There’s no question that condos are the fastest appreciating property type in downtown Toronto. But some neighbourhoods are having particularly strong showings this year.
The price of a one-bedroom Toronto condo jumped 11 per cent in the past year, according to a new report from Zoocasa. The study breaks down price appreciation in one and two-bedroom condos in 95 Toronto neighbourhoods, to find where prices are growing fastest.
“According to the findings, two-bedroom units are priced greater than the city average of $641,056 in a total of 43 neighbourhoods, while one-bedroom units are priced greater than the average of $473,800 in 30 neighbourhoods,” reads the report. “The average two-bedroom condo appreciated by 7 per cent and the average one-bedroom condo appreciated by 11 per cent compared to 2017.”
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The top five neighbourhoods for one-bedroom appreciation were L’Amoreaux, Scarborough (47 per cent year-over-year appreciation), Forest Hill, Midtown Toronto (45 per cent), Richmond Gardens, North Etobicoke (37 per cent), Wychwood, Little Italy (27 per cent) and Lawrence Park, Uptown Toronto (23 per cent).
“It really was a mix of all over the city, when it came to the fastest price appreciation,” Zoocasa managing editor Penelope Graham tells Livabl. “For those looking to buy in the city, it’s important to know which neighbourhoods are seeing a growth in prices, so they know what to expect if they buy in a certain area.”
For a closer look at which neighbourhoods are seeing the biggest price spikes, take a look at Zoocasa’s infographic below: