These areas have considerably lower inventories, heating up prices further
Condo price growth in Toronto was especially apparent in the city’s extreme east and far northwest sections, according to a new Zoocasa analysis of data from TREB.
“While provincial and federal policies introduced to cool the market have had a pulldown effect on sales and price growth between late 2017 – mid 2018 … over a five-year time period, dramatic price increases have persisted in pockets across the city,” Zoocasa stated.
The greatest variances were observed in locales where condos sold for below the city average (approximately $500,000 this year).
“These neighbourhoods also have an overall lower inventory with sales that are significantly lower than in more central neighbourhoods, which can contribute to heating prices.”
Comparing unit prices from July 2014 and July 2019, the most dramatic growth was seen in West Hill, Centennial Scarborough. The 5-year increase in the average condo price was a massive 147%, spiking up from $138,000 to $340,750.
At a close second was the 140% growth observed in Scarborough Village, Guildwood. The area’s average condo price went up from $176,711 (2014) to $424,344 (2019).
Malvern, Rouge also accelerated significantly, with a 128% growth in condo price over the last five years. As of July 2019, the average condo value in the neighbourhood was at $377,295.
For perspective, Toronto’s downtown core saw its average unit cost rise by 55% during that 5-year period. This was a massive change in real dollar terms, from $445,484 (2014) up to $692,592 (2019).
The City of Toronto’s overall average condo price experienced 66% growth, from $379,002 (2014) to $627,927 (2019).
