In 2011, only 231 condos sold for more than $1.0M in the entire GTA on the MLS system. My company sold 17 condo suites for over $1.0M last year. Almost 3700 freehold homes sold in the GTA through MLS sales.
The high-end million dollar condo market is just a baby in Toronto. I expect that over 300 million+ condos will sell through MLS in the GTA in 2012. This is a huge growth area for the future. Within 5 years, we will see over 1000 million+ sales per year representing over 25% of the high-end market in the GTA.
For now, the Toronto condo market’s heart and soul are the affordable housing alternative for young couples, first-time buyers, and investors. With average condo prices at 350K, Toronto represents a very affordable city.