my clients that had decided to sit on the sidelines a couple of months ago are now calling me to restart their search,&rdquo; says Strata.ca realtor Larry Medina. &ldquo;They&rsquo;re feeling a bit more hopeful and optimistic as the market, or at least parts of it, cool down for the winter.&rdquo;

Has the GTA Condo Market Finally Cooled Off? Depends What You’re Looking For

With the average price of a <a href="https://strata.ca/toronto/condos-for-sale" target="_blank">Toronto condo for sale</a> sitting at $760,000, it&rsquo;s understandable why any homebuyer would want to make the most out of every dollar spent. Buying into a condominium means assessing not just the individual unit, but also looking at the inherent value of the building as a whole. After all, its reputation can also impact the resale price when it&rsquo;s time to recoup your return on investment.One of the most effective ways to gauge the quality of a building is to see how it ranks in terms of &lsquo;value&rsquo;. In other words, which condominiums offer homebuyers the most rewarding combination of cost and quality?<a href="https://strata.ca" target="_blank">Strata.ca</a> houses over a decade of aggregated data on every condo in the GTA. And that data allows our team to isolate which properties offer the best value. The highest-ranking condos share two distinct attributes in relation to the neighbourhood average:<ul><li>Most affordable cost per square foot (PSF)</li><li>Most affordable maintenance fees</li></ul><h2>Maintenance fees a big driver of value</h2>Currently, the average cost PSF for a Toronto condo is $887. But simply looking at buildings with the cheapest units for sale is not enough to assess if that property offers the best value.Since maintenance fees are a big part of monthly carrying costs, any value calculation must be weighed against this expense. And that weight isn&rsquo;t always tied to a dollar amount.That&rsquo;s why Strata.ca realtor Daniel Forte does not necessarily advise buyers to only consider buildings with the lowest fees. He warns there&rsquo;s more to it, especially when assessing properties from a value perspective. After all, if the condo is not collecting enough money or using a low-fee model, it may not have the resources for a major repair.&ldquo;In this case, the condo board may ask each owner for a lump sum payment known as a &lsquo;special assessment&rsquo; to complete the work,&rdquo; says Forte, who notes that this will directly impact a building&rsquo;s value calculation.&ldquo;Multiple special assessments will raise alarm to a prospective buyer down the line, as will low fees that are consistently increased above the normal market rate.&rdquo;&ldquo;The bottom line with maintenance fees is that you usually get what you pay for,&rdquo; says another Strata.ca agent, Taryn Mooradian.&ldquo;But it really depends on the buyers&rsquo; needs and priorities...since having designer landscaping, for example, may not matter to some as it would to others.&rdquo;Mooradian points out though that properties with the best value ranking tend to be condo townhomes because &ldquo;there&rsquo;s no elevator, swimming pool or concierge service to maintain.&rdquo;&ldquo;Regardless, a pleasant community experience is still worth investing in since this also adds &lsquo;value&rsquo; by improving quality of life,&rdquo; she says.Many agents tend to agree.&ldquo;It&rsquo;s equally important to find a condo that suits your lifestyle,&rdquo; says Forte.&ldquo;All those intangibles, like location, balcony exposure and the pride of owning in a desirable building...these are also things that many of us tend to value.&rdquo;Here are the top 10 condos that rank the highest, based on the cost to buy-in and maintenance fees. The figures in parentheses reflect the neighbourhood average.1. <a href="https://strata.ca/toronto/1-82-hargrave-ln-2102-2166-bayview-ave-canterbury-lawrence-park-townhomes" target="_blank">1-82 Hargrave Lane &amp; 2102-2166 Bayview Ave</a> | Lawrence Park, Midtown<ul><li>Cost: $736 psf (vs. $951)</li><li>Maintenance Fee: 25&cent; psf (vs. 72&cent;)</li></ul>View more <a href="https://strata.ca/toronto/midtown/lawrence-park/condos-for-sale" target="_blank">Lawrence Park condos for sale.</a><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/125/00_ canterbury-lawrence-park-townhomes-1-82-hargrave-ln-2102-2166-bayview-ave-1200-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/125/00_ canterbury-lawrence-park-townhomes-1-82-hargrave-ln-2102-2166-bayview-ave-1200.jpeg"/><img src="https://strata.ca/slate-image/article-images/125/00_ canterbury-lawrence-park-townhomes-1-82-hargrave-ln-2102-2166-bayview-ave-1200.jpeg" alt="Canterbury Lawrence Park Townhomes"/></picture>2. <a href="https://strata.ca/toronto/42-60-curzon-st-townhouses-on-curzon" target="_blank">42-60 Curzon St</a> | Leslieville-South Riverdale<ul><li>Cost: $704 (vs. $982)</li><li>Maintenance Fee: 27&cent; psf (vs. 63&cent;)</li></ul>View more <a href="https://strata.ca/toronto/east-end/leslieville-south-riverdale/condos-for-sale" target="_blank">Leslieville-South Riverdale condos for sale.</a><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/125/00_42_60_curzon_st-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/125/00_42_60_curzon_st.jpeg"/><img src="https://strata.ca/slate-image/article-images/125/00_42_60_curzon_st.jpeg" alt="Townhouses on Curzon"/></picture>3. <a href="https://strata.ca/toronto/97-101-the-queensway-8-windermere-ave-107-119-the-queensway-windermere-by-the-lake-townhomes" target="_blank">97-101 The Queensway</a> | High Park-Swansea, West End<ul><li>Cost: $672 psf (vs. $861)</li><li>Maintenance Fee: 23&cent; psf (vs. 80&cent;)</li></ul>View more <a href="https://strata.ca/toronto/west-end/high-park-swansea/condos-for-sale" target="_blank">High Park-Swansea condos for sale.</a><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/125/00_118TheQueensway_Windermere_by_the_Lake_Townhomes_ExteriorFacade-1200-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/125/00_118TheQueensway_Windermere_by_the_Lake_Townhomes_ExteriorFacade-1200.jpeg"/><img src="https://strata.ca/slate-image/article-images/125/00_118TheQueensway_Windermere_by_the_Lake_Townhomes_ExteriorFacade-1200.jpeg" alt="Windermere by the lake Townhomes"/></picture>4. <a href="https://strata.ca/toronto/11-everson-dr-carriage-homes-of-avondale-phase-one" target="_blank">11 Everson Dr</a> | Willowdale, North York<ul><li>Cost: $657 psf (vs. $826)</li><li>Maintenance Fee: 26&cent; psf (68&cent;)</li></ul>View more <a href="https://strata.ca/toronto/north-york/condos-for-sale" target="_blank">North York condos for sale.</a><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/125/00_11_everson_dr-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/125/00_11_everson_dr.jpeg"/><img src="https://strata.ca/slate-image/article-images/125/00_11_everson_dr.jpeg" alt="Carriage Homes of Avondale"/></picture>5. <a href="https://strata.ca/toronto/1-121-mondeo-dr-mondeo-townhomes" target="_blank">1-121 Mondeo Dr</a> | Dorset Park, Scarborough<ul><li>Cost: $492 psf (vs. $540)</li><li>Maintenance Fee: 22&cent; psf (vs. 60&cent;)</li></ul>View more <a href="https://strata.ca/toronto/scarborough/condos-for-sale" target="_blank">Scarborough condos for sale.</a><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/125/00_ mondeo-townhomes-1-121-mondeo-dr-1200-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/125/00_ mondeo-townhomes-1-121-mondeo-dr-1200.jpeg"/><img src="https://strata.ca/slate-image/article-images/125/00_ mondeo-townhomes-1-121-mondeo-dr-1200.jpeg" alt="Mondeo Townhomes"/></picture>6. <a href="https://strata.ca/toronto/242-262-john-garland-blvd-john-garland-townhomes" target="_blank">242-262 John Garland Blvd</a> | Rexdale, Etobicoke<ul><li>Cost: $409 psf (vs. $528)</li><li>Maintenance Fee: 39&cent; psf (vs. 57&cent;)</li></ul>View more <a href="https://strata.ca/toronto/etobicoke/condos-for-sale" target="_blank">Etobicoke condos for sale.</a><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/125/ 00_254_John_Garland_Blvd -600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/125/ 00_254_John_Garland_Blvd .jpeg"/><img src="https://strata.ca/slate-image/article-images/125/ 00_254_John_Garland_Blvd .jpeg" alt="John Garland Townhomes"/></picture>7. <a href="https://strata.ca/toronto/26-30-livingston-rd-guildwood-townhomes" target="_blank">Guildwood Townhomes</a> | Scarborough Village-Guildwood, Scarborough<ul><li>Cost: $379 psf (vs. $486)</li><li>Maintenance Fee: 30&cent; psf (vs. 61&cent;)</li></ul>View more <a href="https://strata.ca/toronto/scarborough/scarborough-village-guildwood/condos-for-sale" target="_blank">Scarborough Village-Guildwood condos for sale.</a><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/125/00_26_Livingston_Rd-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/125/00_26_Livingston_Rd.jpeg"/><img src="https://strata.ca/slate-image/article-images/125/00_26_Livingston_Rd.jpeg" alt="Guildwood Townhomes"/></picture>8. <a href="https://strata.ca/toronto/188-bonis-ave-tam-oshanter-casitas" target="_blank">188 Bonis Ave</a> | Tam O'Shanter, Scarborough<ul><li>Cost: $368 psf (vs. $559)</li><li>Maintenance Fee: 47&cent; psf (vs. 55&cent;)</li></ul>View more <a href="https://strata.ca/toronto/scarborough/condos-for-sale" target="_blank">Scarborough condos for sale.</a><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/125/00_New_Tam_OShanter_Casitas_188_Bonis_Ave-1200-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/125/00_New_Tam_OShanter_Casitas_188_Bonis_Ave-1200.jpeg"/><img src="https://strata.ca/slate-image/article-images/125/00_New_Tam_OShanter_Casitas_188_Bonis_Ave-1200.jpeg" alt="Tam O&rsquo;Shanter Casitas"/></picture>9. <a href="https://strata.ca/toronto/1-reidmount-ave-sheppard-point-condos" target="_blank">1 Reidmount Ave</a> | Agincourt, Scarborough<ul><li>Cost: $346 psf (vs. $610)</li><li>Maintenance Fee: 55&cent; psf (vs. 57&cent;)</li></ul>View more <a href="https://strata.ca/toronto/scarborough/agincourt/condos-for-sale" target="_blank">Agincourt condos for sale.</a><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/125/00_1_Reidmount_Ave-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/125/00_1_Reidmount_Ave.jpeg"/><img src="https://strata.ca/slate-image/article-images/125/00_1_Reidmount_Ave.jpeg" alt="Sheppard Point Condos"/></picture>10. <a href="https://strata.ca/toronto/45-silverstone-dr-45-silverstone-drive-condos" target="_blank">45 Silverstone Dr</a> | Rexdale, Etobicoke<ul><li>Cost: $298 psf (vs. $528)</li><li>Maintenance Fee: 41&cent; psf (vs. 57&cent;)</li></ul>View more <a href="https://strata.ca/toronto/etobicoke/rexdale-west-humber-clairville/condos-for-sale" target="_blank">Rexdale condos for sale.</a><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/125/00_45_Silverstone_Dr-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/125/00_45_Silverstone_Dr.jpeg"/><img src="https://strata.ca/slate-image/article-images/125/00_45_Silverstone_Dr.jpeg" alt="45 Silverstone Drive Condos"/></picture>

'Best Value' Report: Toronto’s Top 10 Condos That Give You the Most for Your Dollar

If there&rsquo;s one thing we&rsquo;ve learned this past year and a half, it&rsquo;s that not even a global pandemic can stop Toronto&rsquo;s real estate market. We&rsquo;ve known all along that rising property values are not only impacting first-time homebuyers, but also forcing many residents to look further and further beyond city limits.For the first time since the start of the COVID-19 pandemic, <a href="https://strata.ca" target="_blank">Strata.ca</a> has aggregated enough data to solidly illustrate the spillover effect of Toronto&rsquo;s expensive housing market. Our real estate platform holds granular data about every condominium in the GTA. To rank properties based on their demand, Strata.ca looks at three criteria:<ul><li>Number of days that a unit spends on market before it&rsquo;s sold (aka DOM)</li><li>Appreciation rate over past 2 years</li><li>Average sale-to-list-price ratio (how much a buyer typically pays in relation to the original asking price)</li></ul>The top 10 most in-demand properties all follow a distinct trend. With the exception of one complex, the rest are townhouse condos located in the suburbs.Ontarians had always known a mass migration of sorts was taking place as homebuyers looked outside the city for affordability. But still, our team didn&rsquo;t expect suburban townhomes to dominate the list as much as they did.With the average price of a detached home now above $1 million, it only makes sense for people to chase after the next best thing. After all, the average price of a GTA townhome is $617 per square foot (PSF) or roughly $730,000.Strata.ca realtor Ben Lavrysen agrees, saying, &ldquo;Buyers are looking for the best mix of space and affordability, which is more easily found in the suburbs.&rdquo;Homebuyers on average are paying a stunning 8.5 per cent above the list price for <a href="https://strata.ca/blog/cheapest-neighbourhoods-in-toronto-right-now-to-buy-a-townhome" target="_blank">townhomes</a>, largely fuelled by low inventory.&ldquo;Expect competition to increase even further for this limited housing category as we continue to see the lowest active MLS listings in 25 years,&rdquo; Lavrysen says.Here are the top 10 condos that are most in-demand right now. With the exception of one property in Toronto, the rest are townhomes outside city limits.1) <a href="https://strata.ca/oshawa/960-glen-st-960-glen-street-townhomes" target="_blank">960 Glen Street</a> | Lakeview Park, Oshawa | Townhomes<ul><li>Average DOM: 6 days</li><li>Appreciation Rate: +34%</li><li>List vs. Selling Price: 32% above asking</li></ul>View more <a href="https://strata.ca/oshawa/condos-for-sale" target="_blank">Oshawa condos for sale.</a><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/124/00_960_Glen_st-650-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/124/00_960_Glen_st-650.jpeg"/><img src="https://strata.ca/slate-image/article-images/124/00_960_Glen_st-650.jpeg" alt="960 Glen St Oshawa"/></picture>2) <a href="https://strata.ca/toronto/1765-queen-st-e-the-beach-condominiums-iii" target="_blank">1765 Queen Street E</a> | The Beaches, Toronto | Low-Rise<ul><li>Average DOM: 3 days</li><li>Appreciation Rate: +40%</li><li>List vs. Selling Price: 26% above asking</li></ul>View more <a href="https://strata.ca/toronto/east-end/the-beaches/condos-for-sale" target="_blank">Beaches-Toronto condos for sale.</a><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/124/00_1765QueenStreetEast_Beach_Condominiums_III_Exterior-650-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/124/00_1765QueenStreetEast_Beach_Condominiums_III_Exterior-650.jpeg"/><img src="https://strata.ca/slate-image/article-images/124/00_1765QueenStreetEast_Beach_Condominiums_III_Exterior-650.jpeg" alt="1765 Queen Street E The Beaches, Toronto Low-Rise"/></picture>3) <a href="https://strata.ca/oshawa/1300-oxford-st-1300-oxford-street-townhomes" target="_blank">1300 Oxford Street</a> | Lakeview Park, Oshawa | Townhomes<ul><li>Average DOM: 5 days</li><li>Appreciation Rate: +0%</li><li>List vs. Selling Price: 25% above asking</li></ul>View more <a href="https://strata.ca/oshawa/lakeview-park/condos-for-sale" target="_blank">Lakeview Park-Oshawa condos for sale.</a><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/124/00_1300_Oxford _St-650-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/124/00_1300_Oxford _St-650.jpeg"/><img src="https://strata.ca/slate-image/article-images/124/00_1300_Oxford _St-650.jpeg" alt="1300 Oxford St Oshawa"/></picture>4) <a href="https://strata.ca/clarington/72-martin-rd-72-martin-road-townhomes" target="_blank">72 Martin Road</a> | Bowmanville, Clarington | Townhomes<ul><li>Average DOM: 7 days</li><li>Appreciation Rate: +32%</li><li>List vs. Selling Price: 24% above asking</li></ul>View more <a href="https://strata.ca/durham-region/clarington/condos-for-sale" target="_blank">Clarington condos for sale.</a><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/124/00_72_martin_road_townhomes-650-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/124/00_72_martin_road_townhomes-650.jpeg"/><img src="https://strata.ca/slate-image/article-images/124/00_72_martin_road_townhomes-650.jpeg" alt="72 Martin Road Bowmanville, Clarington Townhomes"/></picture>5) <a href="https://strata.ca/oshawa/611-galahad-dr-611-galahad-townhomes" target="_blank">611 Galahad Drive</a> | Eastdale-Donevan, Oshawa | Townhomes<ul><li>Average DOM: 5 days</li><li>Appreciation Rate: +28%</li><li>List vs. Selling Price: 23% above asking</li></ul>View more <a href="https://strata.ca/oshawa/condos-for-sale" target="_blank">Oshawa condos for sale.</a><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/124/00_611_Galahad_Dr-650-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/124/00_611_Galahad_Dr-650.jpeg"/><img src="https://strata.ca/slate-image/article-images/124/00_611_Galahad_Dr-650.jpeg" alt="611 Galahad Dr"/></picture>6) <a href="https://strata.ca/whitby/901-945-burns-st-w-key-east-townhomes" target="_blank">901-945 Burns Street W</a> | Lynde Creek, Whitby | Townhomes<ul><li>Average DOM: 5 days</li><li>Appreciation Rate: +31%</li><li>List vs. Selling Price: 22% above asking</li></ul>View more <a href="https://strata.ca/durham-region/whitby/condos-for-sale" target="_blank">Whitby condos for sale.</a><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/124/00_901_945_Burns_StreetW_Lynde_Creek_Whitby_townhomes-650-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/124/00_901_945_Burns_StreetW_Lynde_Creek_Whitby_townhomes-650.jpeg"/><img src="https://strata.ca/slate-image/article-images/124/00_901_945_Burns_StreetW_Lynde_Creek_Whitby_townhomes-650.jpeg" alt="901-945 Burns St W whitby"/></picture>7) <a href="https://strata.ca/oakville/1270-gainsborough-dr-1270-gainsborough-townhomes" target="_blank">1270 Gainsborough Drive</a> | Iroquois Ridge, Oakville | Townhomes<ul><li>Average DOM: 3 days</li><li>Appreciation Rate: +6%</li><li>List vs. Selling Price: 19% above asking</li></ul>View more <a href="https://strata.ca/oakville/condos-for-sale" target="_blank">Oakville condos for sale.</a><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/124/01_1270 gainsborough dr-650-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/124/01_1270 gainsborough dr-650.jpeg"/><img src="https://strata.ca/slate-image/article-images/124/01_1270 gainsborough dr-650.jpeg" alt="1270 Gainsborough Drive Iroquois Ridge, Oakville Townhomes"/></picture>8) <a href="https://strata.ca/mississauga/2035-south-millway-2035-south-millway-townhomes" target="_blank">2035 South Millway</a> | Erin Mills, Mississauga | Townhomes<ul><li>Average DOM: 10 days</li><li>Appreciation Rate: +26%</li><li>List vs. Selling Price: 17% above asking</li></ul>View more <a href="https://strata.ca/peel-region/mississauga/condos-for-sale" target="_blank">Mississauga condos for sale.</a><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/124/01_2035 south millway-650-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/124/01_2035 south millway-650.jpeg"/><img src="https://strata.ca/slate-image/article-images/124/01_2035 south millway-650.jpeg" alt="2035 South Millway Erin Mills, Mississauga Townhomes"/></picture>9) <a href="https://strata.ca/burlington/3050-rotary-way-cornersone-townhomes" target="_blank">3050 Rotary Way</a> | Millcroft-Uptown, Burlington | Townhomes<ul><li>Average DOM: 4 days</li><li>Appreciation Rate: +19%</li><li>List vs. Selling Price: 12% above asking</li></ul>View more <a href="https://strata.ca/halton-region/burlington/condos-for-sale" target="_blank">Burlington condos for sale.</a><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/124/01_ 3050_rotary_way_townhouses_3050_rotary_way-650-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/124/01_ 3050_rotary_way_townhouses_3050_rotary_way-650.jpeg"/><img src="https://strata.ca/slate-image/article-images/124/01_ 3050_rotary_way_townhouses_3050_rotary_way-650.jpeg" alt="3050 Rotary Way Millcroft-Uptown, Burlington Townhomes"/></picture>10) <a href="https://strata.ca/mississauga/1905-broad-hollow-gate-townmanors-of-sawmill-valley" target="_blank">1905 Broad Hollow Gate</a> | Erin Mills, Mississauga | Townhomes<ul><li>Average DOM: 5 days</li><li>Appreciation Rate: +14%</li><li>List vs. Selling Price: 8% above asking</li></ul>View more <a href="https://strata.ca/mississauga/erin-mills/condos-for-sale" target="_blank">Erin Mills-Mississauga condos for sale.</a><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/124/01_1905 broad hollow gate-650-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/124/01_1905 broad hollow gate-650.jpeg"/><img src="https://strata.ca/slate-image/article-images/124/01_1905 broad hollow gate-650.jpeg" alt="1905 Broad Hollow Gate Erin Mills, Mississauga Townhomes"/></picture>Because competition is fierce for these properties, hit &lsquo;Get Listing Alerts&rsquo; on the condo&rsquo;s profile page to be notified as soon as units hit the market.

