New condo developments toronto . Most areas where apartment prices are below average
New condo developments toronto . Most areas where apartment prices are below average. GTA apartments are cheap, but if you know where to find them, you will find some slightly more reasonable prices.
The average GTA apartment, which now sells for $669, 000, is a new report that found that the average price of an apartment in the neighborhood was much lower, some as low as $495000.
According to Strata.ca, the five blocks are Old East Yorkshire in East Yorkshire, with an average price of $495000; Flemington Park in North Yorkshire, with an average price of $495,000; (West Mall), a West Mall in (Etobicoke), Yitobi Valley, with an average price of $550,000; Missisaga, with an average Dixie-Applewood, price of $599,000; and Wanjin, with an average price of $639000.
These five blocks bring more revenue to GTA buyers. In Old East Yorkshire, for example, multi-bedroom apartments cost less than $500000, including $449900 for a two-bedroom and $475000 for a three-bedroom.
According to the report, the average apartment price in the, West Mall area has fallen significantly over the past 60 days, by 4% overall, bringing the average price down to $550000. There, you can find a three-bedroom plus study for $549, 000 and a two-bedroom plus study for $519900.
According to the report, all of these below-average prices are dominated by what the industry calls “first-generation apartments”. These are apartment buildings built in the 1970s and early 1980s that “provide the city with some of the best prices per square foot”.
Nathaniel Khattry Halifax (Nathaniel Hartree-Hallifax), a real estate agent at Strata.ca, said the current low immigration rate could keep the prices of these GTA apartments low.
“the value of the first generation of apartments is enough to attract many first-time buyers, including new Canadians, to step up the real estate ladder,” Hartree-Hallifax said. “but given the small number of immigrants moving to the Greater Toronto area, I think it’s easy to understand why prices are weakening in these areas.”
While snapping up cheap apartments must be attractive, the report says there are some things to consider before buying first-generation apartments: they often lack modern conveniences and may not have the infrastructure needed for future upgrades.
“given the opportunity to establish equality, many people will forgive the fact that there is no suite laundry or central air conditioning,” Hartree-Hallifax said. “they may think that these things can be added later through refurbishment. However, it is important to know which buildings can be improved and which can not. This will have a significant impact on price and resale value. “