The table below is part of report regularly being released by-weekly by Toronto Real Estate Board.

First line is about detached homes showing steady and strongly price appreciation in recent years, detached homes have been on demand for years, as many home owners enjoy having a backyard while investors like having more land.

What I believe is that the population of mother earth is increasing constantly yet the size of our planet is not expanding accordingly! So the land per capita is going to be less and less, thus the value of the land goes up and up.

On the other hand government and cities are not encouraging people to own detached homes. It’s not easy for cities to provide services like water, sewer, gas, electricity, etc. to many detached houses compared to a condo complex. This is of course despite the fact that a detached home still can be a better long-term investment for the owner.

But the most interesting part of Treb’s report for me is the last line of the table where Condo market is a strong segment of the market. Whether it is about affordability or changing life styles condos are getting high in demand in today’s housing market. Young professionals love living in or close to the city core having an active life and hating long commutes to work. Shovelling winter snow and mowing lawns is not for them!

Please look at the below table, numbers talk themselves.