How long before $1 million condos are the norm?
The average condo price in Toronto could reach $1 million in seven years
Ben Cousins - Published Dec 10, 2024
The average condo price in Vancouver could reach $1 million in six years, followed by Toronto and Halifax in seven years, according to real estate company Zoocasa Inc., which used data from the Canadian Real Estate Association to look at year-over-year growth prices over the past five years and project the average growth into the future.
As for the Greater Toronto Area, matching the previous five-year trajectory may be difficult since condo prices there fell 3.3 per cent year over year in the third quarter to an average of $692,672, according to the Toronto Regional Real Estate Board. Some experts are predicting further softness to come.
“Toronto’s condo market is the softest it’s been in recent history, specifically in the downtown core,” Shawn Zigelstein, a Royal LePage broker, said in a news release. “With interest rates expected to ease further, thousands of new units slated for completion next year and new lending policies that will ease the burden of monthly carrying costs, this is a rare window of opportunity for first-time buyers.”
A few southern Ontario cities — London, Hamilton and Kitchener-Waterloo — are also expected to reach the $1-million milestone within the next decade.
At the opposite end, Zoocasa’s report said it could take 61 years for condo prices to reach $1 million in Regina, 57 years in Winnipeg and 30 years in St. John’s, N.L.
“Understanding these trends provides critical insights into market potential and long-term opportunities for investors and homebuyers alike,” the report said. “Although no prediction is certain, analyzing past performance alongside future projections can help inform decisions about property investing.”
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