Condo prices in the GTA increased by 44% since the 2017 housing peak, a trend that is in line with the opinion of most who blieve that Canada is currently labouring under a property bubble.
New data indicates that this surge in condo values stems from the relative accessibility of the asset class when compared to other property types. Other housing types that have seen price spikes since 2017 include townhouses increase by 33%, semi-detached homes increase by 27% and freehold townhouses increase by 26% and detached homes by 21%.
A recent survey by Juwai IQI found that a considerable number of industry professionals (44%) believe that Canada is experiencing a residential real estate bubble. In Ontario, 41% of agents believe there is a property bubble in Canada while 34% disagree. Agents in Quebec 62% believe there is a bubble while in Alberta, only 30% of agents agree.