The price per square foot (PPSF) of a downtown Toronto condo increased more than 10% in the last year according to a new survey from CENTURY 21 Canada.
It found that the PPSF of a downtown Toronto condo rose to $903 from $819 in 2017, while suburban prices were more volatile with a detached house in Markham and Richmond Hill each down 24% to $379 and $445 respectively.
Condos in Peterborough rose to $255, while house prices in Ottawa and Guelph were more stable, rising 4.65% to $225 and 4.5%to $397, respectively.
“It has been an unpredictable year in Ontario housing prices, with the price per square foot rising and falling from community-to-community and even suburb-to-suburb,” said Brian Rushton, Executive Vice-President of CENTURY 21 Canada. “Much like in Canada’s other major centres prices fall rapidly once you are outside the downtown core of Toronto, and homes in those communities remain relatively affordable. Even with an increase of almost five percent Ottawa remains one of the least expensive places to live in Ontario.”
Elsewhere in Canada
The cost of a downtown condo makes Toronto the second highest market behind Metro Vancouver where the PPSF for a condo is $1,345 and a home in Vancouver, West Side costs $1,147 psf.
The top ten most expensive areas also include West Vancouver ($899 psf); Vancouver, East Side ($721); Surrey, BC - condos ($685); North Vancouver ($681); Richmond, BC ($677); and Montreal, Downtown and SW ($603).
Meanwhile, the least expensive markets are led by St. John’s, NL ($137 psf); Owen Sound, ON ($145); and Prince George, BC, and Halifax, NS (both $155).
The survey looks at prices across Canada for the first half of the year and compares with the same period of previous years.