Recent statistics from the Toronto Real Estate Board have shown a surge in demand that actually rivals the market in metro Vancouver, particularly in the sale of condominiums.
The benchmark average for condo prices in Toronto has increased 8.89% from 2015 to $374,600 while the average price (which differs from the benchmark price) is 11% higher than the benchmark at $417,869. While demand in Vancouver reached its peak in March of this year, the demand for Toronto condos in August exceeded Vancouver’s peak by 3%. Interestingly, however, about 60% of all August condo sales in Toronto were below the average price of $417,869, and most of these were in the range of $300,000 – $400,000.
Toronto is also benefiting from a reported increase in interest from Chinese buyers in its real estate, according to Juwai, China’s top real estate firm. Toronto has historically been Juwai’s number-one Canadian city for business, and statistics are expected to reflect increasing demand in the coming months, according to Matthew Moore, Juwai’s president of North America. “The shift [from Vancouver] to other cities has actually been going on for months, with buyer demand momentum shifting to cities with similar appeal but lower entry prices,” he said.