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.
(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.
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.
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.
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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Possibly the highest-profile condo tower going up in TO right now, this building at the corner of Bloor and Yonge will add 732 condominium units and 100,000 square feet of retail space to the area. Developer: Great Gulf Homes. Construction end: 2015. More.
Possibly the most classy-looking (and classical-looking) condos going up in Toronto today, these two buildings curve around Davenport Road where it becomes Bay Street. The buildings are sold out. Developer: Mizrahi Developments. Construction end: 2015. More.
Water Tower is the second building in the Eau de Soleil complex on Humber Bay, west of downtown. The 46-story building will connect up with the already-built 66-story first tower, which is reportedly the tallest building in Canada outside of a downtown core. Developer: Empire Communities. Construction end: 2018. More.
Designed by renowned architect Daniel Liebeskind, this 57-story, 600-suite building is changing downtown Toronto's skyline. Developer: Cityzen, Fernbrook Homes, Castlepoint Numa. Construction end: 2015. More.
Famed achitect Moshe Safdie built Habitat 67 for the Montreal Expo, and nearly 50 years later, he's back with his next Canadian project: This 44-story, 552-unit building that features rooftop greenspaces and includes family-friendly three-bedroom units. Developer: Great Gulf Homes. Construction end: 2017. More.
Proof that you can fit a condo building on a space once meant for a detached home or business. But this building, one of the smallest condos going up in Toronto, is exclusively for the wealthy. Prices start at $2.3 million. Developer: Burnac. Construction end: 2015.
This building's lobby is the obvious eye-catcher, at least at ground level. The 65-story, 725-unit building will rise 735 feet above the entertainment district. Developer: Tridel, Build Toronto. Construction end: 2016. More.
Toronto developers are finally breaking with tradition and putting up buildings that aren't just giant rectangles. The Massey Tower is a prime example. The upscale building located steps from the financial centre of Canada (Bay and King) incorporates a 1905 Canadian Bank of Commerce building as its lobby. Developer: MOD Developments. Construction end: 2016. More.
This complex of two buildings in the city's trendy west-end neighbourhood of Roncesvalles features some of the city's largest condo suites — some have three of those balconies you can see on the higher levels. 177 units in the two eight-story buidings. Developer: Triumph. Construction end: n/a. More.
Located in the burgeoning Yonge and 401 area, these green towers, 42 and 43 stories in height, will certainly change the view for commuters driving along the 401. Developer: Metropia, Bazis, Plaza. Construction end: 2015. More.
Located across the street from the ROM's cubist entrance, this building, built to look like a stack of shifting blocks, will make this stretch of Bloor Street a hotspot of modernist architecture. 200 units in this 32-story building. Developer: Metropia, Bazis, Plaza. Construction end: 2016. More.
One of the nice things about this building in the Keele and Wilson area is that, unlike many of the others on this list, it's relatively inexpensive. Units were advertised as starting at $189,000, which for Toronto is as affordable as it gets. 200 units in this 11-story building. Developer: Cityzen, Fernbrook Homes. Construction end: 2015. More.
This 39-story, 402-unit building rising above the Entertainment District is sure to give Toronto's skyline a much-needed burst of colour. The design is meant to emulate other iconic downtown buildings such as Frank Gehry's redesign of the Art Gallery of Ontario. Developer: Monarch Group, Goldman Group, Construction end: 2016. More.
Not visible in this picture is the city block of greenspace that surrounds this unique building at Yonge and Wellesley. There are 739 units in this 60-story building, some of which start at $199,000. Developer: Lanterra. Construction end: 2016. More.
This building is part of a $1.1-billion redevelopment of Toronto's waterfront, from a delapitated post-industrial port to a neighbourhood of modernist condos. This is the first building in what will eventually be a 2-million-square-foot development of residential and commercial space. Developer: Hines, Tridel. Construction end: 2016. More.
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