Average price of a Toronto condo cracks $500,000

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Cole Burston / The Canadian Press File Photo

The condo is continuing its ascent of the Toronto area real estate market with the average price of re-sale apartments cracking the $500,000 barrier in the second quarter this year.

The average condo cost $532,032 — 28.1 per cent higher than the second quarter last year, according to a report from the Toronto Real Estate Board (TREB) this week.

In Toronto, which accounted for 72 per cent of second quarter condo sales, the average price was $566,513.

Their relative affordability makes condos attractive to many households, especially first-time buyers, said TREB.

While the Toronto area is a buyer's market overall, sellers are still in the driver's seat of the condo sector, said Gurpreet Thind, director of business development for Condos.ca.

Even with fewer sales of detached and semi-detached homes, prices for low-rise housing remain out of reach for many buyers, he said.

There are areas where condos will sit on the market for two or three weeks. But every week there are stories among his fellow agents of competitive bids that raise prices over asking, said Thind.

Those properties tend to be in more desirable neighborhoods or buildings. Liberty Village and King St. W. are popular, especially buildings with good layouts and premium touches such as gas stoves.

Two-bedroom units are sought after, said Thind.

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