The Toronto Condo Market is still demonstrating it's strength in the last couple of months. As a rule, the market slows down once October roles around, but not this year it still remains steady. With interest rates at an all time low, the condo market remains a seller's market.
Recently we have had a lot of our clients ask us which part of the city commands the largest appreciation in Toronto. Based on certain analyses of specific buildings and locations in Toronto, it is the Bay Street Corridor that appreciates the most, specifically the two existing towers in College Park. Take for example a larger one bedroom plus den unit on a high floor that sold over a year ago for $388 000. This exact same unit sold this year for over $490 000. That is an increase of 26%. This number reflects that larger units on higher floors in Toronto are starting to attract premium pricing and are appreciating much quicker than your more popular smaller unit. Another interesting point is that the new HST tax will prevent builders from building larger units in the future. This factor could also be contributing to the fact that larger units are selling for higher prices now as there will be a shortage of such units in the future.The good news is that College Park is currently selling larger units in their third and final phase. This could be a good opportunity for end users and investors to capitalize on the availability of larger units located on higher floors.
If you have any questions, or are interested in larger units located on the Bay Street corridor or specifically College Park, contact the CondoChicks.
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