Ajax pre construction condos . The price of an apartment in Toronto has finally gone down! People fled the city center and the effects of the epidemic began to be felt.
Apartment prices in Toronto, which have been on the rise for more than a decade, have finally begun to fall this year because of the COVID-19 epidemic, which led to large numbers of people working from home, citizens fleeing the city center, and fewer immigrants and international students.
Fortunately, apartments are only a small part of the entire real estate market, and two-story houses, including detached houses, are largely unaffected by the epidemic, even breaking last year’s record.
The average home price in the Greater Toronto area rose 11% year-on-year to 920000 yuan, according to a house price survey released by Royal Real Estate Royal LePage on Tuesday.
Among them, the average house price in the city of Toronto reached 976,000 yuan, up 11.1% from the same period last year in the third quarter of this year.
According to the type of housing, the housing of standard two-story residential buildings increased the most, rising 1.5% year-on-year to 1.48 million yuan.
The median price of an apartment in Toronto rose 4.9% year-on-year to 645, 000 yuan.
However, according to quarterly statistics, apartment prices fell 0.3% in the third quarter of this year compared with the second quarter, making it the only one that fell this year.
Debra Harris, vice president of Royal Real Estate, explained that although the demand for apartments has dropped slightly, it is still quite healthy as a whole.
However, Bloomberg warned that apartments in Toronto are in trouble, noting that the number of apartments in the downtown core increased by 215% at the end of September, indicating that more investors are starting to sell.
Demand for micro-apartments is particularly lagging behind, with sales of units under 500 square feet up 20% in September compared with the same period last year, the Financial Post reported on Tuesday.
Before the outbreak, micro-apartments were the hottest on the market, the Financial Post reported. They were the only homes in Toronto that could be bought for less than 500000 yuan, and the rental market was good and almost certainly profitable.