In GTA alone, the sale of single-family and attached homes and condos rose 29%, 45%, and 13% from last year. This coalesced into a 53% jump in the over $1 million sale, since last year. The luxury segment of over $4 million sale saw an exhilarating increase of 75% from last year as well.
The Toronto Skyline
It is predicted that by 2041, GTA would be home to 2.8 million people. The arrival of international immigrants, thriving economy, and innumerable job opportunities have chartered the city as the main hub.
This has led to an increase in the cost of the city's real estate by 57% in the last 5 years and 131% in the last 10 years.
The houses in the GTA on an average cost about $788,335. But the condos cost only about $530,000 and an apartment condo just a little less than $500,000.
Toronto has the highest number of condo construction in North America. As of now, there are an astonishing 1,300 condominium towers exclusively in the area and about 25,000 units around the city, especially in Scarborough and Etobicoke.
Condos: The Reality
Condos are an ideal home for a single-family. You get the space and the convenience and ben-efits of living in an apartment building.
The cost is also within the means of a first-time buyer. In 13 out of 35 Toronto neighborhoods, the condos sale price is averaged at $450,000, making it an ideal purchase for a middle-income person.
Though these areas, mostly the NorthWest and NorthEast corners of the city, are a little further away from an urban shopping district and transit stops, condos in these locations are more af-fordable.
For example, in Scarborough West Hill, a condo can be purchased for approximately $325,223. In other words, a person just needs to save on his 7.7 months of rent in the area to accumulate the down payment for the condo!
It is the distance from the job centers that is making these parts of the city, more affordable.