In the first quarter of this year, condominiums in Toronto sold for an average of $339,025, which was up 3.7% from the first quarter of 2010. Standard two-storey homes were up 2.5% to $589,929 over the same period, and detached bungalows were up 4.5% to $499,050.
Nationwide, the national average price rose 4% for a condo, 3.5% for a two-storey home, and 4.3% for a bungalow, according to the Royal LePage survey.
Detached bungalows have been an attractive option for those looking for affordability in Toronto, said Gino Romanese, senior vice president for Royal LePage Real Estate Services Ltd.
“We are still seeing a lot of first-time buyers in the market that are motivated by the concern of rising interest rates,” he said. Detached bungalows have also been popular with builders who either renovate or rebuild them into larger units, said Romanese.
Condos, already another preferred choice in Toronto for affordability, have become increasingly popular.
“While this property type has always been attractive to first-time buyers because of their affordability, increasingly more buyers are choosing to live in condos as a lifestyle choice,” said Romanese. “In addition, the Toronto condo market is attractive to foreign buyers who are looking to add a low maintenance residence in the heart of Toronto to their portfolio.”
While sellers used to receive multiple offers anywhere in Toronto, Romanese said only those that are priced appropriate and in desirable neighbourhoods are getting such attention now.
Within Toronto, The Annex saw the biggest gains in condo prices, up 11% in the first quarter in 2011 from the same period in 2010, to an average of $460,000.
Condos in Etobicoke-Islington/Kingsway and South Etobicoke were also up about 10% to $363,000 and $364,000 respectively. The South Etobicoke region additionally had double-digit gains in bungalows, up 12% to an average of $700,000. It also had the biggest gains for two-storey houses, up 9.1% year-over-year to an average of $478,000.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate