For the first time ever, condominium prices in key areas across the GTA rose faster than those for single family homes in 2007, a Mississauga-based real estate firm says.
"Condominiums are clearly a viable - and now financially feasible - alternative to single-detached housing," says Michael Polzler, president of RE/MAX Ontario-Atlantic Canada, which has its offices in Meadowvale. "With so many purchasers forced to compromise on their choice of housing, the ever-growing return on investment in the condominium market is proving to be quite the consolation prize."
In its figures issued today, REMAX finds that two Mississauga neighbourhoods were ranked fifth in the GTA for the fastest-rising prices of condos and detached homes.
The designated W14 area, known as South Mississauga (Applewood, Rathwood) saw prices for condominiums rise by a healthy 14.6 per cent from $180,279 to $211,185.
When it comes to single detached homes, "thriving Port Credit (W12) saw an increase of 11.7 per cent in average price," says REMAX. The average single-detached housing values rose to $577,461 from $509,380 in 2007.
The condo surge isn't expected to lag anytime soon, according to Polzler.
"When it comes to bricks and mortar, homeownership can be cost-prohibitive," he says. "The surge in condominium sales and prices is a glimpse at the future. Not only is the condo lifestyle more widely accepted, it is also highly coveted by many."
jstewart@mississauga.net