Townhouse Condos in GTA Suburbs Hardest To Buy Right Now, Data Reveals

After a typically slow summer, there was one thing GTA realtors had been hoping for &mdash; a sweeping rush of activity marking the start of the highly-anticipated fall market. But already several weeks after Labour Day, it appears condo sales haven&rsquo;t exactly taken off during what&rsquo;s supposed to be a very busy time of year.There was a blip of activity with 767 transactions during the week of September 13th. But sales have been trending downward in the days following, signalling that the hot fall market hasn&rsquo;t actually happened, yet.As we close out the month of September, the GTA has so far logged about 2,480 sales. That&rsquo;s still a ways off from the 3,113 sales in August, albeit during the dead of summer when Ontarians are usually preoccupied with other things. September&rsquo;s tally is also well below the 3,101 transactions during the same time last year.<a href="https://strata.ca" target="_blank">Strata.ca</a> realtor Alex Hood has noticed the market is quieter than usual this September, which he describes as &ldquo;generally bustling&rdquo; in previous years. He thinks it&rsquo;s because Ontarians are still busy navigating post-lockdown life.&ldquo;We basically entered a beautiful summer with the lifting of many COVID restrictions, allowing people to embrace some of the joys we had all missed,&rdquo; says Hood. &ldquo;As we keep climbing out of lockdown, lots of real estate priorities are being put on hold, and we&rsquo;re seeing the impact of that well into the fall.&rdquo;Sam Massoudi, also an agent at Strata.ca, thinks emerging from lockdown also comes with a sense of uncertainty for many people. And it&rsquo;s not necessarily uncertainty about the real estate market. But rather, what their post-pandemic careers will look like.&ldquo;My clients are still deciding whether they need space for a home office, or if they need to move closer to their company&rsquo;s actual office,&rdquo; says Massoudi. &ldquo;If my clients have to coordinate with their spouse or they have kids, that decision gets even more complicated and can take much longer.&rdquo;<h2>Out of reach, out of mind</h2><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/123/smit-shah-NPh6umzx8GM-unsplash-600.jpg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/123/smit-shah-NPh6umzx8GM-unsplash.jpg"/><img src="https://strata.ca/slate-image/article-images/123/smit-shah-NPh6umzx8GM-unsplash.jpg" alt="Toronto City Skyline in the evening"/></picture>Despite a non-existent start to the fall market, condo prices have never been higher. The average cost per square foot is $797 or roughly $703,000 in the GTA, having plateaued since March when prices hit their peak. But while current condo owners may have watched happily as property values soared, sidelined buyers have never found a wagon in which to hop on.&ldquo;The fall market hasn&rsquo;t happened yet because housing prices are simply out of reach for most people,&rdquo; says Strata.ca broker Cliff Liu. &ldquo;You have no choice but to bury your plans if it doesn&rsquo;t make sense to spend 1.1 million on a 2-bedroom <a href="https://strata.ca/toronto/condos-for-sale" target="_blank">Toronto condo for sale</a>.&rdquo;But Liu believes if buyers are priced out, it&rsquo;s often because sellers have unrealistic expectations. He says some of his clients have made &ldquo;low-ball&rdquo; offers on properties that have been sitting on the market for nearly 200 days.&ldquo;And even still, sellers aren&rsquo;t flinching,&rdquo; adds Liu, who thinks they may be forced to re-adjust their prices regardless if the fall market refuses to kick in.<h2>Downtown drops, 905 levels out</h2><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/123/miltiadis-fragkidis-2NTFPZQyou0-unsplash-900-600.jpg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/123/miltiadis-fragkidis-2NTFPZQyou0-unsplash-900.jpg"/><img src="https://strata.ca/slate-image/article-images/123/miltiadis-fragkidis-2NTFPZQyou0-unsplash-900.jpg" alt="Aerial view of Toronto Neighbourhood"/></picture>Condo sales in Toronto&rsquo;s <a href="https://strata.ca/blog/gta-condo-sales-drop-for-2nd-straight-month-with-biggest-declines-in-downtown-core" target="_blank">downtown core</a> have failed to regain traction following a March peak, which could also indicate why the fall market has yet to ramp up.&ldquo;Those who were looking to make big real estate moves this year already did so during the spring market,&rdquo; says Hood, who notes there were 1,033 condo sales in March. &ldquo;But monthly sales have been declining ever since with barely 500 transactions so far in September.&rdquo;The same narrative is playing out in the GTA suburbs, which appears to have levelled off following a mass exodus of Torontonians to outlying communities with lower prices.<a href="https://strata.ca/blog/oshawa-condos-rise-in-value-by-nearly-50;-officially-becomes-gtas-hottest-market" target="_blank">Oshawa</a>, for example, is reporting 29 condo sales in September; down 52% from its peak of 61 sales in March. And further out in <a href="https://strata.ca/blog/hamilton-condo-prices-appear-to-be-cooling-off-even-though-sales-nearly-triple" target="_blank">Hamilton</a>, there have only been 39 transactions in September compared to an average of 72 sales every month since March.Still though, Hood believes there&rsquo;s time for the busy fall market to finally kick in. It&rsquo;s just happening a few weeks later than usual.&ldquo;When I call my stagers and photographers, they&rsquo;re actually quite busy,&rdquo; he says. &ldquo;So I&rsquo;m expecting this pickup to happen very soon.&rdquo;For journalists: If you&rsquo;d like more information on this report or would like to receive future news releases, please send your requests to media(at)strata.ca.

GTA Condo Sales Fail to Pick Up Steam During "Busy’" Fall Market

If the COVID-19 pandemic has taught us anything, it&rsquo;s that many of us are realizing the need for more space. Whether it&rsquo;s an extra room for that home office or a sudden desire for your own backyard &mdash; a lot of homebuyers are making square footage their biggest priority.But with surging property values across Toronto, it may be difficult to afford all that extra space. And if it&rsquo;s not feasible to buy a roomier home in the suburbs, then a condo townhouse within city limits may be the perfect choice.Last month in Toronto, the average townhome sold for about $640 per square foot (PSF) or roughly $730,000. And with people now craving more space, townhouses have become even more attractive.&ldquo;Townhomes provide at least some separation of space between work and personal life, since many of them are spread out over two or three floors,&rdquo; says <a href="https://strata.ca" target="_blank">Strata.ca</a> realtor Galina Sheveleva.She also adds that high-rise condos have been at somewhat of a disadvantage during the pandemic as residents struggle to maintain personal space, while making their way up to individual units.&ldquo;Add to that an older set of slow elevators or an elevator that&rsquo;s not in service, and you&rsquo;re spending what feels like half your life waiting to get up to your place.&rdquo;<h2>Condo Townhome vs. Freehold</h2>According to agents, the biggest reason why buyers choose to purchase a condo townhome over a freehold townhome is the price difference. Sheveleva points out that in Toronto, the gap in average price between the two is about $367,000, which is quite significant.&ldquo;Another reason for choosing condo townhouses is the lower level of upkeep on the property, since all the common elements and exteriors are maintained by the condominium corporation,&rdquo; she adds.If you&rsquo;re convinced a condo townhome may be the way to go &mdash; then check out the cheapest neighbourhoods below, plus some of the properties you can find there!<h2>Scarborough Village-Guildwood</h2><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/121/Guildwood_neighbourhood-650-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/121/Guildwood_neighbourhood-650.jpeg"/><img src="https://strata.ca/slate-image/article-images/121/Guildwood_neighbourhood-650.jpeg" alt="Guildwood Neighbourhood photo"/></picture><h3>Average price: $565,000 ($436 PSF)</h3>Stretching along Scarborough&rsquo;s beautiful waterfront, the neighbourhood of <a href="https://strata.ca/toronto/scarborough/scarborough-village-guildwood/condos-for-sale" target="_blank">Scarborough Village-Guildwood</a> will often land you the best bang for your dollar. With some of the lowest townhome prices in Toronto, this area offers a quieter lifestyle surrounded by nature &mdash; without having to leave the city.<a href="https://strata.ca/toronto/scarborough-golf-club-road-condos-44-78-scarborough-golf-club-rd-50-scarborough-golf-clu-rd-91-muir-dr/unit-92-e5357270" target="_blank">91 Muir Drive, Unit 92</a> | 3 beds, 2 bath | Asking price: $549,900<a href="https://strata.ca/toronto/scarborough-golf-club-road-condos-44-78-scarborough-golf-club-rd-50-scarborough-golf-clu-rd-91-muir-dr/unit-26-e5351240" target="_blank">91 Muir Drive, Unit 26</a> | 3 beds, 2 bath | Asking price: $629,900<a href="https://strata.ca/toronto/scarborough-golf-club-road-condos-44-78-scarborough-golf-club-rd-50-scarborough-golf-clu-rd-91-muir-dr/unit-133-e5353145" target="_blank">50 Scarborough Golf Club Rd, Unit 133</a> | 3 beds, 2 bath | Asking price: $499,900<h2>York University Heights</h2><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/121/York_University_TTC-650-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/121/York_University_TTC-650.jpeg"/><img src="https://strata.ca/slate-image/article-images/121/York_University_TTC-650.jpeg" alt="York University TTC Station"/></picture><h3>Average price: $591,500 ($510 PSF)</h3>This family-friendly neighbourhood also encompasses the main campus at York University. Sometimes referred to as Northwood Park, <a href="https://strata.ca/toronto/north-york/york-university-heights/condos-for-sale" target="_blank">York University Heights</a> is a large multicultural area with lots of greenspace and recreational facilities. Residents love the easy access to popular shopping centres like Yorkgate Mall, while younger families enjoy regular outings to <a href="https://blackcreek.ca/?utm_medium" target="_blank" rel="nofollow">Black Creek Pioneer Village</a>.<a href="https://strata.ca/toronto/four-winds-condos-21-37-four-winds-dr/unit--20-w5366691" target="_blank">37 Four Winds Drive, Unit 20</a> | 3 beds, 2 bath | Asking price: $649,900<a href="https://strata.ca/toronto/four-winds-condos-21-37-four-winds-dr/unit-40-w5332648" target="_blank">37 Four Winds Drive, Unit 40</a> | 2+1 beds, 2 bath | Asking price: $655,000<h2>Mount Dennis</h2><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/121/Mount_Dennis-650-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/121/Mount_Dennis-650.jpeg"/><img src="https://strata.ca/slate-image/article-images/121/Mount_Dennis-650.jpeg" alt="Mount Dennis community photo"/></picture><h3>Average price: $641,000 ($530 PSF)</h3><a href="https://strata.ca/toronto/york-crosstown/mount-dennis/condos-for-sale" target="_blank">Mount Dennis</a> is about to get much more accessible, thanks to the new <a href="https://strata.ca/blog/condo-values-explode-along-eglinton-crosstown-lrt-by-up-to-135" target="_blank">Eglinton Crosstown LRT</a>. Located along Eglinton Avenue between the Humber River and Kitchener GO line, residents can easily access Highway 401 with a quick journey up Black Creek Drive. Aside from its close proximity to major shopping districts, the area is also known for its vast greenspaces at Fergy Brown and Gladhurst parks.<a href="https://strata.ca/toronto/sidney-belsey-crescent-townhomes-50-74-sidney-belsey-cres/unit-103-w5366129" target="_blank">54 Sydney Belsey Cres, Unit 103</a> | 3 beds, 2 bath | Asking Price: $499,900<a href="https://strata.ca/toronto/sidney-belsey-crescent-townhomes-50-74-sidney-belsey-cres/unit-204-w5362647" target="_blank">56 Sydney Belsey Cres, Unit 204</a> | 3 beds, 2 bath | Asking Price: $670,000<h2>Westminster-Branson</h2><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/121/Westminster_Toronto_ON_Canada-650-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/121/Westminster_Toronto_ON_Canada-650.jpeg"/><img src="https://strata.ca/slate-image/article-images/121/Westminster_Toronto_ON_Canada-650.jpeg" alt="Westminster-Branson neighbourhood"/></picture><h3>Average price: $708,000 ($549 PSF)</h3>Traditionally popular with immigrants from the former Soviet Union&rsquo;s Jewish minority, this North York neighbourhood has become increasingly more diversified over the past few years. <a href="https://strata.ca/toronto/north-york/westminster-branson/condos-for-sale" target="_blank">Westminster-Branson</a> envelopes the eastern portion of G. Ross Lord Park and the northern tip of the West Don Parkland. Conveniently located at Bathurst and Finch, residents have easy access to major arteries like Highway 407 and The Allen.<h2>Jane and Finch</h2><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/121/200-mclevin-avenue-JaneFinch-650-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/121/200-mclevin-avenue-JaneFinch-650.jpeg"/><img src="https://strata.ca/slate-image/article-images/121/200-mclevin-avenue-JaneFinch-650.jpeg" alt="Jane Finch townhome development"/></picture><h3>Average price: $510,000 ($380 PSF)</h3>Although it may have some of the lowest condo prices in the city, <a href="https://strata.ca/toronto/north-york/jane-and-finch/condos-for-sale" target="_blank">Jane and Finch</a> also boasts one of the <a href="https://strata.ca/blog/jane-and-finch-rexdale-malvern-have-torontos-highest-condo-appreciation-rates-outpacing-downtown-core-by-nearly-20-report" target="_blank">highest appreciation rates</a> in Toronto. Located in the city&rsquo;s northwest corner, the area is easily accessible to various parts of the GTA due its close proximity to Highway 400.also boasts one of the highest appreciation rates in Toronto. Located in the city&rsquo;s northwest corner, the area is easily accessible to various parts of the GTA due its close proximity to Highway 400. is a high-density neighbourhood with a good mix of freeholds and high-rises. But still, there are many townhomes on the market well below the city&rsquo;s average.<a href="https://strata.ca/toronto/gosford-boulevard-townhomes-1-27-gosford-blvd/unit-9-w5357452" target="_blank">21 Gosford Blvd, Unit 9</a> | 2+1 beds, 2 baths | Asking price: $599,900<a href="https://strata.ca/toronto/12-28-london-green-townhomes-71-87-driftwood-ave-12-28-london-green-crt/unit-25-w5352015" target="_blank">75 Driftwood Ave, Unit 25</a> | 3 beds, 2 bath | Asking price: $699,000<a href="https://strata.ca/toronto/2901-jane-st-townhomes-2901-jane-st/unit-115-w5347970" target="_blank">2901 Jane Street, Unit 115</a> | 3 beds, 2 bath | Asking price: $599,000

