The condo market has hit another high in Scarborough, with a number of condo projects going for more than $1 million in the city’s downtown core.
The condos have all been built in the last three years, but some have been in development for more years.
The latest addition to the list of condos goes for $1.5 million, which is just shy of the record $2.2 million the Scarborough Condominium Association set in 2015.
That price tag, however, comes in part from the condo’s price tag of $1,500,000, according to CBC News.
The market has been booming for a while.
The city’s median house price is now about $1-million higher than it was last year.
The average price of a condo in Scarborough is now $1 billion.
The Scarborough condo market is expected to keep rising.
The condo sector is expected, by 2020, to be worth about $3 billion, up from about $2 billion last year, according the city.
The condo boom has attracted investors to Scarborough from across Canada, from Ontario to Nova Scotia.
There are also investors from the United States, Australia, Germany and Japan.
Many of these investors are in the condo market because they want to have a piece of the city, and they see the city as a place to live, according Adam Dickson, who owns a condominium project in the downtown area.
The Toronto condo market, however has been in a slump since last summer, when a new building boom led to a massive price spike.
Dickson said that the condo boom is now back on track.
“We’re seeing a lot of buyers now coming in, that’s not just condo sales,” he said.
“I think we’re seeing more people buying homes in Scarborough and they’re bringing in new people.”
The condos are also selling quickly, as people look for a place that will allow them to stay in the region for the summer, Dickson added.
The city is also planning to build more condominiums in the next few years, according a news release from the city last month.
“This is a real opportunity for us to see how we can work with the condo community to further expand the number of units in Scarborough,” Mayor Linda Jeffrey said in the release.
“This is about building on a citywide plan that allows us to grow our downtown and keep our community vibrant.”
The market for condos in Scarborough has exploded since the condo bubble popped, with prices on the market in 2016 surpassing $1-$2 million.
In October, the condo sector recorded its highest price since 2011, according it city.
“What we’ve seen is that the city is able to keep condo prices relatively low, because of the fact that we’re really in a period where condo sales are actually on the rise,” said Steve Taylor, the president and CEO of the Toronto Real Estate Board.
The rise in condo sales has created an intense bidding war for new condos in the core, and many condos are being sold for far more than their value.
Taylor said that if you look at the market, there’s only one real way to sell a condo, and that’s through the auction.
“You can’t just go into the market with the intent to buy a condo and expect to have any sort of sale, or any sort to sell,” he explained.
In some cases, condos are going for as much as $3 million, he said, adding that prices are dropping as people seek out condos for their own use.
In 2018, the average price for a condo was $1 $2 million, according CBC News, which was the second-highest average price ever.
The number of condos in Toronto has now gone up by more than 200 per cent in that same time frame.
Dickson said the condo crisis in Scarborough had many drivers.
There was a glut of condos on the marketplace, but people were unwilling to pay more for them.
“The condo market in Scarborough was driven by a glut in inventory,” he told CBC News in an interview.
“That was caused by a shortage of buyers.”
The city has recently launched a condo bidding program for prospective buyers to bid on their own properties.
The program, which launched this past summer, is expected for completion this fall.
Dennis Nairn, the executive vice-president of the condo industry group the Association of Condominium Associations of Ontario, said the city has been working hard to combat the condo shortage, but said it was not enough.
“They haven’t addressed all the factors that contribute to this condo shortage,” he wrote in an email.
“For instance, condo density has been declining in the neighbourhood and it’s caused a lot more people to go elsewhere for a cheaper property.
We also believe that condo density is an important driver of house prices.”
In an email to CBC, the city said it is investing $1m to help solve the condo shortfall, with the aim of helping homeowners and renters in Scarborough by making it easier to