Feb 18, 2022
By Jane Brown
Empty nesters thinking of downsizing into a condo might end up spending a million dollars for a new home.
According to the Toronto Regional Real Estate Board, the last quarter of 2021 was the tightest for resale condos in 20 years as the average condo price nudges $1-million.
And realtors say a shortage of listings and fierce competition among buyers is boosting condominium prices on an almost week-over-week basis.
One agent quoted in a Toronto Star story says a two bedroom plus den 29th floor York Street condo sold in mid-December for its asking price of 888-thousand dollars.
By the end of December, the same sized unit four floors up sold for $940,000 – $25,000 above the asking price.
And it’s not just downtown condos selling for big bucks.
This week, a condo at 555 Wilson Avenue that was listed at $649,000 drew 35 offers and sold for about $900,000.