The Growing Price Gap Between Toronto Condos and Houses is currently $251,000. Couple that price difference with a lack of low-rise homes and you’ll be lucky to only spend $250,000 more for a detached, semi-detached or row-house than you would for a “standard” condo.
The Globe and Mail recently published an article that highlighted some of the challenges facing home buyers in Toronto and our monthly analysis of “core” Toronto neighbourhood prices reflect a discrepancy ranging from $350,000+ between these two types of homes (low-rise vs. high-rise).
We’re happy to report that more two bedroom or family-friendly sized condos are being built, as reflected in by BILD and other new home building research companies (ie. Urbanation). In 2014, the number of 2 bedroom condos being built rose to 40% (vs. 31% in 2013). This 9% increase will hopefully mean more families living, working and playing in neighbourhoods closer to the core. Eliminating cars on the road and adding valuable hours spent with family, friends or work creates happier and more productive people.
We’re excited about Toronto’s ability to break the mould and create it’s own version of what a happy city can be.