Toronto region new condo sales reach near-record levels during 2021\u2019s second quarter<\/a><\/strong>\r\n <\/div>\n\u201cMany of the people buying in North York right now are first time homebuyers as it\u2019s a bit more ideal as an entry point,\u201d said Liu. \u201cIt\u2019s also an area where downsizers can pick up a retirement home, but still find all the conveniences of the city.\u201d<\/p>\n
While North York prices have shot up, other areas of the city have experienced less pronounced growth.<\/p>\n
In downtown Toronto, condo prices have averaged $790,000 since April, while in Midtown, condo values have dropped from their April peak of $1,026,083 by almost $150,000, Strata.ca said. However, buyers still paid approximately two percent over asking for one- and two-bedroom Toronto condos in July.<\/p>\n
Closed borders, new Airbnb rules, and a wave of Torontonians looking further outside the city for housing thanks to the work-from-home movement are all factors that could be causing prices to stagnate, said Robert Van Rhijn, Strata.ca\u2019s Broker of Record.<\/p>\n
\u201cJuly numbers are in, and the average sale price of a condo in Toronto last month was $712,046,\u201d said Van Rhijn. \u201cThat\u2019s just a $350 increase compared to June.\u201d<\/p>\n
![\"\"](\"https:\/\/www.livabl.com\/articles\/wp-content\/uploads\/2021\/08\/north-york-condos.jpg\")
<\/a>Photo: James Bombales<\/em><\/p>\n