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Condo prices keep rising, even as detached house prices plunge in the City of Toronto.
Families may also be fleeing the city for neighbouring communities where they can buy a larger, better maintained detached house for a lower price. Milton homes for sale have skyrocketed over the last few years, for example, and now sell for an average of $905,180. Newmarket, similarly, has solid housing stock for $875,518. And of course, homes in Durham Region, just east of the 416, has large homes available for the price of a Toronto condo, at $660,375.
Meanwhile, condos in the 416 continue to be a in-demand option for residents who love the maintenance free lifestyle, and being close to the hustle and bustle. Condo sales rose just over 14% from last July with 1,617 units sold, making up 26.5% of all properties sold in the city.
Want to see more data on Toronto’s housing market this July? Check out the infographic below.