Condo market feels heat as house prices soar

The number of house listings has sunk to new lows, especially within an easy commute of the core, as homeowners opt to stay put rather than take on the high costs of a move. The average sale price of a detached house in the 416 region officially surpassed the $1 million milestone in February and bidding wars continue to hurtle house prices higher.

Most of the condos coming on-stream, however, are small, cookie-cutter one-bedrooms or one-bedroom plus dens, mostly targeted to investors as rental apartments. They don’t tend to make viable alternatives to houses, says Harrild, adding that buyers have gotten much more savvy about looking for bigger units or two-bedrooms that offer some hope for living in the long term.

As real estate’s spring market heads into high gear, realtors are seeing a startling surge in demand for hard lofts, unique condos and townhomes as more house hunters realize all that concern about a bubble may be just a lot of hot air.

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Prasad Ari

Prasad Ari

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CENTURY 21 People's Choice Realty Inc., Brokerage*
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