{"id":39508,"date":"2019-10-11T14:48:36","date_gmt":"2019-10-11T14:48:36","guid":{"rendered":"http:\/\/locatecondo.com\/?p=39508"},"modified":"2019-10-11T15:48:39","modified_gmt":"2019-10-11T15:48:39","slug":"city-of-toronto-neighborhoods-where-home-prices-have-doubled-in-the-past-5-years","status":"publish","type":"post","link":"https:\/\/locatecondo.com\/city-of-toronto-neighborhoods-where-home-prices-have-doubled-in-the-past-5-years\/","title":{"rendered":"City of Toronto Neighborhoods Where Home Prices Have Doubled in the Past 5 Years"},"content":{"rendered":"

The Toronto housing market has seen a world of change in recent years \u2013 factors such as a strong economy, heavy migration, low rental vacancy, as well as investment in real estate as an asset, have had a too-hot-to-handle impact on average home prices in the city. According to data from the Toronto Real Estate Board, the average home buyer would need to shell out $256,055 more for a home in July 2019 compared to 2014, an increase of 46% and a price tag of $806,755.<\/p>\n

And, while provincial and federal policies introduced to cool the market have had a pulldown effect on sales and price growth between late 2017 \u2013 mid 2018, new analysis from Zoocasa finds that, over a five-year time period, dramatic price increases have persisted in pockets across the city.<\/p>\n

The study, which crunched the difference in average home prices for condos and houses in 35 MLS districts in Toronto, reveals prices have more than doubled in a number of neighbourhoods, especially in the condo market and areas with prices lower than the city average.<\/p>\n

Here\u2019s a count of how prices have increased across the City of Toronto during the five-year time frame:<\/p>\n

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Condo Price Increases Concentrated in East and Northwest<\/strong><\/h3>\n

Toronto condos have long led the market in terms of price growth, with a greater proportion of local markets experiencing dramatic upswings during the five-year period.<\/p>\n

While the overall average condo price increased 66% to $627,927 between 2015 \u2013 2019, eight of the assessed neighbourhoods have seen appreciation of 100% or greater; 30 of 35 have experienced at least a 50% increase, while all have seen prices tick up by a minimum of 25%.<\/p>\n

Neighbourhoods with condos priced below the city average saw the sharpest increase over the time frame; of the neighbourhoods that doubled, seven of eight remain priced below the $500,000-mark in 2019, and were well below the $250,000-mark in 2014. However, 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.<\/p>\n

Rather, units located within the city\u2019s downtown core or close to transit hubs saw the greatest volume of sales, such as City Place, Cabbagetown, and Mimico, despite being at a higher price point between $520,000 \u2013 $711,000.<\/p>\n

While this speaks to location being a priority for condo buyers, it also outlines how affordability has been reduced for many would-be house purchasers, who could have purchased a single-family home in 2014 with the same budget, and have since seen affordability reduced by the federal mortgage stress test.<\/p>\n

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Neighbourhoods Where Condo Prices Doubled<\/strong><\/h3>\n