A look into the average price per square foot of Toronto condos by neighbourhood

A look into the average price per square foot for Toronto condos – by neighbourhood

In Canada by TheRedPin1 Comment

A look into the average price per square foot of Toronto condos by neighbourhood


The approximate price per square foot of Toronto condos is $629. In downtown (MLS Community C1), prices leap to $801.*


For condo hunters, owners and everyday Torontonians keyed into the market, the monthly real estate numbers published by the Toronto Real Estate Board (TREB) provide an insider’s look into how the condominium sector is performing.

According to TREB’s latest reports, the average sold price of Toronto condo apartments in the first four months of 2017 hovered around $538,626 – up a significant 26 per cent year-over-year.

However, while overall average prices are useful in identifying market trends, this broad-strokes approach of grouping all apartment sales together means the details on how much units are changing hands relative to their size is lost. And that’s a big part of the equation. Especially in Toronto where newer units tend to hover between 500 and 800 square feet.

To bring to light what the average price per square foot (PPSF) of resale condos is in the city, TheRedPin dug up stats on over 7,000 condo sales across Toronto and downtown Mississauga to hone in on how much condos are fetching based on their size.

Similar to TheRedPin’s 2016 analysis on price per square foot, our figures are not based on precise square foot dimensions, but ranges provided by the Multiple Listings Service (MLS). For example, if a unit’s measurements technically sits at 725 square feet, our study categorizes the condo’s size to sit between 700-799 square feet.

Based on our findings, which includes all condo transactions from January to April, the average PPSF climbed 26 per cent across Toronto and 28 per cent in the city’s downtown (which encompasses neighbourhoods south of Bloor Street, west of Yonge Street and east of the GO Transit line).

It’s worth noting that the first four months of 2017 have been a record high period for the condo market, and MLS sales figures for May, so far, hint that transactions are on track to dip lower than those experienced in April.

Lastly, while average PPSF has its merits, it does have drawbacks as well. Namely, the figure does not factor in the age, storey or view of a unit, but only its size (older and larger units tend to boast a lower PPSF). A condo market evaluation conducted by a real estate agent is still the most effective way to understand how much a unit in a particular building is worth.

Average Price Per Square Foot in Toronto

 

City of Toronto

  • Avg. Condo Price: $541,232
  • Approx. PPSF: $629
  • Condo Sales: 7,264

Downtown Toronto

  • Avg. Condo Price: $613,168
  • Approx. PPSF: $801
  • Condo Sales: 1,966

Bay Street Corridor

  • Avg. Condo Price: $744,129
  • Approx. PPSF: $893
  • Condo Sales: 323

Waterfront Communities

(Neighbourhoods: Entertainment & Fashion Districts)

  • Avg. Condo Price: $627,967 
  • Approx. PPSF: $804
  • Condo Sales: 1,059

Church-Yonge Corridor

  • Avg. Condo Price: $605,703
  • Approx. PPSF: $784
  • Condo Sales: 361

Niagara

(Neighbourhoods: Liberty Village, CityPlace and Harbourfront)

  • Avg. Condo Price: $510,250
  • Approx. PPSF: $728
  • Condo Sales: 423

Willowdale East

  • Avg. Condo Price: $556,981
  • Approx. PPSF: $676
  • Condo Sales: 444

Mimico

  • Avg. Condo Price: $502,185
  • Approx. PPSF: $608
  • Condo Sales: 445

Islington City Centre

  • Avg. Condo Price: $449,884
  • Approx. PPSF: $532
  • Condo Sales: 229

Mississauga City Centre

  • Avg. Condo Price: $386,742
  • Approx. PPSF: $449
  • Condo Sales: 581

*Based on MLS square foot ranges. Sales period of Jan to April 2017.

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