Cheapest Neighbourhoods in Toronto Right Now to Buy a Townhome

<h3>Most condo owners don&rsquo;t believe this could even be a possibility, say Strata.ca realtors</h3>After mounting pressure from doctors, infectious disease specialists and several business groups &mdash; Ontarians will now have to show proof of COVID-19 vaccination to enter a number of indoor settings, including restaurants, gyms, theatres and sporting events. As part of a two-stage rollout, the provincial policy goes into effect on September 22 with a digital &lsquo;verification app&rsquo; to follow a month later.Although Ontario premier Doug Ford has insisted the measure is meant to be temporary, some experts believe many sectors could find the courage to implement vaccine mandates of their own. One such area is the real estate industry, especially for condominiums and the use of shared amenities.In light of Ontario&rsquo;s announcement, <a href="https://strata.ca" target="_blank">Strata.ca</a> realtors share their insights following months of interaction with condo owners during the global pandemic. It appears many residents are unaware that condominium boards may be able to enforce such requirements. But a prominent condo litigation lawyer says this new province-wide system could encourage them to follow suit.<h2>&lsquo;Most people don&rsquo;t think this is even a possibility&rsquo;</h2>Whether it&rsquo;s due to &ldquo;personal human rights or medical secrecy laws&rdquo;, Strata.ca agent Nathaniel Hartree-Hallifax says he hasn&rsquo;t come across any condo residents who are worried about immunization requirements potentially coming to their building.Larry Medina is another realtor at Strata.ca. No one has ever talked to him about this, either.&ldquo;However, clients do ask if I know what percentage of residents are fully vaccinated in a building we&rsquo;re viewing,&rdquo; he says. &ldquo;Obviously, I don&rsquo;t have the answer to this.&rdquo;Although broker Cliff Liu admits none of his clients have ever expressed concern about vaccine mandates, he has noticed that condo residents are still very cautious about getting too close to others.&ldquo;I&rsquo;m in and out of buildings all the time, and I see that the stairwells get a lot more traffic than the elevators,&rdquo; says Liu. &ldquo;Residents seem respectful of each other&rsquo;s space, even without a vaccine policy in place.&rdquo;<h2>Lawyer: Ontario&rsquo;s vaccine certificate makes rules easier to implement</h2><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/120/danielle-cerullo-CQfNt66ttZM-unsplash-600.jpg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/120/danielle-cerullo-CQfNt66ttZM-unsplash.jpg"/><img src="https://strata.ca/slate-image/article-images/120/danielle-cerullo-CQfNt66ttZM-unsplash.jpg" alt="Fitness Gym"/></picture>The lack of a provincial passport system has kept strata boards from enforcing vaccination mandates of their own, according to condo litigation lawyer Bradley Chaplick. Authorities had been struggling with the issue of how to easily confirm someone&rsquo;s immunization status while limiting incursions on privacy.&ldquo;A vaccine passport now solves that problem, making the rules easier to implement,&rdquo; Chaplick says. &ldquo;This could also open the door for local municipalities to enforce their own policies requiring condos to limit amenities to vaccinated people only.&rdquo;Chaplick points out that Ontario saw this kind of scenario play out last year with masking mandates, which began at the local level before they were eventually adopted province-wide.As condo boards continue to scrutinize resident safety in an ongoing pandemic, some homeowners may question which common areas would be off limits to the unvaccinated.&ldquo;We&rsquo;re talking about access to &lsquo;non-essential&rsquo; common areas only, primarily the amenities,&rdquo; explains Chaplick, &ldquo;such as a swimming pool or gym. We&rsquo;re not talking about common areas necessary to access individual suites, like lobbies and elevators.&rdquo;A vaccine policy, he says, could apply to any area that is used by more than one household simultaneously. But guest suites, used by one party at a time, probably wouldn&rsquo;t need restrictions because the &ldquo;potential danger to other people is not the same.&rdquo;Requiring proof of immunization to access amenities will certainly elicit some &ldquo;unhappy campers&rdquo;, says Liu. &ldquo;But this type of rule could improve the perception of a building that&rsquo;s trying to show it really cares about resident safety.&rdquo;<h2>&lsquo;Changing societal norms make a difference&rsquo; in court of law</h2><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/120/dan-newman-DnATKk5tGns-unsplash-600.jpg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/120/dan-newman-DnATKk5tGns-unsplash.jpg"/><img src="https://strata.ca/slate-image/article-images/120/dan-newman-DnATKk5tGns-unsplash.jpg" alt="Toronto Nathan Philip Square"/></picture>According to a recent <a href="https://www.ipsos.com/en-ca/news-polls/majority-of-canadians-support-vaccination-mandates" target="_blank" rel="nofollow">Ipsos poll</a>, 72% of Canadians agree with mandatory vaccinations to curb the spread of variants. Chaplick believes this seemingly broad societal acceptance will hold weight in a court of law.&ldquo;Changing societal norms make a difference in what a court will accept as &lsquo;reasonable&rsquo;&rdquo;, he says.When it comes to restricting what residents and visitors can do in a condominium, law states that the rules must be &lsquo;reasonable&rsquo; and must be for a proper purpose, such as promoting safety or preventing interference with others.&ldquo;In the absence of a proper rule, the residents have a presumptive right to use these amenities,&rdquo; says Chaplick.<h2>Unvaccinated Ontarians likely not looking for a condo, say realtors</h2><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/120/marcos-paulo-prado-_PY5UHNERmE-unsplash-600.jpg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/120/marcos-paulo-prado-_PY5UHNERmE-unsplash.jpg"/><img src="https://strata.ca/slate-image/article-images/120/marcos-paulo-prado-_PY5UHNERmE-unsplash.jpg" alt="Toronto Waterfront Condos"/></picture>Whether or not condo boards follow suit with vaccine requirements, Hartree-Hallifax believes it would have little impact on a building&rsquo;s overall resale value.&ldquo;In my experience, those who are not vaccinated want their private space in a very literal sense,&rdquo; he says. &ldquo;So for those who can afford it, this compact condominium lifestyle and sharing of amenities is not their ideal situation anyways.&rdquo;Strata.ca realtor Francisco Hiebert agrees, based on <a href="https://covid19tracker.ca/provincevac.html?p" target="_blank" rel="nofollow">immunization data</a> that shows 67% of eligible Ontarians have had at least one dose of a COVID-19 vaccine.&ldquo;All these people likely wouldn&rsquo;t have an issue buying into a condo with vaccine mandates, so resale value won&rsquo;t be impacted,&rdquo; he says. &ldquo;Prices are typically set by recent comparable units sold...not on whether people can use certain amenities.&rdquo;But some agents argue it&rsquo;s those exact amenities that residents are banking on when buying into a property.&ldquo;Whenever a building has rules on anything people want or use, the resale value is always affected,&rdquo; says Medina, who points out what happens when a condo board restricts pets. The rule ends up creating a smaller buyer pool, and he believes the same principle would apply when making vaccines mandatory for the pool or gym.&ldquo;But should enough buildings adopt this policy&rdquo;, Medina adds, &ldquo;it would ultimately become a moot point.&rdquo;For Strata.ca agent Osman Omaid, realtors must remain sensitive to everyone&rsquo;s personal choices, no matter how vaccine policies end up playing out.&ldquo;Some may only look for condos with this mandate, and some may turn away from a building only because of it,&rdquo; he says. &ldquo;It'll just be another point to go over when talking about a property...sort of like walk scores or nearest transit.&rdquo;For journalists: If you&rsquo;d like more information on this report or would like to receive future news releases, please send your requests to media(at)strata.ca.

Ontario’s Vaccine Passport: Could It Come to a Condo Near You?

<h3>Only one Toronto building makes Top 10; best investments are outside city limits</h3>For the first time in six months, Toronto condominiums no longer dominate Strata.ca&rsquo;s list of properties with the highest appreciation rates. If the latest data is any indication, it appears that condos outside the city are offering much higher returns on investment.Properties in Oshawa and Burlington appeared multiple times in the Top 10, which also included condos in Hamilton and Whitby. But a luxury building in Yorkville was the only Toronto property to make the list.&quot;This may simply reaffirm what many of us have known all along,&quot; says Robert Van Rhijn, Broker of Record at Strata.ca. &ldquo;Homebuyers are increasingly looking outside city limits for affordability, and the data is finally starting to reflect that trend.&rdquo;In Toronto, condos are selling on average for about $895 per square foot compared to just $647 in Burlington and $505 in Oshawa.&ldquo;By looking outside the city, you&rsquo;re buying into a market at much cheaper prices with the potential to earn back that investment at a much quicker pace,&rdquo; explains Van Rhijn.<h2>Top 10 Highest Appreciating Condos in the GTA</h2>Here are the properties that have appreciated the most in the past 12 months:1) Burlington | <a href="https://strata.ca/burlington/lakepoint-condos-2190-lakeshore-rd" target="_blank">Lakepoint Condos</a> | 2190 Lakeshore Rd | +53%2) Toronto | <a href="https://strata.ca/toronto/pears-on-the-avenue-condos-127-135-pears-ave-170-avenue-rd" target="_blank">Pears on the Avenue Condos</a> | 127-135 Pears Ave | +41%3) Burlington | <a href="https://strata.ca/burlington/vibe-condos-5020-corporate-dr-5030-corporate-dr-5010-corporate-dr" target="_blank">Vibe Condos</a> | 5030, 5010, 5020 Corporate Dr | +40%4) Oshawa | <a href="https://strata.ca/oshawa/wentworth-gardens-townhomes-401-wentworth-st-w" target="_blank">Wentworth Gardens Townhomes</a> | 401 Wentworth St W | +39%5) Hamilton | <a href="https://strata.ca/hamilton/262-kenora-townhomes-250-262-kenora-ave" target="_blank">Kenora Townhomes</a> | 250-262 Kenora Ave | +37%6) Whitby | <a href="https://strata.ca/whitby/sprucedale-palisades-townhomes-1-118-sprucedale-way-10-34-palisades-crt" target="_blank">Sprucedale &amp; Palisades Townhomes</a> | 1-118 Sprucedale Way, 10-34 Palisades Crt | +37%7) Mississauga | <a href="https://strata.ca/mississauga/4171-glen-erin-drive-townhomes-4171-glen-erin-dr" target="_blank">Glen Erin Drive Townhomes</a> | 4171 Glen Erin Dr | +37%8) Oshawa | <a href="https://strata.ca/oshawa/1010-glen-street-townhomes-1010-glen-st" target="_blank">Glen Street Townhomes</a> | 1010 Glen St | +36%9) Oshawa | <a href="https://strata.ca/oshawa/222-pearson-street-townhomes-222-pearson-st" target="_blank">Pearson Street Townhomes</a> | 222 Pearson St | +36%10) Oshawa | <a href="https://strata.ca/oshawa/540-dorchester-townhomes-540-dorchester-dr" target="_blank">Dorchester Drive Townhomes</a> | 540 Dorchester Dr | +34%<h2>Glass ceiling of affordability</h2><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/119/touann-gatouillat-vergos-LuhkyeebiMs-unsplash-600.jpg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/119/touann-gatouillat-vergos-LuhkyeebiMs-unsplash.jpg"/><img src="https://strata.ca/slate-image/article-images/119/touann-gatouillat-vergos-LuhkyeebiMs-unsplash.jpg" alt="Gloomy Toronto at Harbourfront"/></picture>The latest appreciation data simply illustrates the spillover effect from Toronto&rsquo;s red hot housing market where the average price of a condo is just over $720,000, according to Nathaniel Hartree-Hallifax, a realtor at Strata.ca. When it comes to buying something decent in Toronto, a lot of people have &ldquo;psychologically written that off&rdquo;, as he puts it. &ldquo;So they&rsquo;re moving around to places outside the city that they can afford.&rdquo;Strata.ca broker Cliff Liu caters to a wide demographic of buyers, including baby boomers in Toronto&rsquo;s outskirts. He thinks this group may be fuelling those soaring appreciation rates as well.&ldquo;Many seniors are cashing out on their suburban homes, and choosing to downsize in these same neighbourhoods,&rdquo; says Liu. &ldquo;So they&rsquo;re also adding to the demand, driving up values even faster in these areas.&rdquo;Hartree-Halliax notes the famous slogan that &ldquo;a rising tide lifts all boats&rdquo; to illustrate the impact of Toronto&rsquo;s rising prices on the wider region.&ldquo;Even still, properties outside the city have so much more room to appreciate,&rdquo; he explains. &ldquo;Whereas condos in Toronto have already hit that glass ceiling of affordability.&rdquo;For journalists: If you&rsquo;d like more information on this report or would like to receive future news releases, please send your requests to media(at)strata.ca.

Toronto Condos No Longer Dominate GTA’s Highest Appreciating Properties

The COVID-19 pandemic undoubtedly did a number on Toronto&rsquo;s downtown condo market as it ignited an exodus and a drop in property values. Office workers, no longer tethered to their cubicles, fled further out in search of more space. And that&rsquo;s when the price of single family homes and cottages surged while downtown condo values plunged.For over a year, people have been wondering if remote working is the new normal. And thus, will Toronto&rsquo;s downtown ever be the same again? But according to data from <a href="https://strata.ca" target="_blank">Strata.ca</a>, overall condo values here are back on track to hit pre-pandemic levels; although not all neighbourhoods are showing increases.<h2>Financial District Up, &lsquo;Trendier&rsquo; Areas Down</h2><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/118/ryan-stefan-RGoTYMBrU3w-unsplash-600.jpg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/118/ryan-stefan-RGoTYMBrU3w-unsplash.jpg"/><img src="https://strata.ca/slate-image/article-images/118/ryan-stefan-RGoTYMBrU3w-unsplash.jpg" alt="Toronto Financial District"/></picture>In July, the average cost per square foot (PSF) of a downtown condo hit $1,088 -- higher than numbers seen in May and June, and $88 more PSF than this year&rsquo;s January low. But as health restrictions ease and workplaces reopen their offices, it appears some downtown neighbourhoods are seeing gains while others are showing losses.The Bay Street Corridor, for example, saw a bump in July with condos selling for about $1,200 PSF or roughly $780,000. Just a couple of weeks into August, prices here are already skyrocketing with the average unit selling for $893,000 for an increase of $113,000.&ldquo;A lot of young professionals are heading back to the office a few days per week, so it&rsquo;s understandable that demand is up,&rdquo; said Francisco Hiebert, a real estate agent at <a href="https://strata.ca" target="_blank">Strata.ca</a>.Although typically known as Canada&rsquo;s financial hub, the Bay Street Corridor also attracts a huge student population that attends nearby universities such as Ryerson and U of T. And according to Robert Van Rhijn, Broker of Record at Strata.ca, these students may be driving up prices as well.&ldquo;There are lots of students from wealthy families who opt to buy instead of rent,&rdquo; he said. &ldquo;So that&rsquo;s also contributing to some of the bidding wars in this area.&rdquo;But that bump hasn&rsquo;t applied to all neighbourhoods.King West, Queen West, The Village and Distillery District actually saw a decrease in average condo prices in July. Pre-pandemic, these neighbourhoods were famous for their restaurants, bars and nightclubs. And of course, the hip young people that frequented them.&ldquo;Party neighbourhoods like King and Queen West are still sitting at March levels with The Village at its lowest since January,&rdquo; said Van Rhijn.Geographically, these areas also circle the downtown core. And that suggests rising prices downtown may be a central core phenomenon.&ldquo;When we looked at all the data on a map, the neighbourhoods with an uptick in sales activity had a higher concentration of workspaces,&rdquo; said Van Rhijn. &ldquo;The writing&rsquo;s on the wall as people face the reality that they&rsquo;ll eventually have to return to the office.&rdquo;So that begs the question -- are people returning downtown to work, but not to play?&ldquo;Rental demand is still strong in areas known for their entertainment value, but buyers don&rsquo;t seem to be flocking here as much,&rdquo; says Hiebert, who admits it&rsquo;s too early to pinpoint why there&rsquo;s such a disparity right now among downtown neighbourhoods.For journalists: If you&rsquo;d like more information on this report or would like to receive future news releases, please send your requests to media(at)strata.ca.

All Work & No Play: Downtown Condo Values Up, But Not in "Party Neighbourhoods"

Amidst a city-wide condo market struggling to regain traction against the backdrop of the COVID-19 pandemic, one area of Toronto is reporting a rise in prices as condo values remain largely stagnant in the rest of the city.In North York, one-bedroom units have seen four consecutive months of price increases. 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.<h2>Willowdale is North York&rsquo;s hottest pocket</h2><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/117/Willowdale_Toronto_atmosphere-640-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/117/Willowdale_Toronto_atmosphere-640.jpeg"/><img src="https://strata.ca/slate-image/article-images/117/Willowdale_Toronto_atmosphere-640.jpeg" alt="Willowdale Toronto day time "/></picture>North York&rsquo;s most active neighbourhood is currently Willowdale, an area close to both the DVP and 401. 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&rsquo;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. But oddly, the price of a two-bedroom went down in July by about $20,000, despite being up for the year as a whole.According to <a href="https://strata.ca" target="_blank">Strata.ca</a> broker Cliff Liu, a prime selling point for North York in general is that it offers all the amenities of urban life. Yet it still has the benefit of being viewed as a &lsquo;cheaper alternative&rsquo; to more central neighbourhoods.&ldquo;Many of the people buying in North York right now are first time homebuyers as it&rsquo;s a bit more ideal as an entry point. It&rsquo;s also an area where downsizers can pick up a retirement home, but still find all the conveniences of the city.&rdquo;<h2>Condo values remain stagnant in rest of Toronto</h2><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/117/sandro-schuh-6wVqCeK030Y-unsplash-600.jpg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/117/sandro-schuh-6wVqCeK030Y-unsplash.jpg"/><img src="https://strata.ca/slate-image/article-images/117/sandro-schuh-6wVqCeK030Y-unsplash.jpg" alt="Toronto CN view from park bench"/></picture>As North York property values continue their upward trajectory, <a href="https://strata.ca" target="_blank">Strata.ca</a> data shows property values in surrounding areas have remained relatively unchanged.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&rsquo;s peak of $1,026,083.Toronto continues to grapple with a work-from-home trend that has sent people, now no longer tethered to a set geographical location, looking further out for more space. Meanwhile, new Airbnb rules and closed borders have also dried up short-term rentals.Robert Van Rhijn, Broker of Record at <a href="https://strata.ca" target="_blank">Strata.ca</a>, believes these factors are contributing to stagnant condo prices across the city.&ldquo;July numbers are in, and the average sale price of a condo in Toronto last month was $712,046. That&rsquo;s just a $350 increase compared to June.&rdquo;Still though, homebuyers paid roughly 2 per cent over asking price for both one and two-bedroom units in July, despite an overall cooldown in bidding wars across the city.For journalists: If you&rsquo;d like more information on this report or would like to receive future news releases, please send your requests to media(at)strata.ca.

Is North York Now the Hottest Condo Market in Toronto? 

When you think of Pickering, a casino resort, luxury hotel and flashy entertainment venues probably don&rsquo;t come to mind. But if all goes according to plan, the city is about to undergo a radical transformation that may leave it unrecognizable.Developers have been working on a 240-acre district known as <a href="http://dlive.ca/" target="_blank" rel="nofollow">Durham Live</a>, meant to create Pickering&rsquo;s definition of a downtown core. While most residents have traditionally made the trip to Toronto&rsquo;s downtown for work and entertainment, the hope is that this glimmering mixed-use space will brand Pickering as a destination of its own.But much like Pickering&rsquo;s ambitious development plans, its real estate market has seen a renaissance of its own. <a href="https://strata.ca" target="_blank">Strata.ca</a> data shows the eastern city is showing signs of a rebirth; one marked by surging property values and electrifying anticipation of what Pickering could become.Since the start of last summer, condo values here have soared. The average cost per square foot (PSF) went from $440 in June 2020 to $614 currently for an increase of about 40%. On average, a Pickering condo will cost you around $599,000, up from $489,000 a little over a year ago. Despite this increase though, the city is still cheaper than Toronto, which has an average condo price of $726,000.<h2>All comes down to a numbers game</h2><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/116/scott-graham-5fNmWej4tAA-unsplash-600.jpg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/116/scott-graham-5fNmWej4tAA-unsplash.jpg"/><img src="https://strata.ca/slate-image/article-images/116/scott-graham-5fNmWej4tAA-unsplash.jpg" alt="Investing paperwork with laptop"/></picture>Pickering is one of the top places in the GTA that&rsquo;s best positioned to give you the best return on your investment, according to Strata.ca&rsquo;s Broker of Record, Robert Van Rhijn. For potential homebuyers, he says it all comes down to a numbers game that just makes sense.&ldquo;You&rsquo;re getting in on a housing market that&rsquo;s about 17% cheaper than Toronto&rsquo;s. And yet, Pickering condo owners have seen gains more than double that in just 12 to 13 months alone.&rdquo;Although Strata.ca data shows bidding wars in the GTA have largely <a href="https://strata.ca/blog/toronto-condo-sales-down-in-april-prices-plateau-amid-buyer-fatigue" target="_blank">cooled since April</a>, homebuyers in Pickering have been consistently paying more than 6% above the list price for the past four months. Compare that to Toronto, where people are paying just 2% over the list price, on average.Cliff Liu, a broker at Strata.ca, says it&rsquo;s not hard to understand why Pickering is hotter than Toronto in some respects.&ldquo;My clients see Pickering as a good middle-ground. Compared to other suburban neighbourhoods, it&rsquo;s a pretty short drive or train ride to Toronto&rsquo;s downtown. It&rsquo;s one of the reasons Pickering has enjoyed healthy real estate values over the past 10 to 15 years.&rdquo;<h2>Closing in on Oshawa</h2><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/116/Pickering_waterfront-600.jpeg " media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/116/Pickering_waterfront.jpeg "/><img src="https://strata.ca/slate-image/article-images/116/Pickering_waterfront.jpeg " alt="Pickering Frenchmen's Bay Marina"/></picture>You could say the nearby city of <a href="https://strata.ca/blog/oshawa-condos-rise-in-value-by-nearly-50;-officially-becomes-gtas-hottest-market" target="_blank">Oshawa</a> has become one of the biggest breakout characters in the drama of the COVID-19 pandemic. Since June last year, it has seen condos surge in value by 48% with little signs of slowing down. But Pickering, largely living in the shadows of Oshawa&rsquo;s red-hot ascent, is quietly closing in on its neighbour.Since the start of last summer in June 2020, the two cities have been leading Durham in terms of highest appreciation rates.&ldquo;Whitby and Ajax have been trailing behind at 29% and 17% respectively. But still, the Durham Region as a whole has proven to be a solid investment for homebuyers looking to escape Toronto,&rdquo; says Van Rhijn.<h2>Durham Townhomes Dominate List of Highest-Ranking Properties</h2><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/116/00_Atria_Oshawa-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/116/00_Atria_Oshawa.jpeg"/><img src="https://strata.ca/slate-image/article-images/116/00_Atria_Oshawa.jpeg" alt="Oshawa Atria Condo"/></picture>Liu says he was recently examining data within Strata.ca&rsquo;s condo ranking reports for an investor client interested in Pickering and its surrounding areas.&ldquo;I was specifically looking for GTA condos that had seen the greatest value increases in the past 12 months. Out of 20 properties, I was surprised to see seven of them were actually in Durham.&rdquo;Interestingly, the highest appreciating properties were townhome complexes, most of them built in the 1970s:<h3>Pickering</h3><a href="https://strata.ca/pickering/bayshore-mews-townhomes-1230-radom-st" target="_blank">Bayshore Mews Townhomes</a> | 32%<h3>Oshawa</h3><a href="https://strata.ca/oshawa/wentworth-gardens-townhomes-401-wentworth-st-w" target="_blank">Wentworth Gardens Townhomes</a> | 37%<a href="https://strata.ca/oshawa/540-dorchester-townhomes-540-dorchester-dr" target="_blank">540 Dorchester Townhomes</a> | 36%<a href="https://strata.ca/oshawa/222-pearson-street-townhomes-222-pearson-st" target="_blank">222 Pearson Street Townhomes</a> | 36%<h3>Whitby</h3><a href="https://strata.ca/whitby/sprucedale-palisades-townhomes-1-118-sprucedale-way-10-34-palisades-crt" target="_blank">Sprucedale &amp; Palisades Townhomes</a> | +38%<a href="https://strata.ca/whitby/salmon-way-townhomes-1-110-salmon-way" target="_blank">Salmon Way Townhomes</a> | +33%Liu says he isn&rsquo;t surprised though that these older townhomes are rising the fastest.&ldquo;Yes, the finishes might be dated. But these units offer some of the biggest layouts in the GTA. If you can&rsquo;t afford a freehold in Toronto, a townhome in Durham is really a fantastic compromise.&rdquo;For journalists: If you&rsquo;d like more information on this report or would like to receive future news releases, please send your requests to media(at)strata.ca.

Pickering Condo Values Soar by 40% as City Prepares for Massive Transformation

Toronto&rsquo;s downtown rental market refuses to go quietly as a surge of activity rips through the summer heat. As Ontario turns a corner in the COVID-19 pandemic, the average cost of rentals has risen by nearly $150 from the 12-month lows we saw in January. And much of that uptick has occurred in the last 90 days alone.During the month of June, the average cost to lease a condo downtown was $2,218 &mdash; a value not seen since October last year. For investors, this is a sign that the media&rsquo;s cries of a mass exodus have quieted to a dull roar. And for renters, this more competitive market just means things are headed back to &lsquo;normal&rsquo; once again.<h2>Three-Bedroom Rentals See Biggest Gains</h2>Since April, leasing a 1-bedroom downtown has become about $100 more expensive per month. But renting a 3-bedroom has become even pricier with an increase of about $400 in that same time period. Some realtors believe three bedrooms have become a hot commodity for would-be homebuyers priced out of the freehold market. As Strata.ca agent Sam Massoudi describes it, these larger units have become &lsquo;<a href="https://strata.ca/blog/three-bedroom-condos-surge-in-value-by-over-$200k-as-house-seekers-look-for-next-best-thing" target="_blank">the next best thing</a>&rsquo;.But while rental rates are still down from the highs we saw in 2020, the current trajectory shows the market could catch up to those trends by the end of this year.Osman Omaid is a real estate agent at Strata.ca. He services a lot of rental clients downtown, and says he&rsquo;s also noticing a shift on the ground.&ldquo;The pandemic had pushed a lot of people out of the city and into the suburbs. But now with things opening back up, there&rsquo;s more demand for downtown rentals. Therefore, we&rsquo;re seeing low vacancy rates and higher prices,&rdquo; he explains.It&rsquo;s no surprise that rent prices are rising dramatically in some of downtown&rsquo;s most popular neighbourhoods.In Regent Park, for example, prices are up almost $300 per month since April. And in the Village and Queen West, the average rent rose by nearly $200 a month. Meanwhile, a lease at CityPlace is up by about $190.Much of this is fuelled by the overall decline in downtown inventory. And according to Strata.ca agent Francisco Hiebert, landlords are holding off on listing their units until they feel they can charge more.But further to that, Hiebert believes much of the activity in the months ahead will be driven by renters who had chosen to wait until prices cooled off.&ldquo;Tenants who were timing the market are now getting off the sidelines and flooding the rental space. They&rsquo;ll have to start competing with everyone else though, raising prices even further.&rdquo;<h2>Resale market returning to pre-pandemic norms</h2>The average cost of a downtown condo dipped by roughly $10,000 from May to June. In another positive sign for buyers, inventory levels steadily marched upwards, too.At the same time, Strata.ca data shows buyers are paying not much more than the asking price as indicated by the sale-to-list price ratio, which has been on the decline. In June, people were paying about 2.8% above list &mdash; down from April when buyers were paying about 4.4% over asking, signifying a strong seller&rsquo;s market.Strata.ca&rsquo;s Broker of Record, Robert Van Rhijn, says this past June felt more like July in a typical, non-pandemic year.&ldquo;We&rsquo;re seeing inventory numbers climb and fewer offers as buyers have more choice and less competition.&rdquo;Van Rhijn believes the market still tilts in favour of sellers. But still, much less so than in March and April, when there was a real chasm between supply and demand.&ldquo;The market is a lot more balanced now,&rdquo; he says.For journalists: If you&rsquo;d like more information on this report or would like to receive future news releases, please send your requests to media(at)strata.ca.

Downtown Rental Market Begins to Sizzle as Ontario Looks Ahead to Final Stage of Reopening

A recent plunge in demand is bringing some relief for Toronto condo buyers as inventory levels rise and prices continue to plateau. In the past 60 days, the average cost per square foot (PSF) for a condo in the city is holding steady at $884. But not all segments of the market are seeing prices levelling off.In fact, Strata.ca data shows that competition remains incredibly fierce for three-bedroom condos.The average sold price of these coveted units is currently sitting at $905,220. Since March, that&rsquo;s an increase of 30% or roughly $210,000. The average cost PSF has also grown considerably over that same time period from $576 in March to $621 currently; an increase of nearly 8%.Strata.ca agent Francisco Hiebert isn&rsquo;t surprised that three-bedroom units are so popular these days. He says many people who temporarily left Toronto during the pandemic are slowly finding their way back.&ldquo;Many workplaces will be doing a hybrid of remote work, plus a few days in the office. So now that people know what their jobs will look like post-pandemic, a lot of them are returning to the city to avoid long commutes.&rdquo;Hiebert also believes that as COVID-19 cases continue to drop and Toronto opens up, we&rsquo;ll see an even larger demand for three-bedroom units in the months ahead.<h2>Three bedrooms or bust: Competition sizzles for larger units</h2><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/113/narciso_arellano_ceRjYONcaBA-800-600.jpg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/113/narciso_arellano_ceRjYONcaBA-800.jpg"/><img src="https://strata.ca/slate-image/article-images/113/narciso_arellano_ceRjYONcaBA-800.jpg" alt="Downtown Toronto Condos "/></picture>Back in March, homebuyers were paying 8.4% over the asking price for three-bedroom units. But that sale-to-list price ratio took a tumble, falling to 4.5% in May. This month, that number is holding steady with buyers paying about 4.4% above asking.Meanwhile, inventory levels continue to trend downward since peaking in April. And that may put added pressure on the supply of three-bedroom units, further inflaming competition. But Osman Omaid, a real estate agent at Strata.ca, says it&rsquo;s not just buyers who will be feeling the heat.&quot;When it comes to these rare three-bedroom units, renters also want in. With universities and colleges potentially gearing up for in-person learning, there are tons of students competing for these larger units, too.&rdquo;<h2>&lsquo;The next best thing...&rsquo;</h2><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/113/toronto_city_skyline-800-600.jpg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/113/toronto_city_skyline-800.jpg"/><img src="https://strata.ca/slate-image/article-images/113/toronto_city_skyline-800.jpg" alt="Toronto City Skyline"/></picture>Throughout the COVID-19 pandemic, we&rsquo;ve often witnessed a &lsquo;tale of two cities&rsquo; when it comes to Toronto and its surrounding regions. But trend lines show that when it comes to three-bedroom units, there&rsquo;s a mirroring of sorts taking place.In the GTA, the average sold price for these units is currently $775,500 &mdash; up 11% since the March average of $695,600. The cost PSF has also risen with it, indicating that competition isn&rsquo;t just confined to the City of Toronto.Strata.ca realtor Sam Massoudi believes the battle for three-bedroom units is being fuelled by the exorbitant cost to purchase a single-family home.&quot;Since freeholds remain at the heart of a very competitive market, a lot of people who need the three bedrooms are priced out,&rdquo; he explains.Left with few alternatives, Massoudi believes homebuyers have no choice but to consider a three-bedroom condo instead.&ldquo;All that space can be used for a family with two children...or a family with one child, plus a home office. Aside from freehold houses, this really is the next best thing.&quot;For journalists: If you&rsquo;d like more information on this report or would like to receive future news releases, please send your requests to media(at)strata.ca.

