Tag: Condos

Condos have been taking over the Toronto skyline, with more to come not only in the downtown core, but in popular hubs around the entire city.

New builds provide a ton of options for prospective buyers because they seem to be popping up all over the city, but it seems that re-sale condos surrounding many of the city’s key downtown intersections have the demand and high prices.

Prices are up to 23 per cent higher than the city-wide average, according to TheRedPin.

The real estate company looked at 25 key intersections with two bedroom and one bedroom units. Two-bedroom condos at Bay and King Sts., and Bay and Bloor Sts. sold at some of the highest prices between January and August with an average of $1.5 million.

Two-bedroom apartments in Yorkville sold for an average of $1.3 million, while one-bedroom units were around $753,735. In comparison, you could secure a one-bedroom at Bay and King for $494,591 and $626,989 at Bay and Bloor.

On average, one-bedrooms were selling for $545,000 in Toronto and two-bedrooms at $925,000. Enzo Ceniti of TheRedPin said that “at these busy intersections, value can increase by 20 per cent or more,” if you’re an investor, areas like the ones mentioned above are where you should be looking.

For those looking to invest or purchase, here is a statistic that may be helpful to know:

• 56% of condos at the 25 intersectoins were one-bedroom
• 30% were two-bedroom
• Remainder consists of studios and larger apartments

For those looking to not spend as much as previously mentioned, TheRedPin has also identified the lowest sale prices and their areas.

Two-bedroom units were at their lowest at Yonge and Dundas Sts., averaging $658,234. One-bedroom units could be found as low as $371,444 at Queen and Yonge Sts.

Needless to say, condos outside of downtown can be found for less. Yonge St. and Finch Ave. averaged $424,698 during the study, with two-bedrooms costing $583,014 on average. Prices decrease as you move further out of the core.

With prices increasing over the past year, entry-level for Toronto consumers has been a condo, rather than a townhome, semi-detached or detached homes.

As things are looking to settle in Toronto, with the measures taken by the government, it will be interesting to see if the distinction between the house and condo market will continue to shrink.

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By: Nicolas Di Nardo

“This article is intended to inform. Its content does not constitute legal advice and should not be relied upon by readers as such. If you require legal assistance, please see a lawyer. Each case is unique and a lawyer with good training and sound judgment can provide you with advice tailored to your specific situation and needs.”