Detached homes have been rightfully stealing the headlines with remarkable sales volume and sky-high price growth, but there are still some areas in the Toronto region that are seeing better than average condo price increases.
While they, for the most part, don’t scale the heights of their detached home counterparts, condos in six Toronto suburbs saw average prices rise over 10 percent in October, according to the latest data from the Toronto Regional Real Estate Board (TRREB).
Housing Market News Alerts
Sign up now for news alerts on the Canadian housing market
The Livabl team looked at the average sale prices for condo apartments sold last month in the 30 cities and towns outside of the City of Toronto that TRREB tracks. Of the areas that recorded 10 or more sales during that time, six saw price increases over 10 percent compared to the previous year.
Oshawa and nearby Clarington saw condo prices rise nearly 17 percent and 15 percent, respectively. These were also the least expensive condo markets that saw significant transaction volume during that time. The average price of an Oshawa condo rose to $323,563 while Clarington saw its average price increase to $417,053.
Rounding out the six, Whitby, Markham, Brampton and Pickering all saw condo price increases above 10 percent.
Despite recording the highest condo sales volume outside of Toronto-proper, Mississauga’s average condo price only rose 2.3 percent from the previous year to $536,435. Sales volume in a single year, of course, does not tell the whole story. As the TRREB figures show, Mississauga’s condo sales volume in October actually fell slightly compared to a year ago.
Conversely, condo sales all climbed over October 2019 in the suburban markets that saw 10 percent-plus price increases.
Because of its outsized population, TRREB divides Toronto into three sub-regions — West, Central and East. Toronto Central saw the highest transaction volume, but the average price dropped just shy of 1 percent to $740,578.
Toronto West and East fared better, with average prices rising 8 percent and 5.7 percent, respectively. Due to their lower sales volumes, however, they had less of an impact on Toronto-proper’s overall average condo price, which rose only 0.8 percent from the previous year to $668,161.