Three-Bedroom Condos Surge in Value by Over $200K as House-Seekers Look for "Next Best Thing"

Despite a month-to-month <a href="https://strata.ca/blog/gta-condo-sales-drop-for-2nd-straight-month-with-biggest-declines-in-downtown-core" target="_blank">cooldown</a> in GTA real estate, the average price of a Toronto condo has been holding steady the past 30 days at $740,000. But it&rsquo;s still possible to find properties well below the average in certain pockets of the city.Due to decreased competition since April, some neighbourhoods are now reporting lower condo prices. And the best part? They&rsquo;re located in areas that homebuyers have typically assumed to be out of reach. So check out the top three unexpected neighbourhoods that offer unbeatable value...and the properties you can buy there!<h2>Cabbagetown</h2>Average Price: $698,000<picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/112/00_Cabbage_town_toronto_on-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/112/00_Cabbage_town_toronto_on.jpeg"/><img src="https://strata.ca/slate-image/article-images/112/00_Cabbage_town_toronto_on.jpeg" alt="Cabbage town Toronto neighbourhood"/></picture>This is one of the last areas downtown where you can buy a condo well below the Toronto average. Because the gentrification of Cabbagetown began in the 70s, the community is well-established and offers all the benefits of living in a centrally located area. Although the community is famous for its semi-detached Victorian homes, there are still a number of condos available here. And according to Strata.ca realtor Osman Omaid, Cabbagetown offers the best of both worlds.&ldquo;Living here is all about getting that urban experience without being surrounded by glass highrises and office towers. Not only is Cabbagetown good for young families, it&rsquo;s also the ideal location for working professionals who want easy access to both east and west ends of the city.&rdquo;Priced at about $920 per square foot (PSF), the neighbourhood features a number of older buildings and townhomes. Because many of these properties were built years ago, layouts tend to be more spacious. At the popular <a href="https://strata.ca/toronto/lesprit-residences-60-homewood-ave-5-15-maitland-pl" target="_blank">L&rsquo;Esprit Residences</a>, for example, units can range up to 1,400 sqft. But if Cabbagetown&rsquo;s excellent value isn&rsquo;t enough to sway you, it&rsquo;s location might. The streetcar service can easily connect you to the Bloor subway line, and even west past the Humber.<a href="https://strata.ca/toronto/the-star-of-downtown-225-wellesley-st-e/unit-704-c5271569" target="_blank">225 Wellesley St E, Unit 704</a> | 1 bed, 1 bath | Asking price: $499,000<a href="https://strata.ca/toronto/lesprit-residences-60-homewood-ave-5-15-maitland-pl/unit-438-c5275803" target="_blank">60 Homewood Ave, Unit 438</a> | 1+1 beds, 1 bath | Asking price: $499,000<a href="https://strata.ca/toronto/lesprit-residences-60-homewood-ave-5-15-maitland-pl/unit-1507-c5281091" target="_blank">15 Maitland Pl, Unit 1507</a> | 1+1 beds, 1 bath | Asking price: $649,900<h2>Bayview Village</h2>Average Price: $642,200<picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/112/00_Bayview_Village_Shopping_Centre--600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/112/00_Bayview_Village_Shopping_Centre-.jpeg"/><img src="https://strata.ca/slate-image/article-images/112/00_Bayview_Village_Shopping_Centre-.jpeg" alt="Bayview shopping centre"/></picture>One of Toronto&rsquo;s most affluent neighbourhoods, Bayview Village is often overlooked by the average homebuyer. But Strata.ca data shows that in the past 30 days, condos here have been selling well below average.&ldquo;This past month, we&rsquo;re seeing condos in Bayview Village selling about 13% under the Toronto average as competition cools over the summer months. With a bit of patience, you can find 2 bedrooms listed under $700,000,&rdquo; says Anna Afkari, real estate agent at Strata.ca.Affordable condominiums are surrounded by ranch bungalows, split-level properties, and Georgian Revival-style homes. Residents are anchored by some prominent landmarks, which include Bayview Village Shopping Centre and the North York YMCA. But despite the family-oriented amenities, Bayview Village is still suitable for younger professionals looking to escape the downtown hustle; while its trendy restaurants and upscale shopping offer access to a higher quality of life.<a href="https://strata.ca/toronto/ny-towers-the-waldorf-2-rean-dr-8-rean-dr/unit-501-c5258155" target="_blank">8 Rean Dr, Unit 501</a> | 2 beds, 2 bath | Asking price: $639,000<a href="https://strata.ca/toronto/opus-and-omega-on-the-park-condos-117-mcmahon-dr-115-mcmahon-dr-113-mcmahon-dr/unit-207-c5242227" target="_blank">117 McMahon Dr, Unit 207</a> | 1+1 beds, 1 bath | Asking price: $649,900<a href="https://strata.ca/toronto/ny-towers-the-chrysler-1-rean-dr-3-rean-dr/unit-508-c5224594" target="_blank">1 Rean Dr, Unit 508</a> | 2 beds, 2 bath | Asking price: $699,000<h2>Leaside-Thorncliffe</h2>Average Price: $684,000<picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/112/00_Thorncliffe_park_at_Leaside-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/112/00_Thorncliffe_park_at_Leaside.jpeg"/><img src="https://strata.ca/slate-image/article-images/112/00_Thorncliffe_park_at_Leaside.jpeg" alt="Leaside Thorncliffe neighbourhood in toronto"/></picture>If all goes as planned, the new <a href="https://strata.ca/blog/condo-values-explode-along-eglinton-crosstown-lrt-by-up-to-135" target="_blank">Eglinton Crosstown LRT</a> is set to roll through Leaside within the next year. And that&rsquo;s why Strata.ca broker Cliff Liu says now is the time to invest in East York&rsquo;s most popular neighbourhood, since prices will start picking up as the LRT nears completion.&ldquo;The Eglinton Crosstown will have three stations in Leaside, making it more accessible to the Yonge subway line. So it's worth considering this area while prices still remain below the Toronto average.&rdquo;Liu also notes that last month, properties here sold for about 0.27% below the list price.&ldquo;And that&rsquo;s encouraging for people who were priced out of the market in April when condos were going for 3% above asking.&rdquo;Surrounded by greenspace and excellent schools, Leaside-Thorncliffe is attractive for both young families and working professionals alike. Big box stores and trendy dining options exist off Eglinton between Brentcliffe and Laird.Eglinton Avenue also serves as a convenient throughway, connecting residents to major arteries. For example, you can head east to Don Mills and get downtown or to North York by connecting to the DVP. You can also make your way through Midtown by simply heading west towards Yonge.<a href="https://strata.ca/toronto/jockey-club-21-overlea-blvd/unit-1401-c5279890" target="_blank">21 Overlea Blvd, Unit 1401</a> | 2 beds, 1 bath | Asking price: $529,000<a href="https://strata.ca/toronto/leaside-park-11-thorncliffe-park-drive/unit-507-c5200637" target="_blank">11 Thorncliffe Park Dr, Unit 507</a> | 2 beds, 2 bath | Asking price: $575,000<a href="https://strata.ca/toronto/the-randolph-356-mcrae-dr/unit-207-c5262432" target="_blank">365 Mcrae Dr, Unit 207</a> | 2 beds, 2 bath | Asking price: $749,000For journalists: If you&rsquo;d like more information on this report or would like to receive future news releases, please send your requests to media(at)strata.ca.

These Unexpected Neighbourhoods Still Have Below Average Condo Prices

<h3>May&rsquo;s decreased activity indicative of buyers who already purchased to avoid new mortgage stress test</h3>The pressure was on for GTA homebuyers to secure financing ahead of this week&rsquo;s highly-anticipated change to Canada&rsquo;s mortgage &lsquo;stress test&rsquo;. But the latest sales data for May shows yet another dip in condo transactions for a second straight month as the explosion of demand unleashed in March continued to fizzle out.The Greater Toronto Area saw 3,368 transactions last month. May sales had more than doubled when compared to the same time last year. But transactions had decreased by 23% when compared to the market&rsquo;s record-breaking peak in March.Despite lower sales numbers, property values managed to hold their ground. The average selling price of a Toronto-area condo was $676,000, virtually unchanged from the month prior. Homebuyers paid about $782 per square foot (PSF), following the start of a <a href="https://strata.ca/blog/toronto-condo-sales-down-in-april-prices-plateau-amid-buyer-fatigue">cooling market</a> in April. Inventory levels, meanwhile, saw a moderate decrease with 5,935 condos hitting the market; an 8% drop from the previous month.<h2>Downtown Toronto takes its deepest plunge in May</h2><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/110/jane-palash-Pj-7WtOi0ig_unsplash-800-600.jpg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/110/jane-palash-Pj-7WtOi0ig_unsplash-800.jpg"/><img src="https://strata.ca/slate-image/article-images/110/jane-palash-Pj-7WtOi0ig_unsplash-800.jpg" alt="Gloomy rainy day in Toronto Streets"/></picture>Perhaps the most notable declines were in the downtown core, which recorded its biggest drop in market activity in the last 12 months. In May, condo sales were down by 19%. Certainly a far cry from the 62% nosedive seen in April last year, immediately following Ontario&rsquo;s state of emergency declared on March 17, 2020. Still though, this most recent drop in sales transactions solidifies the continuation of a downward trend after the market&rsquo;s long-awaited plateau in April.Homebuyers who managed to secure a downtown condo in May paid about $1,066 PSF, down from the April peak of $1,091 PSF. However, despite the new downward trend, downtown prices still remain about $285 above the GTA average.<h2>Incoming stress test &lsquo;lit a fire&rsquo; under people to buy something...anything</h2><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/110/daniel-novykov-TLoGZA0w-qw-unsplash-800-600.jpg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/110/daniel-novykov-TLoGZA0w-qw-unsplash-800.jpg"/><img src="https://strata.ca/slate-image/article-images/110/daniel-novykov-TLoGZA0w-qw-unsplash-800.jpg" alt="Leaving Toronto"/></picture>First launched in 2017 to cool an overheated market, the notorious stress test is a minimum threshold that potential homebuyers must meet. It ensures that anyone getting a mortgage will be able to pay it off if historically-low interest rates were to go up. And as of June 1st, the federal government raised that minimum qualification bar yet again.This expected change unleashed a flurry of sideline buyers, especially in April when the headlines took a bit of a turn, says Robert Van Rhijn, Broker of Record at Strata.ca. According to Van Rhijn, these are buyers who were initially waiting around to see where property values were headed.&ldquo;All of those people afraid of the mortgage changes coming June 1st...they decided it&rsquo;s now or never. So it really lit a fire under them to get off the sidelines and just buy something, anything, while they still had greater purchasing power.&rdquo;Van Rhijn believes a lot of those eager buyers had already entered the market by the time May rolled around. He says last month&rsquo;s decreased sales activity also indicates the &lsquo;burn out&rsquo; that typically happens after the traditional spring rush.&ldquo;Put those two things together and of course we&rsquo;re going to see a notable dip in condo sales.&rdquo;<h2>&lsquo;Sellers will just have to accept a lower price&rsquo;</h2><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/110/pexels-pavel-danilyuk-800-600.jpg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/110/pexels-pavel-danilyuk-800.jpg"/><img src="https://strata.ca/slate-image/article-images/110/pexels-pavel-danilyuk-800.jpg" alt="For Sale "/></picture>TRREB has noted that month-over-month decreases signal the GTA may be <a href="https://trreb.ca/files/market-stats/market-watch/mw2104.pdf" target="_blank">exhausting its pool</a> of potential buyers within the existing population.But Cliff Liu, a broker at <a href="https://strata.ca" target="_blank">Strata.ca</a>, disagrees. He says May just goes to show that many people are still waiting things out. They&rsquo;re also considering properties that have a lower barrier to entry.&ldquo;I know offhand a lot of buyers who are now getting serious about pre-construction and assignments even. For these types of transactions, they just need a large enough deposit upfront. They don&rsquo;t need to worry about getting some huge loan from the banks, especially under these new mortgage rules,&rdquo; he said.Even though stress test changes make the path to homeownership a bit harder, it may be sellers who bear the brunt of it all.&ldquo;We&rsquo;re going to see properties sit on the market for a while longer heading into the summer. And sellers in a rush to liquidate their assets will just have to accept a lower price,&rdquo; adds Liu.There are many investors who are &lsquo;squatting on a pile of cash&rsquo; as Liu puts it. He says they&rsquo;re just waiting for a distress sale, which occurs when a property must be sold off quickly.&ldquo;It really comes down to a game of patience to see who...sellers versus buyers...can hold out longer.&rdquo;Whether you&rsquo;re a seasoned real estate investor or first-time purchaser, Van Rhijn says many people believe, erroneously, that they won&rsquo;t qualify to buy under these new mortgage rules. But in reality, it&rsquo;s only about 5% of active buyers who have now been forced out of the market.&ldquo;For the remaining 95%, it just means their buying power is modestly diminished. So they&rsquo;ll just have to settle for something a little smaller or not in their most ideal neighbourhood.&rdquo;For journalists: If you&rsquo;d like more information on this report or would like to receive future news releases, please send your requests to media(at)strata.ca.

