Toronto real estate firm Trulia has released its latest ranking of the city’s residential real estate market, putting the city on the verge of a second condo boom.
Here are a few key takeaways from the report:While the city has seen a significant increase in new residential projects in recent years, the number of new condo sales has been a bit slow.
While the average sale price for a Toronto condo is $1.2 million, the average condo sale price in Montréal is $8.1 million, according to Trulia.
The median sale price of a condo in Toronto is now $1 million.
(TTCO / Toronto Real Estate Board)But the average price of condos in Montreal has jumped by $20,000 in the last 12 months, from $821,000 to $1,858,000, according the report.
In the same period, the median sales price of an apartment in Montreal is now only $1m, down $50,000 from $1billion.
Montreal is on track to become Canada’s second-largest city, according an Economist Intelligence Unit (EIU) report released last month, with the city forecast to account for $7 trillion in annual property sales.
The EIU also predicts that the number one city in the world will soon be Toronto, followed by Vancouver.
The city already has one of the highest condo sales prices in North America, with a median price of $2.1m.