More Condominiums Coming, As Toronto’s Residential Land Prices Reach New Highs
"Residential land prices reached new highs in Toronto in the second the quarter of 2015 as developers bet the housing boom will continue in Canada’s largest city, according to a new survey.
Residential land purchases accounted for 27 per cent of the $3.6 billion in property spending in the second quarter, beating out other classes like industrial, retail and office space.
There were a record 143 residential deals done in the quarter and more condominium development appears to be in Toronto’s future with $420 million of the $856 million spent on high-rise development.
Prices of condo lots hit record highs, although the values were driven by some expensive deals, including a massive proposed tower in Yorkville, Toronto’s priciest neighbourhood for real estate.
The average condo lot sale price in the second quarter across the Greater Toronto Area reached $64 per buildable square foot, which accounts for the density of a project. Ten years ago that price was in the $30-range across the GTA."
Source: Garry Marr, Financial Post
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