North York market is hot with one-bedroom condos now going for $503,000

Strata has released its latest report and found that North York has a booming condo market.

The sales of one an average one-bedroom condo four-months ago was $503,000, now in July this has topped out at $528,000, which is 3.32 percent above list price. In addition, two-bedroom condos have reached a record high in the region to $698,400.

“Many of the people buying in North York right now are first-time homebuyers as it’s a bit more ideal as an entry point,” said broker Cliff Liu. “It’s also an area where downsizers can pick up a retirement home but still find all the conveniences of the city.”

There’s one North York neighbourhood, in particular, that’s seen significant growth: Willowdale, which is located near to the DVP and the 401 in the North York neighbourhood, is in high demand. One-bedroom condos were going for an average of $60,000 over asking in June.

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