GTA Condo Sales Drop for 2nd Straight Month with Biggest Declines in Downtown Core 

<h2>Lack of development in &lsquo;less affluent&rsquo; areas leading to price surge in unexpected neighbourhoods.</h2>Stretching 19 kilometres across Toronto&rsquo;s mid-section, commuters have been eagerly awaiting the official opening of the Eglinton Crosstown. The light rail transit system, also known as Line 5, will take passengers along Eglinton Avenue from the new Mount Dennis station at Weston Road all the way to Kennedy station in Scarborough. But despite its delayed opening of Fall 2022 &mdash; property values along some portions have skyrocketed in just the past five years by as much as 135%.To put that into context, Toronto&rsquo;s overall condo market in the past five years has appreciated just 72%..<h2>Appreciation rates intensify at furthest ends of transit line</h2><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/108/1280px-TTC_system_map_2023_upd.svg-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/108/1280px-TTC_system_map_2023_upd.svg.png"/><img src="https://strata.ca/slate-image/article-images/108/1280px-TTC_system_map_2023_upd.svg.png" alt="TTC LRT map of new lines "/></picture><a href="https://strata.ca" target="_blank">Strata.ca</a> analyzed condo sales along the Eglinton Crosstown going back to 2011. That&rsquo;s when the first phase of construction began. To get the most accurate picture, we calculated the average cost per-square-foot (PSF) for all condominiums within a 900-metre radius around all 25 stops.Condos clustered around those stations furthest east and west have seen the highest appreciation rates. And trend lines show property values began their steep ascent about five years ago. The average cost PSF around Scarborough&rsquo;s Kennedy station, furthest east on the line, was $212 in 2016. Currently in 2021, it&rsquo;s sitting at $500; a stunning increase of 135%. Around Ionview station, one stop over, condo values have skyrocketed in the same time period by 134%.On the westerly portion of Line 5, properties surrounding Mount Dennis station have seen an increase of 67% since 2016. But head one stop east to Keelesdale, and nearby condo prices have risen 103%.<h2>Eglinton Crosstown will &lsquo;breathe new life&rsquo; into overlooked pockets</h2><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/108/Eglinton_LRT-min-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/108/Eglinton_LRT-min.jpeg"/><img src="https://strata.ca/slate-image/article-images/108/Eglinton_LRT-min.jpeg" alt="LRT under construction on Eglinton"/></picture>Larry Medina is a realtor at Strata.ca. He&rsquo;s been advising clients to consider neighbourhoods along the Eglinton Crosstown, partly because he took that advice himself. In January 2020, Medina and his partner purchased a home just south of Eglinton to take advantage of the new Line 5.&ldquo;We strategically bought near Caledonia station because we knew it would be a good long-term investment, and we were right. Prices have been increasing steadily there ever since,&rdquo; he says.Caledonia is where the new LRT system and the GO Barrie line will intersect. Although Medina bought a detached home, he notes condo values have also seen a significant jump.&ldquo;As we get closer to opening day, real estate prices are starting to pick up even more around here. I mean, in our neighbourhood...we went from $522 per square foot to nearly $640 in just 12 months,&rdquo; says Medina.Ask Cliff Liu, a broker at Strata.ca, who he believes will benefit the most. Liu says of course it&rsquo;s those who own property along Line 5, but in less affluent neighbourhoods.&ldquo;If you own in an area that has yet to be gentrified, you&rsquo;re definitely at an advantage. It may take several years, but the Eglinton Crosstown will breathe new life into these traditionally overlooked pockets,&rdquo; explains Liu.<h2>New condos clustered around flagship station; none further out</h2><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/108/christophe-dion-GDsNTnhSz-g-unsplash-600.jpg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/108/christophe-dion-GDsNTnhSz-g-unsplash.jpg"/><img src="https://strata.ca/slate-image/article-images/108/christophe-dion-GDsNTnhSz-g-unsplash.jpg" alt="Toronto Skyline under construction"/></picture>But despite all the opportunities a new transit line can bring, it appears developers have focused mainly on Line 5&rsquo;s most central stations. Since 2011, a total of 44 condos have gone up within a 900-metre radius of all 25 stops. But of those, more than half were concentrated around just two stations:<ul><li>Yonge-Eglinton: 16 new condos</li><li>Mount Pleasant: 13 new condos</li></ul>In the past five years, property values near both of the above stations have risen 63%; quite modest compared to the appreciation rates seen elsewhere along the system.Head further east or west along Line 5, and it&rsquo;s a different story. For example, within a 900-metre radius of Kennedy, Ionview and Birchmount stations, no new developments have been built so far. On the opposite end are Mount Dennis, Keelesdale, and Caledonia stations, which have seen just three new condos go up in the past 10 years.Robert Van Rhijn, Broker of Record at Strata.ca, says this would partly explain why property values among <a href="https://strata.ca/toronto/scarborough" target="_blank">Scarborough</a> and <a href="https://strata.ca/toronto/york-crosstown" target="_blank">York Crosstown</a> condos have increased over 100%.&ldquo;Many homebuyers want to live near this new transit line, and being further from Yonge is no problem if you can now get to the core quite easily. But the housing supply hasn&rsquo;t been able to keep up with this new demand, and the data certainly illustrates that,&rdquo; explains Van Rhijn.Despite the rising real estate prices that often come with better transit, Liu notes that homeowners in more prestigious areas aren&rsquo;t as excited about the new Eglinton Crosstown.&ldquo;I&rsquo;ve spoken to clients in Leaside, for example, and some of them aren&rsquo;t thrilled about having an LRT run through their neighbourhood. It makes their community more accessible to the masses, and they worry this may actually bring their property values down,&rdquo; says Liu.For journalists: If you&rsquo;d like more information on this report or would like to receive future news releases, please send your requests to media(at)strata.ca.

Condo Values Explode Along Eglinton Crosstown LRT by Up to 135%

Months of soaring real estate prices, bidding wars and tighter pandemic restrictions finally took a swipe at Toronto condo sales in April. Condo transactions fell for the first time, since a red-hot ascent that began in December. An ascent fuelled no doubt by constant talk of a &lsquo;bubble&rsquo; that was about ready to burst.In April, there were a total of 2,477 condo sales transactions; down 17% from March&rsquo;s peak of 2,978. Inventory levels, meanwhile, remained relatively stable with 2,618 units on the market; just a 6% increase from the month prior.<h2>Prices plateau after hot upward climb; no bursting &lsquo;bubble&rsquo;</h2><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/106/35_mariner_unit2112-600.jpg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/106/35_mariner_unit2112.jpg"/><img src="https://strata.ca/slate-image/article-images/106/35_mariner_unit2112.jpg" alt="35 Mariner Unit 2112 Living room"/></picture>Potential homebuyers hoping to enter the housing market saw some relief in April as prices levelled off. The average price-per-square foot for a Toronto condo was $882, just a $3 dollar decline from the previous month.Despite the traditionally-slow winter market -- real estate prices began their steep ascent in December, fuelling speculation that property values were being propped up by artificial demand. But <a href="https://strata.ca">Strata.ca</a> realtor, Francisco Hiebert, believes this recent plateau is a sign of the market cooling off. And the dramatic burst that many had been anticipating? He says it just isn&rsquo;t going to happen.&ldquo;That sudden rise in demand over the winter had solidified people&rsquo;s beliefs that we&rsquo;re in a bubble...a bubble that was eventually going to burst. But I don&rsquo;t think we&rsquo;re going to see values plummet like that. If you look at the numbers, prices per-square-foot are still lower than what they were right before the first COVID-19 lockdown,&rdquo; explains Hiebert.<h2>Market cooling because &lsquo;some people are giving up&rsquo;</h2><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/106/pexels-burst-37487-600.jpg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/106/pexels-burst-37487.jpg"/><img src="https://strata.ca/slate-image/article-images/106/pexels-burst-37487.jpg" alt="Toronto Skyline"/></picture>Bubble or no bubble -- Cliff Liu, a broker at <a href="https://strata.ca">Strata.ca</a>, believes the red-hot condo market is cooling on its own.&ldquo;The market seems to be correcting itself without the government getting too involved. This is because buyers were trying to get in as prices climbed over the winter. That whole time though, all we heard about were bidding wars and condos selling for $100K over asking,&rdquo; says Liu.And according to him, that&rsquo;s when people scampered away and buyer fatigue set in. Liu believes this is why we saw the condo market cool in April. He expects this pattern to continue for another couple of months.&ldquo;I had some listings for sale, and we did see some action. But it was way below our expectations. My seller clients are hoping the market will pick up again once this lockdown lifts. But my buyers are hoping prices will plummet after April&rsquo;s plateau,&rdquo; says Liu.<a href="https://strata.ca">Strata.ca</a> realtor, Sam Massoudi, also believes buyer fatigue is the reason behind April&rsquo;s falling numbers. He says some abandoned their search as the market soared, thinking they were priced out for good.&ldquo;If you were looking for a 1-bedroom at $550K last year, that same unit is now closer to $600K. Some people are giving up altogether because it&rsquo;s not easy to come up with an extra $50,000 that quickly,&rdquo; explains Massoudi.He suspects many would-be buyers decided to take advantage of the rental market, which has dropped by more than 10% in the past 12 months.Still though, <a href="https://strata.ca">Strata.ca</a> agent Milan Mitrovic blames April&rsquo;s lower sales numbers on the latest pandemic lockdown. When it comes to seeing condos in person, his clients&rsquo; biggest fear is exposing other family members to COVID-19.&ldquo;That&rsquo;s why some of them have avoided all contact with older relatives, so they can continue their property search. I&rsquo;d say it&rsquo;s not so much buyer fatigue that&rsquo;s holding them back. It&rsquo;s more like pandemic fatigue at this point,&rdquo; says Mitrovic.For journalists: If you&rsquo;d like more information on this report or would like to receive future news releases, please send your requests to media(at)strata.ca.

Toronto Condo Sales Down in April, Prices Plateau Amid Buyer Fatigue

After 12 months of declining property values in Toronto&rsquo;s downtown core, condominiums here are no longer in the red. Since Ontario declared its first state-of-emergency in March last year, properties lost an average of about 20% in value. But data so far for the month of April shows the downtown market is firmly back in the black at +3.5% year-over-year.After a year of decreased spending due to COVID-19 restrictions, demand is hot among potential homebuyers finally looking to make a move. In the past 30 days alone, downtown saw 775 condo transactions with an average sale price of $812,000.<h2>Baby boomers cashing out; mortgage anxiety kicking in</h2><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/104/dillon-kydd-2keCPb73aQY-unsplash-600.jpg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/104/dillon-kydd-2keCPb73aQY-unsplash.jpg"/><img src="https://strata.ca/slate-image/article-images/104/dillon-kydd-2keCPb73aQY-unsplash.jpg" alt="Home in Oshawa"/></picture>If you&rsquo;re wondering why downtown values are on the rise following a year of declines, the answer may lie in family decisions. Realtors note that Ontario&rsquo;s baby boomers are selling their (typically-larger) homes to help their kids break into the housing market.&ldquo;When seniors would sell in the past, it was strictly to downsize. But there&rsquo;s this trend where older homeowners are cashing out, so they can help their children with a downpayment,&rdquo; says Galina Sheveleva, a real estate agent at <a href="https://strata.ca">Strata.ca</a>.But despite that help from mom and dad, many adult children are worried how much mortgage they&rsquo;ll be allowed to take on. Cliff Liu, also a <a href="https://strata.ca">Strata.ca</a> realtor, attributes that anxiety to tougher lending rules coming in June.&ldquo;This new stress test is going to cripple a lot of people because it will be much harder to qualify for the mortgage they want. A lot of my clients are feeling the pressure to jump in before June because they think this might be their last chance at home ownership,&rdquo; says Liu.He&rsquo;s referring to a proposal from Canada&rsquo;s top banking regulator to raise the mortgage stress test level to either 5.25% or two percentage points above the market rate; whichever is higher. This means borrowers will have to prove they can afford a mortgage at that higher rate, no matter what the bank is willing to lend them. If the proposal is passed, these new rules will be in effect for uninsured loans as of June 1st.<h2>Unqualified buyers could reverse rental trends</h2><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/104/01_125WesternBatteryRoad_The_Tower_At_King_West_Exterior-2000-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/104/01_125WesternBatteryRoad_The_Tower_At_King_West_Exterior-2000.jpeg"/><img src="https://strata.ca/slate-image/article-images/104/01_125WesternBatteryRoad_The_Tower_At_King_West_Exterior-2000.jpeg" alt="125 Western Battery The Tower At King West"/></picture>Downtown&rsquo;s rental market remains down by -15% year-over-year. But come June, potential homebuyers forced to change course could reverse all that. Many of them will come to realize that the best time to buy was actually last November. That&rsquo;s when you could get a unit for about $690,000.&ldquo;Ongoing lockdowns forced many people to cancel their weddings and vacations, then redirect their savings to a down payment instead. If you&rsquo;re one of those people intent on buying this year, the most affordable neighbourhoods are Cabbagetown and Regent Park,&rdquo; says Osman Omaid, a real estate agent at <a href="https://strata.ca">Strata.ca</a>.The average price for a condo in those neighbourhoods is $643,000 and $672,000 respectively.For journalists: If you&rsquo;d like more information on this report or would like to receive future news releases, please send your requests to media(at)strata.ca.

Toronto’s Downtown Condo Market Back in the Black, Thanks to Baby Boomers and Their Kids

