Real estate experts believe condos may see ‘tremendous revival’ in Milton and GTA
Published January 5, 2022 at 12:27 pm
Real estate experts believe condos may see a “tremendous revival” in Milton and the Greater Toronto Area (GTA), according to a recent article on Strata.ca.
Last year, due to competitive pricing throughout the pandemic, more prospective homebuyers were forced to turn away from increasingly high prices of detached homes in the GTA.
According to data from Strata.ca, condos in the GTA suburbs such as in Brampton and Markham saw some large gains throughout 2021 that even beat Toronto.
Currently, the average price of a condo in the Town of Milton is $727,260, with the average cost per square foot being $719.39.
Additionally, the appreciation rate for condos in Milton during the past 12 months was +26.5 per cent.
Data also revealed that throughout 2021, Milton’s peak was 60 total condo sales transactions in March and 60 in April.
Additionally, the article noted that many realtors believe that buyer focus is set to shift towards condos this year, which in turn, could trigger a “tremendous revival” due to detached housing becoming more difficult to obtain.
“Throughout this pandemic, detached home values have sprinted like a hare, while condos have moved like a tortoise,” said Strata.ca broker, Cliff Liu.
“But condos will likely become the dark horse in 2022, especially among those who missed out last year.”
While overall condo values increased by 16 per cent over the past 12 months, condos still remain the more affordable option, according to Strata.ca.
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