Just over one month ago, TheRedPin reported on the unprecedented growth in the suburban condo market, which brought into sharp focus how prices of apartments situated outside of Toronto’s borders have been soaring to new heights in 2017.
Now, we’re revisiting the topic of condos with a new perspective, putting the spotlight back on Toronto and breaking down the cost of owning a condo on a price per square foot (PSF) basis — a far more useful measurement for buyers and sellers compared to cumulative average price.
Before delving head-first into prices, however, it’s worth highlighting the size of condos in today’s market.
Nearly 7,500 sales of condos point to the fact units in Toronto roughly hover around 860 square feet. In the city’s coveted downtown (think anything south of Bloor Street), sizes dip substantially to an approximate average of 765 square feet. Overall, objectively small condos (units that sit below 599 square feet) represent around 30 per cent of downtown Toronto’s high-rise landscape.
Now onto prices.
Across the entire city of Toronto, average PSF was found to be $629, a 26 per cent increase over the same time last year.
The city’s downtown, formally designated by the Multiple Listings Service (MLS) as Community C1, saw condos change hands for approximately $801 PSF, 28 per cent up from last year when prices were at $622.
Rather than stop at just Toronto and its downtown, TheRedPin put the market under the microscope and tracked average price per square foot across seven major Toronto condo hubs which experienced at least 200 condominium sales between January to April of this year.
For reference to readers who aren’t accustomed to MLS boundaries, Waterfront Communities primarily includes the Fashion and Entertainment Districts, while Niagara, broadly speaking, covers Fort York, Liberty Village and Toronto’s downtown waterfront area.
Mississauga City Centre, the bustling 905 neighbourhood that sits within the immediate vicinity of Square One Shopping Centre, Ontario’s largest mall, was the only condo hub situated outside of the 416 that was factored into this analysis. Unsurprisingly, it was also the cheapest on a square foot basis.
Bay Street Corridor, which stretches from Bloor Street West to Front Street along Bay, was the priciest neighbourhood of all seven areas in Toronto isolated in this analysis. Meanwhile, Waterfront Communities was the neighbourhood that accounted for the largest bulk of sales, representing about 15 per cent of 416’s total condo market.
When only factoring those major condo neighbourhoods located in Toronto, Islington City Centre was alone in the fact its average price per square foot was under $600, while all others hovered above that threshold.