<h2>Toronto&rsquo;s Best Eco-Friendly Condos</h2>We all need to do our part to combat climate change &mdash; and many of us take climate into consideration in our daily lives by recycling, using public transportation or walking when possible, and turning off lights and appliances when not in use.If you fall into that category, you&rsquo;re likely feeling good about your carbon footprint. After all, you recycle and compost in your green bin and try to avoid takeout containers &mdash; you don&rsquo;t take that weird cup holder thing in the drive through, and your car is relatively fuel efficient. Perhaps, you&rsquo;ve even grown a plant or two without it dying in an act of negligence.You&rsquo;re all set on climate! Congratulations!Except, that your home may in fact not be very eco friendly. Large single-family dwellings can often leave a large carbon footprint and even some condos aren&rsquo;t as environmentally friendly as you might hope. What&rsquo;s worse, you&rsquo;re probably paying more in utilities than you would with an eco friendly home.So, if you want to save money and help save the environment, you may wish to look for an eco friendly condo. The only problem is: how do you find a green condo in Toronto?<h2>What Is an Eco-Friendly Condo?</h2>Spotting the distinction between an eco friendly condo and a not-so eco friendly condo can be challenging. In most cases, you cannot spot an eco friendly condo from street level, and while many buildings advertise themselves as environmentally friendly, what that entails can vary wildly between condo buildings.One of the sure-fire ways to know if a building is eco friendly is whether or not it&rsquo;s received <a href="https://www.cagbc.org/CAGBC/Programs/LEED/LEED_Certification_Process.aspx" target="_blank">LEED certification</a>; a certification with four standards &mdash; certified, silver, gold, and platinum &mdash; and based on a number of different criteria for green building strategies, such as location, water flow efficiency, energy efficiency, and more.<picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/85/LEED-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/85/LEED.png"/><img src="https://strata.ca/slate-image/article-images/85/LEED.png" alt="LEED CAGBC"/></picture>Based on this certification process, you can have confidence that a building is eco friendly, but if you&rsquo;re very thorough or just curious, these are some of the features you can expect to encounter in an eco friendly building.<ul><li>Rainwater harvesting</li><li>Dual flush efficient toilets</li><li>Green roofs &mdash; vegetation on top of the roof to cool the building</li><li>Environmentally friendly building materials</li><li>Ride sharing programs</li><li>Charging stations</li><li>Energy star appliances</li><li>LED lighting and motion sensor lighting</li></ul>This isn&rsquo;t the definitive list of green features found in green condos in Toronto as there are new features developed all the time. Finding a building with a number of these features will ensure that your carbon footprint is as low as possible, and to save you some time, we&rsquo;ve tracked down the most efficient buildings in the Greater Toronto Area that are also great homes.<h2>The Best Green Condos in Toronto</h2>What makes for the best eco friendly condo? Well, it starts with energy efficient features and green building strategies, however, the best eco friendly condos provide style, comfort, and as a bonus, they make for great investments.<h3>Minto 775</h3><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/85/00_775KingStreetWest_78TecumsethStreet_Minto_775_Exterior-600.jpg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/85/00_775KingStreetWest_78TecumsethStreet_Minto_775_Exterior.jpg"/><img src="https://strata.ca/slate-image/article-images/85/00_775KingStreetWest_78TecumsethStreet_Minto_775_Exterior.jpg" alt="Minto 775 King west"/></picture><a href="https://strata.ca/toronto/minto-775-775-king-st-w-78-tecumseth-st" target="_blank">Minto 775</a> takes its eco friendly designation to heart. The building incorporates a number of energy-saving features such as a rain harvesting system and a green roof to keep the building cool. Residents have a car share program, a bike share program, and electric charging stations for electric cars.Inside, the units carry on with the energy saving theme with dual flush efficient toilets and expanded recycling options. Of course, Minto 775 is so much more than just an eco friendly building. Residents enjoy an array of alluring extras such as fitness centre, games room, parking garage, rooftop deck and garden, concierge, and more. Suites are finished with high quality materials such as hardwood floors and granite counters, and all suites have energy efficient appliances.375 King Street West, M5V<picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/85/00_375KingStreetWest_M5V_Condos_Exterior-600.jpg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/85/00_375KingStreetWest_M5V_Condos_Exterior.jpg"/><img src="https://strata.ca/slate-image/article-images/85/00_375KingStreetWest_M5V_Condos_Exterior.jpg" alt="375 King M5V"/></picture>A contemporary building with LEED Gold Status, <a href="https://strata.ca/toronto/m5v-condos-375-king-st-w" target="_blank">M5V</a> strikes a balance between affordability, luxury, and eco friendly living. It&rsquo;s a condo that&rsquo;s perfectly suited to King West, and a great choice for budget minded buyers who want to do their part to reduce emissions.Eco friendly features at 375 King Street aren&rsquo;t just great for the environment, they&rsquo;re also great for your wallet or purse or money clip&hellip; whatever weird thing you use to hold cash. All suites are equipped with energy recycling systems and constructed of eco friendly building materials. The placement of the mechanical room at the midpoint of the building ensures that energy is utilized efficiently. A green roof keeps the building cool on warm summer days and also provides a potential home for insects.One other notable feature that&rsquo;s a bonus to anyone seeking green condos in Toronto, the deep balconies keep the units cooler and also provide more space than found with most modern units. All suites have hardwood floors and upgraded kitchens with granite counters and integrated stainless-steel appliances. Not bad for an eco friendly building!<h3>Quantum Towers</h3><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/85/00_2181YongeStreet_Quantum_South_Tower_Exterior-600.jpg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/85/00_2181YongeStreet_Quantum_South_Tower_Exterior.jpg"/><img src="https://strata.ca/slate-image/article-images/85/00_2181YongeStreet_Quantum_South_Tower_Exterior.jpg" alt="Quantum towers, yonge street, toronto, exterior"/></picture>Located in midtown, <a href="https://strata.ca/toronto/quantum-south-tower-2181-yonge-st" target="_blank">Quantum South Tower</a> and <a href="https://strata.ca/toronto/quantum-north-tower-2191-yonge-st" target="_blank">North Tower</a> have already carved out a reputation for affordability and functionality in the Yonge and Eglinton neighbourhood, but their eco friendly innovations have largely flown under the radar.Units in this building are equipped with efficient air quality regulation systems for cooling and heating, motion sensing lights in hallways, dual flush toilets in all suites, LED lighting on the exterior of the building, and energy star efficient appliances. These towers have both received LEED Gold certification.All of these energy efficient features will certainly be felt in your lighter utility bills, and best of all, suites have desirable finishes like granite counters, stainless steel appliances, hardwood floors, and lavish materials in bathrooms.Oh, did we mention that these developments are overflowing with incredible amenities, including a pool and saunas, and that these fantastic towers are mere steps from Eglinton Subway Station? We probably should have led with that.<h3>One Cole Street</h3><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/85/01_1-25ColeStreet_One_Cole_Condos_ExteriorFacade-600.jpg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/85/01_1-25ColeStreet_One_Cole_Condos_ExteriorFacade.jpg"/><img src="https://strata.ca/slate-image/article-images/85/01_1-25ColeStreet_One_Cole_Condos_ExteriorFacade.jpg" alt="One Cole Street, Toronto, Fascade"/></picture><a href="https://strata.ca/toronto/one-cole-condos-1-25-cole-st" target="_blank">One Cole Condos</a> In Regent Park is a building that offers peace of mind and fantastic homes. 1 Cole doesn&rsquo;t just feature great eco friendly initiatives, it&rsquo;s also quite innovative; residents have individual gardening plots so they can take part in climate friendly action; a unique living wall functions as a natural plant life air filter, and a sprawling rooftop garden keeps the building cool and provides some valuable oxygen in the city.There are heat recovery vents for conserving energy and all suites have energy efficient appliances. One Cole Street has received LEED Gold certification and happens to be in a great location for getting some fresh air in the city along the Lower Don River Trail.Beautiful suites and relaxing amenities might make the eco friendly features an afterthought, but nonetheless, residents are doing their part to reduce their carbon footprint, even when they&rsquo;re not thinking about it.<h3>55 Front Street East</h3><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/85/01_55FrontStreetEast_Berczy_Condos_Exterior-600.jpg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/85/01_55FrontStreetEast_Berczy_Condos_Exterior.jpg"/><img src="https://strata.ca/slate-image/article-images/85/01_55FrontStreetEast_Berczy_Condos_Exterior.jpg" alt="55 front st, toronto condo"/></picture>Located in St Lawrence Market, a neighbourhood that needs no introduction, <a href="https://strata.ca/toronto/the-berczy-55-front-st-e" target="_blank">The Berczy</a> is a 12 storey standout that offers a blend of luxury and eco efficiency. Naturally, this residence is LEED Gold certified.Like many other green condos in Toronto, the Berczy has a green roof that helps to regulate the building&rsquo;s temperature, and as well, the materials used in construction were designed to improve air quality. Energy efficient electrical features and recycled building materials were used in construction when possible. Also, units have energy efficient heating and cooling.es.All suites have European style kitchens with integrated appliances, granite or stone countertops, hardwood floors, wall-to-wall, floor-to-ceiling windows, and open concept layouts. Rounding out the attractions, this building offers an array of exciting recreation focused amenities &mdash; media room, gym, games room, and more &mdash; as well as below average maintenance fees.<h3>Minto 30 Roehampton</h3><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/85/01_30RoehamptonAvenue_Minto_30_Roe_Exterior-600.jpg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/85/01_30RoehamptonAvenue_Minto_30_Roe_Exterior.jpg"/><img src="https://strata.ca/slate-image/article-images/85/01_30RoehamptonAvenue_Minto_30_Roe_Exterior.jpg" alt="30 roehampton minto condo "/></picture>The second Minto building featured, also LEED Gold certified, is a residence that&rsquo;s no less eco friendly or desirable then its counterpart. <a href="https://strata.ca/toronto/minto-30-roehampton-30-roehampton-ave" target="_blank">30 Roehampton Ave</a> includes a multitude of green initiatives &mdash; a bike share program, charging stations for electric vehicles, a green roof, rainwater harvesting, and special heat treatments on window panes to reduce energy loss.Minto 30 is situated in the Yonge and Eglinton neighbourhood, only minutes from shopping, dining, nightlife, and a subway station. All suites have luxurious kitchens with granite counters and stainless-steel, energy efficient appliances, as well as floor to ceiling windows and private balconies.While the price per square foot is roughly average for the neighbourhood, maintenance fees are below average thanks to energy efficient features and yet, the building features an assortment of exciting amenities.<h3>Aqualina Condos at Bayside</h3><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/85/27876119187_2edea05048_h-2-600.jpg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/85/27876119187_2edea05048_h-2.jpg"/><img src="https://strata.ca/slate-image/article-images/85/27876119187_2edea05048_h-2.jpg" alt="Aqualina Condos at Bayside"/></picture><a href="https://strata.ca/toronto/aqualina-condos-at-bayside-55-merchants-wharf-15-merchants-wharf" target="_blank">Aqualina Condos at Bayside</a> has an enviable distinction&mdash;it&rsquo;s the first green condo in Toronto to receive LEED Platinum certification, a gigantic feat. Constructed in 2018, Aqualina is a stunning lakeside condo in Toronto&rsquo;s waterfront community, home to 362 suites spread out over 12 storeys.It&rsquo;s clear that achieving platinum certification was an important goal for Acqualina. The condo utilizes solar panels on the roof for electricity, water efficient plumbing, and a slew of innovative features to improve indoor air quality and energy efficiency.While this is one of the most eco efficient condos in the country, green features don&rsquo;t detract from amenities; residents have a shared rooftop infinity pool and lounge with lakefront views, a movie room, a party room, a fitness centre, and much more. Suites have desirable finishes such as integrated energy efficient appliances, hardwood floors, and open concept layouts; for those seeking a higher degree of luxury, the building offers a signature collection of suites, as well as penthouses.A lakefront condo with LEED Platinum certification &mdash; does it get any better?

Toronto’s Best Eco-Friendly Condos

Luxury Condos in Toronto - Our Top Picks!

With the average price of a Toronto condo well over $700,000, anything even slightly cheaper can feel like a dream in today&rsquo;s market. But in one of Toronto&rsquo;s most popular neighbourhoods, the average selling price of a condo is so low, we actually had to do a double-take.In Little Portugal, homebuyers paid an average of $582,000 for a condo last month. MLS data for that area (C01) indicates a total of 33 sales in May. 13 of them sold below the month&rsquo;s average. And according to Sam Massoudi, real estate agent at Strata.ca, more than half of those transactions were concentrated in just two buildings: <a href="https://strata.ca/toronto/edge-on-triangle-park-36-lisgar-st" target="_blank">36 Lisgar Street</a> and <a href="https://strata.ca/toronto/epic-on-triangle-park-68-abell-st" target="_blank">68 Abell Street</a>.&ldquo;I personally believe these two buildings are driving down the neighbourhood average in Little Portugal,&rdquo; he says.&ldquo;It&rsquo;s really peculiar to see 1-bedrooms selling in the low $400s, considering the Toronto average for units this size are actually $560,000.&rdquo;<h2>&lsquo;Units are smaller, no unique character&rsquo;</h2><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/111/02_36LisgarStreet_EdgeOnTriangleCondos_Entrance-1200-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/111/02_36LisgarStreet_EdgeOnTriangleCondos_Entrance-1200.jpeg"/><img src="https://strata.ca/slate-image/article-images/111/02_36LisgarStreet_EdgeOnTriangleCondos_Entrance-1200.jpeg" alt="36 Lisgar St Little Portugal, Toronto On"/></picture>36 Lisgar and 68 Abell were originally introduced to the neighbourhood as a more economical living situation, according to Strata.ca realtor Alex Hood. He says the boutique features that many homebuyers are looking for just don&rsquo;t exist in either building.&ldquo;The finishes are of lower quality, the layouts are smaller, and they don&rsquo;t have any unique character.&rdquo;Hood also notes that a lot of the units, especially at 68 Abell, are purchased as investment properties and rented out to tenants. So they may not be as appealing to end-users.&ldquo;Both buildings also have a revolving door of inventory with units that stay on the market longer, and sell at about $900 per square foot...well below the average of $970 for Toronto&rsquo;s west end.&rdquo;<h2>Property values surge when two buildings omitted</h2><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/111/01_68AbellStreet_Epic_on_Triangle_Park_ExteriorFacade-1200-600.jpeg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/111/01_68AbellStreet_Epic_on_Triangle_Park_ExteriorFacade-1200.jpeg"/><img src="https://strata.ca/slate-image/article-images/111/01_68AbellStreet_Epic_on_Triangle_Park_ExteriorFacade-1200.jpeg" alt="68 Abell St Little Portugal, Toronto On"/></picture>As one of Toronto&rsquo;s hottest ethnic enclaves, Little Portugal is just west of downtown in the &lsquo;Old&rsquo; City of Toronto. Although it was traditionally a pocket for residents of Portuguese and Brazilian descent, its central location and steady gentrification have made Little Portugal one of the city&rsquo;s most sought after destinations; even though its property values may not necessarily reflect that.&ldquo;When I remove 36 Lisgar and 68 Abell from the MLS data search, the average sale price of a condo for May jumps to $753,000,&rdquo; says Massoudi.And that&rsquo;s well above Toronto&rsquo;s overall average of $701,000. If those two buildings did not exist, Little Portugal would have some of the highest real estate values in the city. It would beat out neighbourhoods like High Park, Cabbagetown and Leaside, which sit at $700,000, $713,000 and $677,000 respectively.<h3>Some sections of this article were removed in good faith to acknowledge concerns brought to light by condo owners at 36 Lisgar and 68 Abell.</h3>For journalists: If you&rsquo;d like more information on this report or would like to receive future news releases, please send your requests to media(at)strata.ca.

Two Condominiums Driving Down Average Property Values in Hot Toronto Neighbourhood by Over 20%

Talk of the Toronto housing market used to revolve around exorbitant prices and inaccessibility. But then COVID happened. Within months, we saw a dramatic decline in downtown condo prices, turning the market into one that favours buyers. Although GTA condos are up 5% over the past 12 months, one segment that hasn&rsquo;t fared quite as well are penthouse suites. They&rsquo;re down by almost 7% from the same time last year.<h2>Why the sudden change?</h2>So you might be wondering -- what accounts for this contradiction? For the most part, penthouse prices are down because buyers have been moved by the pandemic to adjust their values and priorities when it comes to purchasing a home.With a steep (more than 100%) increase in condo inventory in the GTA last year, condo buyers had more than their fair share of choice. Some of the newly available inventory happened to include units comparable to penthouses &mdash; only on lower floors and therefore offering better value.The result of this was twofold: Fewer penthouses were sold in 2020 than in 2019, and their prices depreciated.<picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/88/0_Penthouse_infographic_Final-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/88/0_Penthouse_infographic_Final.png"/><img src="https://strata.ca/slate-image/article-images/88/0_Penthouse_infographic_Final.png" alt="Toronto penthouse market research data"/></picture>Consistent with these lower penthouse values is waning interest in the luxury condo market. All those headlines about job loss and an economy in decline have moved buyers to a more frugal mindset. Great value is in style now. Luxury is out.<h2>What about the prestige?</h2><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/88/wealthy_businessman-600.jpg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/88/wealthy_businessman.jpg"/><img src="https://strata.ca/slate-image/article-images/88/wealthy_businessman.jpg" alt="wealthy business man drinking wine"/></picture>Yes, some buyers are still tempted by the &lsquo;prestige&rsquo; associated with owning a penthouse. However, with the pandemic throwing a wrench in so many parts of the equation &mdash; personal finances, the condo market, and the economy at large &mdash; spending more for status (and a good view) isn&rsquo;t worth it for many buyers, especially when taking into consideration the potential risk of a condo market decline.Between shifting values and the fact that many buyers think condo prices still have lower to go, it&rsquo;s no wonder the trend is to opt for value over excess. The numbers certainly reflect this movement, penthouses taking an average of 19 days on market to sell in 2019, and 26 in 2020.Even with prices coming down &mdash; the number of penthouse units sold under $700k dropping from 556 in 2019 to 517 in 2020 &mdash; fewer buyers are interested in shelling out more money for a penthouse, while more are getting excited over a good bargain.In contrast, those who are comfortable going up a notch in terms of price can now afford a &lsquo;luxury&rsquo; condo. Not only have prices come down in general, but any time the economy suffers the luxury market tends to get hit the hardest, as was the case in both 2008 and now in 2020.<h2>What counts as luxury, anyway?</h2>There is nothing etched in stone. However most agents at Strata.ca define luxury as a condo that successfully sells at least $200 more per-square-foot than a nearby condo in the neighbourhood. Typically it would also have to cost at least $700,000. But location also factors into the equation: The farther from downtown, the lower a luxury unit might cost.That said, the definition of luxury is definitely fluid. For some, $200 or more per square foot over its neighbour simply doesn&rsquo;t cut it. This group might feel &lsquo;luxury&rsquo; has more to do with the overall ambiance of a building, and especially its amenities. They would most likely restrict their search for a luxury condo to an exclusive neighbourhood like Yorkville, or perhaps residential units found within 5-star hotels.<h2>What next?</h2>Post-pandemic, the luxury market will almost certainly spring back. Prices for GTA condos have been creeping back up since their lowest low in late October 2020, and luxury condos will undoubtedly follow suit.Moving into 2021 we can expect to see a couple of things: Less condo inventory than we had in 2020, historically low mortgage rates, and more Torontonians getting vaccinated. And all of those taken together means there&rsquo;s no real reason the condo market shouldn&rsquo;t experience a swift recovery.

