Over a third of this year’s residential property sales in the Toronto area were condos according to a recent Re/MAX report. Condominiums alone maintained upward momentum through the 2017 market correction. The average price of a condo rose about 8 per cent between January and October — from $512,552 to 551,761. Higher condo prices are pushing many first-time buyers out of the downtown core into outlying areas. Link to article in The Star.
Greater Victoria shares some condo market characteristics with Toronto. Last month, thirty per cent of residential property sales were condos, and the price of condos has risen. The MLS® HPI Benchmark Price of a condo was $495,600 in October 2018. Last month, it was $495,000 and last October 2017 it was $448,800.
A graph from the Victoria Real Estate Board demonstrating the benchmark price difference from 12 months ago by regions. It reveals the greatest increase in the price of condos occurred in the Peninsula and Westshore Communities.
What does this mean? It’s an indication that many first-time buyers in Victoria are also looking outside the downtown core. Fortunately for them, there is a major difference between Victoria and Toronto. In Greater Victoria, travel time from the downtown core to outlying areas are only a matter of minutes, not hours. For instance, travel time from Maija London Condos in View Royal is only 15 minutes to Downtown Victoria, or 18 minutes to the University of Victoria. That’s a big relief for first-time home buyers who need to commute to downtown jobs or a post-secondary school.