Erin nicole davis
Seen from the ground up, apartments outside of Toronto now offer a higher return on investment than those within the city’s concrete framework.
For the first time in six months, Toronto Condominiums no longer dominates Strata.ca’s list of condominiums with the highest appreciation rates.
The real estate company’s recognition reports are updated at the end of each month. It has been since February that Toronto condominiums have dominated the list.
A luxury building in Yorkville, Pears on the Avenue, was the only property in Toronto to make the latest list.
Meanwhile, properties in Oshawa and Burlington appeared several times in the Top 10, which also included condos in Whitby and the glowing Hamilton, which is now Canada’s third least affordable city.
“This can simply confirm what many of us have known all along,” says Robert Van Rhijn, Broker of Record at Strata.ca. “Homebuyers are increasingly looking outside the city limits for affordable prices, and the data is finally starting to reflect that trend.”
In Toronto, condominiums sell for an average of about $ 895 per night. Square foot compared to just $ 647 in Burlington and $ 505 in Oshawa. In Burlington, where the real estate market has been on fire for the past year, the city’s offerings are increasingly beginning to reflect a demanding urban taste to accommodate new residents, with the addition of new restaurants and shops.
“By looking outside the city, you are buying into a market at much cheaper prices with the potential to recoup the investment at a much faster pace,” explains Van Rhijn.
Top 10 highest rated apartments in GTA in the last 12 months
1) Burlington | Lakepoint Condos | 2190 Lakeshore Rd | + 53%
2) Toronto | Bulbs on Avenue Condos | 127-135 Pears Ave | + 41%
3) Burlington | Vibe Condos | 5030, 5010, 5020 Corporate Dr | + 40%
4) Oshawa | Wentworth Gardens Townhouses | 401 Wentworth St W | + 39%
5) Hamilton | Kenora townhouses | 250-262 Kenora Ave | + 37%
6) Whitby | Sprucedale & Palisades Townhouses | 1-118 Sprucedale Way, 10-34 Palisades Crt | + 37%
7) Mississauga | Glen Erin Drive Townhouses | 4171 Glen Erin Dr | + 37%
8) Oshawa | Glen Street Townhouses | 1010 Glen St | + 36%
9) Oshawa | Pearson Street Townhouses | 222 Pearson St | + 36%
10) Oshawa | Dorchester Drive Townhouses | 540 Dorchester Dr | + 34%
The latest appreciation data illustrates the flooding effect of Toronto’s red-hot housing market, where the average price of an apartment is just over $ 720,000, according to Nathaniel Hartree-Hallifax, a real estate agent at Strata.ca.
With Toronto prices so high, people are giving up the opportunity to own a property in the city and instead turn their eyes outside of Toronto to more affordable pastures — something that became more convenient for many professionals thanks to the pandemic-inspired telecommuting culture.
Strata.ca broker Cliff Liu caters to a broad demographic of buyers, including baby boomers on the outskirts of Toronto. He believes that this group can also nurture these rising rates of appreciation.
“Many seniors take cash in their suburbs and choose to cut back on the same neighborhoods,” Liu says. “So they also increase demand and increase values even faster in these areas.”
Hartree-Halliax notes the famous slogan that “a rising tide lifts all boats” to illustrate the impact of Toronto’s rising prices on the greater region. “Still, properties outside the city still have so much more space to appreciate,” he explains. “Whereas apartments in Toronto have already hit that glass ceiling with affordable prices.”
And then apparently the city has prospective home buyers.
Erin nicole davis
Erin Nicole Davis is a born and raised Toronto writer with a passion for the city and its urban conditions and culture.
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