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Condos Are Stealing The Spotlight In Toronto's Red-Hot Market

02/28/2017 05:26 EST | Updated 02/28/2017 05:26 EST

In Toronto's red-hot real estate market, detached houses tend to steal the spotlight. Between Everest-like spikes in sold prices -- which can shoot up as high as $100,000 in just one year -- to bidding wars and the fact that properties regularly get plucked up by buyers for well above asking, it's easy to see why.

High-rise apartments also took 31 per cent less time to sell.

However, condominium apartments are no longer playing second fiddle to single-family houses when it comes to price appreciation.

While the condo market is widely regarded as a viable option for first-time buyers looking to break into the property market, many industry insiders, including Senior Economist at BMO Sal Guatieri, believe "that won't last long if prices continue to escalate."

According to data from the Toronto Real Estate Board, the average price of a Toronto condo in the fourth quarter of 2016 climbed to $465,403 -- a double digit 14 per cent jump that's more synonymous with low-rise family houses than high-rise apartments.

Aside from prices, high-rise apartments also took 31 per cent less time to sell in Q4 2016 versus the same quarter in 2015.

family modern apartment

(Photo: ND3000 via Getty Images)

TheRedPin brokerage tracked which neighbourhoods saw the highest increase in condo values. The shortlist of neighbourhoods include areas that saw a minimum of 200 high-rise sales.

Bay Street Corridor

Avg. Condo Price: $638,000

Year-Over-Year Price Appreciation: 16 per cent

YOY Sales Increase: 54 per cent

This coveted downtown strip stretches from Bloor Street West down to Front Street, and is bordered by University Avenue on the west and Yonge Street to the east. Among the city's most densely populated areas, the neighbourhood encompasses Eaton Centre, Ryerson University, Yonge & Dundas Square and a myriad of subway stops in its bounds.

Church Yonge Corridor

Avg. Condo Price: $512,000

YOY Price Appreciation: 9 per cent

YOY Sales Increase: 17 per cent

Similar to the aforementioned Bay Street Corridor, this community extends from Bloor down to Front Street. However, the Church Yonge Corridor sits east of Yonge and spans as far as Jarvis Street.

Niagara

Avg. Condo Price: $459,000

YOY Price Appreciation: 16 per cent

YOY Sales Increase: -11 per cent

Located a pinch west of the city's downtown core, Niagara intersects some of Toronto's trendiest neighbourhoods including segments of West Queen West, Liberty Village and Fort York.

Waterfront Communities C1

Avg. Condo Price: $527,000

YOY Price Appreciation: 8 per cent

YOY Sales Increase: 45 per cent

The aptly named community sits right along Toronto's downtown waterfront, and is bordered by Queen Street West to the north, Bathurst on the west and protrudes out as far as Yonge Street on the east. Waterfront Communities C1 is home to major downtown enclaves including the Entertainment and Fashion Districts.

Willowdale East

Avg. Condo Price: $453,000

YOY Price Appreciation: 6 per cent

YOY Sales Increase: 37 per cent

Home to Toronto's northernmost subway stop on the Yonge-line, Finch Station, this North York neighbourhood spans from Yonge and Finch on its north west corner to as far as where Bayview and Highway 401 intersect on its south east point.

Mimico

Avg. Condo Price: $462,000

YOY Price Appreciation: 11 per cent

YOY Sales Increase: 31 per cent

Located on the city's west side waterfront, south of the Gardiner Expressway and west of the Humber Bay, this neighbourhood is among the largest condo hubs situated outside of central Toronto.

*Figures are for Q4 2016

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