The latest headlines in Toronto and Canadian real estate from October 7th to October 13th.
This week’s recap:
Ask an expert: where do I find family-friendly condos?
With the average price of a detached house in the city pushing $1 million, the idea of raising kids in a Victorian rowhouse with a garden in the backyard is a pipe dream for many Toronto families.
For young parents who can’t afford a massive down payment or mortgage, there are few options: move to the burbs, rent a house or squeeze into a condo.
While the last option might not seem desirable, more and more families are laying down roots in high-rises.
Average Canadian house price up 3% in past 12 months, CREA says.
The average price of a Canadian home rose by three per cent in the year up to September, even as sales during the month came in 11 per cent lower than they were a year ago.
The Canadian Real Estate Association said Friday that the deceleration in price gains largely reflects softening price trends in Ontario’s Greater Golden Horseshoe area, which stretches around the southwestern corner of Lake Ontario.
Toronto condo leases are being snapped up at record speed despite 10% hike in rents.
Ontario’s expanded rent control rules, in place since April, couldn’t stop a 10.3 per cent hike in condo rents over the past year, according to a new study.
Condo research firm Urbanation Inc. said Thursday the average index rent in the third quarter of 2017 for condominium apartments transacted through the Multiple Listing Service in the Greater Toronto Area jumped to $2.99 per square foot. Based on an average condo size of 743 square feet, that brings the average rent to $2,219 – a $232 increase over the past 12 months.
“The intense competition between renters in Toronto shows no signs of letting up in the near future,” said Shaun Hildebrand, senior vice president with Urbanation.
Giant warehouse at Queen and Dufferin to become condos.
It might be inevitable, but one of Toronto’s longstanding warehouse spaces looks like its days are short lived as a recently submitted site plan plots out a series of mixed use buildings on Dufferin just north of Queen.
While office and retail space will be part of the mix, the majority of the square footage of the buildings will be devoted to — you guessed it — condos. This won’t come as much of surprise given that nearby West Queen West is one of the city’s biggest condo hubs.
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Header image via NOW Toronto.