At first glance it would seem that Single Family Homes and Condo prices are trending fairly close together, mirroring each others price gains and losses:
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However, the price difference between SFH & Condo prices has steadily continued to widen:
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Between January 2004 and October 2009 the average SFH price increased 88.6% – from $245,193 to $462,465. The median price increased a similar amount: 88.9% – from $217k to $410k.
Meanwhile, the average Condo price increased 78% during the same time period ($162,471 to $289,155) The median price increased 78.6% ($147,500 to $263,500)
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Let’s clarify what is actually classified as a condo. Take a look at the following pictures and determine what is a condominium and what is a SFH:
Actually – those are all condos. A condominium isn’t a type of dwelling but rather a form of ownership and can include detached homes.
This is one reason why condo statistics are very rarely useful. Condos can range from low end apartments to high end detached homes, yet are all lumped into the same category. It would be fantastic to see all the statistics expand from SFH and condos to include apartments as a separate category.
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Mike Fotiou: Of the 1561 condos currently listed, the majority are apt-style:
-1016 apt-style
-488 townhomes (including triplexes, etc)
-52 are residential attached (including duplexes, etc)
-5 residential detached
The CREB monthly stat packages (on page 6) breaks down condos into all the different categories.
If you were wondering about the low Condo average/median price recorded for Monday – 13 units in a Sunalta condominium were bought for $107k each.
The units had been on the market from between 152 to 397 days.