You can now buy a penthouse in Toronto for under $700,000

<h2 id="cmhc">CMHC Tightening Qualification Criteria</h2>If you&rsquo;re looking to get an insured mortgage, things are going to become a bit tougher. Starting July 1st, Canada&rsquo;s national housing agency is tightening its rules for homebuyers. This means that it&rsquo;ll be harder for those with downpayments of less than 20% to access CMHC&rsquo;s default mortgage insurance. To qualify, you must have:<ul><li>A minimum credit score of 680, instead of the current 600</li><li>Maximum debt-to-income ratio of 35%, as opposed to the current threshold of 39%</li></ul>Due to COVID-19, the CMHC predicted average home prices may decline by as much as 12% over the next 18 months (formerly an 18% predicted decline, until they changed their assessment on June 23rd) in Canada's major urban centres.Personally, I find the timing of these new rules to be a bit odd. It&rsquo;s the kind of heightened regulation you&rsquo;d expect to slow down a booming market... not one that&rsquo;s already painfully slow, due to a pandemic.<picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/72/Sold House-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/72/Sold House.png"/><img src="https://strata.ca/slate-image/article-images/72/Sold House.png" alt="sold house"/></picture>I personally agree however that some segments of the Canadian market will decline as this pandemic wears on. When it comes to the GTA condo market, our internal stats show the average cost-per-square-foot is still up 5% from June last year, however down 1% over the past 60 days.This is certainly a better time to be a buyer in the Toronto condo market than it has been for many years pre-COVID-19. Sellers will have no trouble selling, but have to be realistic when pricing their properties and willing to compromise a bit more than they used to. If you're interested in taking advantage of a dip in the market, now is a great time.<h2 id="ontario-lifts-bans">Ontario Lifts Ban on Short-Term Rentals Including Airbnb</h2>Ontario just lifted the COVID-19 imposed ban on short-term rentals, most notably those on Airbnb. But I have mixed feelings about this latest move as a lot of those listings are in condos &mdash; and inviting vacationers into these buildings could put condo residents at risk during a pandemic. I can certainly appreciate the need to open up the economy and increase group sizes to 10 now, but this feels a bit like we&rsquo;re just begging for that (inevitable?) &lsquo;second wave&rsquo;.<picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/72/Airbnb-600.jpg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/72/Airbnb.jpg"/><img src="https://strata.ca/slate-image/article-images/72/Airbnb.jpg" alt="airbnb"/></picture>Despite that, Strata.ca&rsquo;s internal stats show there&rsquo;s virtually no demand these days for short-term rentals, and likely won&rsquo;t be for the foreseeable future. The <a href="https://strata.ca/toronto/14-york-st-ice-condos-ice-condos-ii">Ice Condos</a>, for example, are two sister buildings that (unlike the vast majority of condos) have always allowed Airbnb listings. As of this writing, there are literally 149 on the conventional (12-month lease) rental market between the two towers... And the overwhelming majority come furnished &mdash; confirming they&rsquo;re former Airbnb units.Our rental market is flooded with new inventory now, resulting in a pretty consistent decline in rental prices since the state of emergency was called &mdash; great news for local renters who have been gouged over the past couple years in the Toronto market.<h2 id="filmores">Filmores: A Final Farewell</h2>In February, one of Toronto&rsquo;s most iconic strip clubs wanted everyone to know it wasn&rsquo;t closing anytime soon. But it looks like Filmores is shutting down after all. If everything goes as planned, you&rsquo;ll soon see a 46-storey mixed-use condo at Dundas and George where Filmores once stood.<picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/72/Filmores-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/72/Filmores.png"/><img src="https://strata.ca/slate-image/article-images/72/Filmores.png" alt="filmores"/></picture>But for those hoping to pop bottles in the Champagne Room, we at Strata have diligently confirmed condo amenities will not include a strip club. Here&rsquo;s what it will have instead:<ul><li>588 residential units, including three-bedroom layouts</li><li>A 2-13 storey &lsquo;base building&rsquo; for indoor amenity space</li><li>Nearly 800 square metres of green roof on levels 2 and 14</li></ul><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/72/Filmores Rendering-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/72/Filmores Rendering.png"/><img src="https://strata.ca/slate-image/article-images/72/Filmores Rendering.png" alt="filmores rendering"/></picture>Menkes bought the site for $31.5M back in January. But judging by its redevelopment application, the base building will retain Filmores&rsquo; famous facade. If anything, strip clubs have become a dying breed in Toronto, and Filmores has certainly had its last dance.<h2 id="fastest-growing-city">Toronto is North America&rsquo;s Fastest-Growing City (even beating New York)</h2>Aside from being the most multicultural city in the world, Toronto can add another proud descriptor to its reputation. We are now the fastest-growing city in North America. A new study from Ryerson University shows that Toronto out-ranked every other major city last year in population growth, even New York.<picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/72/Toronto Growth Graph-600.png" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/72/Toronto Growth Graph.png"/><img src="https://strata.ca/slate-image/article-images/72/Toronto Growth Graph.png" alt="toronto city growth graph"/></picture>Researchers say the driving factor is immigration. But I think our population numbers are booming for a few other reasons, too. First, Toronto is the economic engine of not only Ontario, but the entire country. So it makes sense that so many people (from students to corporate professionals) would come here in search of promising futures.Secondly, the diversity of our job sector means Toronto has something for everyone &mdash; whether you&rsquo;re arriving from within Canada or another country altogether.Thirdly, we have a booming technology sector. International heavyweights like Amazon, Uber and Twitter are laying roots in our great city -- the foundation for what could become the new Silicon Valley.<picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/72/toronto skyline-600.jpg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/72/toronto skyline.jpg"/><img src="https://strata.ca/slate-image/article-images/72/toronto skyline.jpg" alt="toronto skyline"/></picture>Even though my expertise is in real estate, I must admit I&rsquo;m pretty excited about the opportunities all this presents for Toronto&rsquo;s condo market. As a realtor who likes to consider all the impacting factors, population growth is a strong predictive indicator of where things are headed. Higher population numbers will create the need for an expansion in real estate. So expect to see some creative housing solutions as Toronto continues to thrive.

Market Musings

I field a lot of different questions when I&rsquo;m showing a listing or working with clients. &ldquo;Can a condo burn down?&rdquo; certainly isn&rsquo;t one of them&hellip; Although I thought it would be fun to explore the subject.<h2>The Most Famous Case: Grenfell Tower Fire</h2>One of the worst residential building fires in recent memory would have to be the Grenfell Tower fire on June 14th, 2017, which resulted in the deaths of 72 people. For many of us in Toronto, witnessing the Grenfell Tower burning on international news hit very close to home.In this specific case, the fire began in a kitchen in flat 16 on the 4th floor; firefighters were noted to have responded within minutes of reporting &mdash; as shown in this <a href="https://www.bbc.com/news/uk-england-london-40272168" target="_blank"> BBC Article</a>, they arrived in roughly 5 minutes. What would only become clear later, was that the fire had spread to the cladding before the firefighters even entered the unit, and from there it subsequently raced up the sides of the tower.<blockquote>In comparing the Grenfell Tower fire to significant fires in Toronto condos, it&rsquo;s clear that a lot of the conditions that caused the fire to spread aren&rsquo;t present here. </blockquote>The building&rsquo;s policy was for residents to remain in place in case of a fire &mdash; a policy that relies on units functioning as containers in the event of a fire... But it wasn&rsquo;t the policy that ultimately led to the fire becoming so devastating &mdash; that same policy is recommended by Toronto Fire District Chief Peter Derrington <a href="https://www.oafc.on.ca/article/stringent-provisions-are-place-canadian-cities-well-prepared-highrise-fires-say-fire" target="_blank">here</a> if residents feel they cannot safely evacuate a building &mdash; it was the presence of combustible material used in construction, known as polyethylene polymer. While there are a number of building materials that prevent the spread of fire, this polymer is incredibly combustible, and it helped the fire grow.Other factors included combustible insulation, a smoke extraction system that wasn&rsquo;t functioning, doors that didn&rsquo;t meet fire standards, and a water system that was woefully underpowered. In the end, Grenfell Tower was a dated building that didn&rsquo;t meet current fire codes, and even the parts of the building that had been refurbished weren&rsquo;t adequate. As a result, the building utterly failed to contain what should have been an isolated incident.<h2>Why Toronto condos don&rsquo;t burn down</h2><picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/40/nadine-shaabana-786523-unsplash-600.jpg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/40/nadine-shaabana-786523-unsplash.jpg"/><img src="https://strata.ca/slate-image/article-images/40/nadine-shaabana-786523-unsplash.jpg" alt="Toronto Condo"/></picture>In comparing the Grenfell Tower fire to significant fires in Toronto condos, it&rsquo;s clear that a lot of the conditions that caused the fire to spread aren&rsquo;t present here. Many will remember the 6-alarm blaze at 650 Parliament St in August 2018 &mdash; though it displaced 1500 residents and has caused plenty of headaches for those residents, there wasn&rsquo;t a single casualty.The damage to 650 Parliament St was substantial, but the fire didn&rsquo;t manage to spread to the exterior, which likely prevented it from engulfing the building. One of the main reasons why buildings in the GTA don&rsquo;t burn down is that they all must follow <a href="https://www.ontario.ca/laws/regulation/070213?_ga" target="_blank">The Fire Protection and Prevention Act of 1997</a>. The act itself is so extensive that if I even attempted to cover it most of you would fall asleep. But The Fire Prevention Act of 1997, in essence, outlines a wide range of issues from building requirements to fire safety and even outlines conditions for retrofitting a dated property. These guidelines are strict, and the fines and punishments for ignoring them are significant.Building materials are extremely important, and the combination of concrete and fire retardant materials in Toronto condos has been integral to containing fires, along with the efforts of first responders. Cladding is as much a tool for weather-proofing as it is for fire resistance, and it&rsquo;s usually made up of a metallic liner and a polymer; the polymer is what provides fire resistance.Regulations in Canada dictate that cladding in buildings above 4 storeys must have a minimum fire rating of one to two hours &mdash; meaning that it could resist catching fire for that period of time, allowing for residents to easily evacuate a building if needed.In fact, Canadian regulators have even homed in on combustible furniture in lounges and lobby&rsquo;s, further reducing the risk of a fire spreading. Condo residents in Toronto can have peace of mind knowing that many modern condos now have multiple sprinklers in every unit, and even older buildings have sprinklers in hallways, with strict water pressure requirements.In other words &mdash; even Daenerys&rsquo; fire breathing dragons would struggle to melt a Toronto condo.<h2>How to Protect Yourself</h2>As a condo resident, you&rsquo;re dependent on proper construction and building management, but there are things you can do to keep yourself safe from fire. Regularly checking smoke and CO alarms, avoiding furniture that&rsquo;s made from combustible materials, checking fire extinguishers, and above all, enquiring about the standards and policies employed at a building.You can rest assured knowing that condo developers are held to a very high standard, but it never hurts to ask.

Can a Condo Burn Down?

<h2>Combining Condo Units: If Deadmau5 did it, why can&rsquo;t I?</h2>A story about Deadmau5, the very talented Canadian DJ, is now a precautionary tale. But this one isn&rsquo;t for youngsters or about listening to loud techno music &mdash; it&rsquo;s for condo and loft owners who want to combine multiple units...<blockquote>If you&rsquo;re really set on a specific building, and if you really need the extra space, buying two units and creating one home out of them is sometimes the only viable option.</blockquote>On June 2015, Joel Zimmerman, more commonly known as Deadmau5, listed his home at the <a href="https://strata.ca/toronto/155-dalhousie-st-the-merchandise-lofts">Merchandise Lofts</a> for $2.5 million. Almost a year later, on April 28, 2016, the loft was sold for $1,650,000. The loft consisted of two penthouse units, combined to make a 3,000 square foot crash pad and music studio.While he had created a stunning unit at (likely) considerable expense, the moral of this story is that combining multiple units doesn&rsquo;t always pay off. Particularly in a loft where the combined units become the largest unit in the building. As they say, you don't want to be the largest house on the block.That said, if you&rsquo;re really set on a specific building, and if you really need the extra space, buying two units and creating one home out of them is sometimes the only viable option.<picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/27/can-i-combine-condo-units-in-toronto-real-estate-600.jpg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/27/can-i-combine-condo-units-in-toronto-real-estate.jpg"/><img src="https://strata.ca/slate-image/article-images/27/can-i-combine-condo-units-in-toronto-real-estate.jpg" alt="null"/></picture><h2>Option 1: Pre-Plan</h2>One option for those looking to combine multiple units is to do so before the actual construction occurs. In fact, many developers are open to changing floor plans around for this type of buyer, especially since the tendency to combine units is becoming more and more prevalent.One obvious benefit to taking this route is that layouts wind up feeling better thought out: floor plans can be adjusted prior to construction in order to optimize living conditions.If the major drawback to combining existing units is the possibility of an awkward setup (think kitchen beside bedroom with dining room all the way down the hall), then pre-construction combinations certainly offer a solution.<h2>Option 2: Look to the Lofts</h2>Hard lofts are a great starting place when looking for a place that will accommodate a post-construction renovation of this stature, whereas many of the more contemporary condos simply can&rsquo;t bare the weight involved in removing entire walls.The dividing walls found in hard loft conversions, on the other hand, have been added after the initial construction of the building, meaning that removing them will likely have no impact on the structure&rsquo;s overall stability.That said, this process still involves obtaining approval, which can be either time consuming or expensive, or worst of all, both. It can, however, result in a large, beautiful, customized loft for you to call home.<h2>Weighing the Pros and Cons</h2>Clearly, combining multiple units is a complicated matter. One of the greatest complications is purchasing the off-market unit next to the actively listed unit, from an owner who likely has no interest in selling. From our experience, you often have to pay above market to persuade the owner who isn&rsquo;t in the market. With the right budget though, it is certainly possible.

Can I Combine Condo Units in Toronto?

<h2>The Low Down:</h2>Over the past couple years, we&rsquo;ve gone through a couple periods where Toronto&rsquo;s housing and condo market is such that there are not enough properties and too many buyers. Under these circumstances, virtually everything &mdash; even the most drab of properties &mdash; receive multiple offers.Debate has been ignited as to whether more parties would benefit from an open auction system, rather than the current blind bidding process. And while each side has its pros and cons, we&rsquo;re leaning toward the blind bidding side of the debate.<h2>The Terminology:</h2>Blind Bidding Process: the norm in Canada &mdash; but not necessarily elsewhere &mdash; whereby prospective buyers place bids without prior knowledge of what other bids may be. These are therefore based on what a buyer thinks others are bidding, or hopefully, what they think the property is actually worth. Note that what buyers do know with absolute certainty, are the total number of registered offers.Open Auction Process: Exactly what it sounds like &mdash; this is a typical auction process, simply applied to real estate. All parties are aware of every bid, and while this is not as common in Canada, it is in fact extremely popular in other parts of the world, such as Australia.Phantom Bids: a scam whereby realtors insinuate competing bids to prospective buyers in order to drive prices upwards, and a debate point for those advocating the open auction process. Thankfully, as of 2015, bylaws were introduced in order to purge the blind bidding process of these cons: even hinting at the existence of other offers must now be backed up by written evidence.<h2>The Debate:</h2>Those in favour of the open auction process liken blind bidding to gambling, with sellers and real estate agents bestowed with more power to swell prices and pocket the difference.<blockquote>Buyers determine what they feel the property is worth, put their best foot (the offer) forward, and they secure the property or they don&rsquo;t.</blockquote>When offering a rebuttal, those in favour of blind bidding remind us that this process was actually developed in order to protect buyers. With blind bidding, logic takes the forefront: prospective buyers are forced to judge for themselves what they believe a home is worth, rather than react in a frenzied auction environment, where poor decision making is encouraged.Blind bidding advocates would go on to explain that open auctions are truly more competitive in nature, and even favour the seller above all else. Simply put, we want what we can&rsquo;t have. When it seems like someone else is going to win, we only want it more. Foolish actions ensue. All of this often leads to overbidding and therefore overpaying.Does the same occur with the Blind Bidding Process? Of course, but in my view at least, to a lesser degree. Buyers determine what they feel the property is worth, put their best foot (the offer) forward, and they secure the property or they don&rsquo;t. Among the two options, I&rsquo;d trust myself better in a blind bidding scenario, rather than an auction.

Bidding Wars vs Auctions in the Toronto Real Estate Market

Some buyers get giddy over progressive developments from the new kids on the block, while others prefer to stick with seasoned professionals like Urban Corp. When opting for the reputed firm, one might even think nothing of putting a deposit down on the spot on a building before it is anything more than a showroom.Urban Corp is the team behind such beloved Toronto constructions as the <a href="https://strata.ca/toronto/736-dundas-st-e-tannery-lofts">Tannery Lofts</a> in Liberty Village. They had a decent reputation, short of a few hiccups, until recently.<blockquote>For us, we play a part in protecting our clients by focusing quite heavily on the developer when assisting in the purchase of new construction. We scrutinize not only their past projects, but their reputation on a larger scale as well.</blockquote><h2>So what went wrong with Urban Corp?</h2>Amidst the bottles of champagne popped and paint chips selected, it can be hard to imagine the possibility of never seeing your home come to fruition. Yet when a developer dives deep into the red, with a bankruptcy protection filing and their CEO ridden with immense amounts of debt, the building process naturally comes to a halt. This is the story of Urban Corp and their buyers.As of this writing (August 2016), nearly 200 buyers have not only halted their monthly trips to IKEA, but unfortunately have had large sums of money suspended as if in thin air. These ill-fated investors have been urged to secure lawyers for themselves, and with court cases impending, they could potentially see the bulk of their down payments deposited back into their bank accounts. Alas, the emphasis is on the word potentially.<h2>Lessons Learned</h2>The moral, then, is that no buyer, realtor, or even developer has access to a fully functioning crystal ball. Buying into a construction that is under development simply proves a greater risk than the resale of a finished product.However, the Urban Corp fable is still something of an outlier&mdash;if this was common practice in the housing industry, unfinished homes would simply never sell. Rather, the greatest risks associated with purchases like these include minor discrepancies between projected and actual sizes (fairly frustrating but tolerable nonetheless), major changes to a development's overall structure (e.g. the podium being omitted from L-Tower), or major delays (very common).Thankfully, some precautions can be taken in order to reduce the risk of scenarios like these. Buyers can use their own realtor, meaning one who isn't directly affiliated with&mdash;and therefore biased by&mdash;the developer. Potential buyers can also do their research into the developer behind their home of choice, including a look into any previous court cases for any really keen sleuths out there.<picture><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/13/pre-construction-Toronto-600.jpg" media="(max-width: 600px)"/><source type="image/jpeg" srcSet="https://strata.ca/slate-image/article-images/13/pre-construction-Toronto.jpg"/><img src="https://strata.ca/slate-image/article-images/13/pre-construction-Toronto.jpg" alt="null"/></picture><h2>You don&rsquo;t have to go it alone</h2>For us, we play a part in protecting our clients by focusing quite heavily on the developer when assisting in the purchase of new construction. We scrutinize not only their past projects, but their reputation on a larger scale as well. Without any clairvoyant powers, we realize some prodding and probing is necessary on our part in order to ensure that closets are clear of any unwholesome skeletons.As of this writing, new construction projects tend to cost more per square foot than resale, making the inherent risks of new construction purchases much less attractive. However there are always a handful of developments that look quite promising, particularly in the loft market.