Well said. No one (except the govern) should care about an average price.rjg4235 wrote: ↑ You might be right, I don't really care what the average price is though, it's not like I own an ETF of all condos in Toronto. When I look at specific buildings they are all up, I can't really find any examples that are down. Average changing can be a bunch of things. Maybe those $2m ones aren't selling anymore.
Here's an example that I am familiar with. 1 bedroom in March was $430k;
https://www.mongohouse.com/soldrecords/ ... 238458cb5e
Identical unit, 1 floor lower went for $470k, it's actually 9% higher than a nicer unit sold at "peak";
https://www.mongohouse.com/soldrecords/ ... 9c6391b5f7
Here is another place I am familiar with, hard to find comparable because there are many different types of units but here are two identical side by side ones;
$370k in March;
https://www.mongohouse.com/soldrecords/ ... 1fe8f1f428
$400k in November;
https://www.mongohouse.com/soldrecords/ ... 562fd212fd
From my real estate friend, condo prices are going up and bidding wars are here for them. its logical, detached houses are all over $1 mill, townhouses are close to $1 mill, who the heck has that much money?
So next they go down to condos. There are a LOT more middle income families vs. high income. So the demand for "affordable" housing is much much higher.
10 yrs ago, I bought my 2 bedroom condo for $245,000. That's TWO bedroom in North York. Market price now is $500,000 or more.
To the OPs question, it has already bottomed and is going back up now.
It all depends on the type (detached, townhouse, condo) and location. Any good location prices never really dropped much because its location.
If you are looking at condos, its even worse now because the prices went up so much during last year, it pushed people to buy condos (as I mentioned above).
I was looking at a Yonge & downtown condo, 1 bedroom, was listed for $650,000. Give it a few years, its gonna be over 1 million. Unbelieveable