Information in this post was brought to you by TheRedPin.com, a challenger brand in Canadian real estate that carries the largest database of home listings in Toronto and Vancouver.
While it’s far from surprising to find that condos located a minute’s walk of subway stations boast hefty premiums (outside of a few exceptions), the reality is, the cost of owning an apartment anywhere in Toronto is sky high.
Traditionally, the house of choice for first-time buyers, thanks in large part to their lower price-points, condo apartments have seen their values increase to new levels in 2017.
So much so that the $300k Toronto condo may soon be a thing of the past.
Based on real estate data provided by Toronto-based brokerage, TheRedPin, only about 17% of Toronto condos are purchased for $350,000 or less.
In the city’s bustling downtown core, that figure drops to less than 7%.
In order to make it easier to find how far your budget will take you in the city, TheRedPin measured the average price per square foot of Toronto condos. A more apples-to-apples means of comparing condo values, price per square foot allows you to weigh how much apartments are selling for against their size.
TheRedPin looked at the entire City of Toronto, and dug a little deeper, breaking up prices across key condo areas. Just a note, neighbourhood boundaries (and names) are sourced from the Multiple Listings Service, so if they seem unfamiliar at first, make sure to read their descriptions for more context.
Let’s start with the city of Toronto as a whole.
When pooling all condo transactions that occurred within the city’s borders, condominiums were found to sell for roughly $629 per square foot.
That means, if you’re looking to purchase a high-rise in North America’s fourth largest city, you can expect to pay roughly between $370-to-$380K for a 600-square-foot unit.
If you’re left scratching your head asking, where exactly are the “Waterfront Communities?”, we don’t blame you. While few Torontonians are familiar with this neighbourhood’s formal designation, most are aware of the area it covers, as it primarily overlaps with downtown’s entertainment and fashion districts and is bordered by Queen Street West to the north, Bathurst on the west, and protrudes out as far as Yonge Street to the east.
Average price per square foot in this area is $804 per square foot. That means, you can expect to shell out up to $480K for a 600-square-foot unit in this bustling ‘hood.
While the name may have you thinking of waterfalls, this neighbourhood is actually far more centrally located than you think. The MLS community of Niagara actually encompasses major areas in downtown Toronto, including Liberty Village, substantial segments of Queen Street West, and Fort York
Condos in the area tend to close for $728 per square foot, which translates to $430K for a 600-square-foot unit.
If you’re looking to live in this neighbourhood, which is home to city staples like City Hall, MaRS Discovery District and Nathan Phillip’s Square, be aware that average prices hit a hefty $893 per square foot. Which means you’ll have to break the half-million dollar mark in order to snag a 600-square-foot unit.
This condo hub sits just east of the Bay-Street Corridor -north to south along Bloor to Front, and Yonge to Jarvis east to west. This ‘hood sees prices hover around $784 per square foot. Or around $470k for a 600-square-foot unit.
Below is a complete list of the places covered by TheRedPin’s real estate study, including neighbourhoods located outside of central Toronto.
*Info is based on average prices and approximate square foot ranges provided through MLS.