Centrally located, The Davies by Brandy Lane Homes, is the type of condo being snapped up in this hot Toronto real estate market.
Buyers set sales records for August as interest rates remain stable.
If the GTA housing market were a steak it'd be sizzling right now.
A recent report from the Toronto Real Estate Board (TREB) suggests buyers continue to show their appetite for home ownership.
The average sale prices of homes has risen 10 per cent in the past year, resulting in the average price of a detached home in the GTA selling at about $792,000, while condos are selling for about $380,000. There's also been a 5.7-per-cent increase in sales in the past twelve months.
Demand for homes continues to outstrip availability, especially for those looking to purchase a low-rise detached, semi-detached, or a townhouse, according to the report.
Fueled by demand
Buyers are still eager to scoop up whatever properties are available and are paying little heed to persistent rumors of a real estate bubble.
Despite the competition, buyers remain confident in their ability to purchase and pay for a home over the long term, says TREB president Mark McLean.
"They see ownership housing as a quality investment that has historically produced positive returns while at the same time providing owners with a place to live in their chosen community," said Mr. McLean.
Continued low interest rates are of course contributing to buyers' enthusiasm, as well as their desire to purchase into their chosen GTA neighborhoods.
This high demand is pushing prices up, as buyers compete for each home that becomes available, leading to every seller's favourite two words: bidding war.
More choice for buyers
The TREB report did show some good news for those looking to buy into this hot market. There's been an 8.3-per-cent raise in the number of homes put up for sale in the past year (12,628 homes in the GTA were listed for sale in August, 2015 as opposed to 11,659 in August, 2014).
Looking into the percentages, it is condo sales that saw the most growth, 13.8 per cent this year. Detached homes only saw an increase of 3.7 per cent. Sales of semis bumped up 1.7 per cent, and townhomes 0.7 per cent.
Why are condos outselling other homes? Prices might be more in line with buyers' budgets. And condos are a good way for some to get into the market, and into desirable neighbourhoods, at a lower price.
As well, it's likely there are simply more condos being released and available for sale, with fewer other types of properties becoming available.
The Chelsea Maple Station from Aspen Ridge, offers the kind of value that's also driving brisk sales.
Geographical considerations
Those looking to purchase a condo in Toronto proper can expect to pay an average of $406,587 according to the TREB report, an increase of 9.5 per cent from last year. While those looking to invest in a condo in the suburbs will spend an average of $319,764. That's an increase of 4.1 per cent from August 2014.
There are of course plenty of condos selling for way more than that: In August of this year four condos in the GTA sold in excess of $2-million, according to the TREB report.
Certain areas in the GTA will always be more affordable if you are looking for more space, or a back yard to call your own. While the average price of a detached house in Toronto Central may be out of reach at just over $1-million dollars, heading out to Dufferin County you can expect to pay an average of about $453,000 for a detached property.
Breaking into the housing market in the GTA may not be as easy as buyers would hope, but by adjusting expectations it is going to be a possibility for many.
This content was produced by The Globe and Mail's advertising department. The Globe's editorial department was not involved in its creation.