10-Year-Old Condos in GTA Cost 19% More Than When Newly Built

• 13 May 2022
• International News
• 1194 Views

On 9 May, Tokyo Kantei announced the results of its Survey on ‘Resale Value (RV) of 10-Year-Old Condominiums in the Greater Tokyo Area for 2021.’

The study focused on 9 -10-year-old secondhand condos listed throughout 2021 and compared them to their original listed price when brand new; data of which Tokyo Kantei is the go-to resource for realtors when looking up brand new condo prices for their clients.

345 stations were measured in the GTA with the average value in 2021 being 119.8% of the original listed price when compared to brand new pricing 10 years ago.

At the time the subject properties were originally sold, the market was in turmoil immediately after the Great East Japan Earthquake. Since then, condo pricing in the GTA has risen steadily, with spikes in value in recent years due to high demand driven by pandemic-induced lifestyle changes and low-interest financing for qualified borrowers.

• Business and Market