Recording breaking home prices in Toronto, especially for detached home, is forcing buyers into condominiums. For a long time this has been the case especially when the benefits of the less independent condo lifestyle outweigh that of single detached household. However, now with soaring prices even in condos, homebuyers have begun expanding their search into suburban areas. Even here, the surge in the price of a house, in some cases, still pushes homebuyers into condominiums. According to Urbanation Inc., 5,615 new condominium apartments were sold across the Greater Toronto Area during the first quarter of 2016, up 32 per cent from a year ago and just below the record of 5,680 sales in the first quarter of 2012.

According to the Toronto Real Estate Board, home prices were up 16.2 per cent in April from a year ago. Therefore, the average detached home sold for over $1.2 million, an 18.9 per cent increase from a year ago. Toronto’s suburbs are experiencing record prices, in which detached homes are up 20.7 per cent from a year ago. Therefore, the average detached home price in the Greater Toronto Area is over $880,000.

It’s not that surprising that more and more homeowners are turning to condominiums in order to avoid these hefty price tags. It is also clear that condo living may be the only option for some, whether it is out of reach or you’re just not willing to fork over the million dollars for a detached home.
Have you sold your home, and now can use an advance on your equity before closing day, perhaps you need money for renovations? Tembo Financial can help! Tembo offers this unique service to homeowners in Ontario and the GTA. You could receive your money in as little as 48 hours with no credit check and no appraisal* for expenses that matter to you. Don’t wait, start today!
*Subject to qualification.