The approximate price per square foot of a Toronto condo is $500. In downtown (MLS Community C1), prices leap to $622.*
Its proven to be quite an elusive number – at least for buyers on the hunt for a resale condo in Toronto.
Price per square foot (PPSF or PSF for short) showcases how much, on average, buyers pay for a suite divided by its size. Current values for resale condos in Toronto are predominately shown as total sold price, irrespective of how big or small the units.
The Toronto Real Estate Board, for instance, reported average prices for a condo in the GTA was $409,631 in April 2016. While that provides a general reading of the market and what condos are changing hands for, it doesn’t indicate “how much home” you get for your buck.
Unlike new and pre-construction condos, which have more precise information on unit sizes straight from developers – making price per square foot easier to find – sizes for resale condos on MLS are listed as a range. 600 to 699 square feet, 700 to 799 and so on.
It’s an obvious hurdle, as pin-pointing specific measurements for all resale condos collectively is a near impossible task. However, by rounding off available ranges, we calculated the approximate price per square foot for all units sold in 2016 so far.
After looking at over 6,000 condo sales, TheRedPin found the approximate price per square foot of a Toronto condo was $500. In downtown (MLS Community C1), prices leaped to $622.
Taking things a step further, we identified approximate price per square foot across Toronto’s major condo neighbourhoods – areas that saw least 200 condo sales.
The figures are an indication of how much you can expect to pay for every 1×1 foot of space in a Toronto condo apartment, but they’re not precise to the exact foot.
Approx. Average Price Per Square Foot in Toronto
While price per square foot is a key metric homebuyers should take heed of when comparing what’s on the market, it’s important to recognize its pitfalls.
For one, PSF for boutique condominiums, ultra-new units and lofts don’t necessarily fall in line with averages. Whether it’s because of a unique floor plan, high end finishes or hotel style amenities, these units offer value outside of the conventional condo – so prices don’t directly correlate with size.
It’s also important to understand what exactly is included in square foot measurements. In a condo, balconies and terraces are not included while all interiors walls, hallways and bathrooms are. Smaller units tend to command higher per square costs and vice versa is true for bigger units.
All in all, one must keep in mind that price per square foot varies and doesn’t account for factors such as unit level or location. However, the metric does provide meaningful insight on average condo values and what prices are in relation to their sizes. The most accurate way of identifying a condo’s value remains to be through your realtor, who can conduct a home evaluation based on what recent properties in the area sold for.
- Avg. Condo Price: $426,996
- Approx PSF: $500
- Condo Sales: 6324
- Avg. Condo Price: $476,712
- Approx PSF: $622
- Condo Sales: 1772
- Avg. Condo Price: $588,037
- Approx PSF: $735
- Condo Sales: 316
(Neighbourhoods: Entertainment District & Fashion District)
- Avg. Condo Price: $485,638
- Approx PSF: $622
- Condo Sales: 881
- Avg. Condo Price: $483,036
- Approx PSF: $598
- Condo Sales: 249
(Neighbourhoods: Liberty Village, CityPlace and Harbourfront)
- Avg. Condo Price: $399,855
- Approx PSF: $557
- Condo Sales: 418
- Avg. Condo Price: $435,894
- Approx PSF: $509
- Condo Sales: 443
- Avg. Condo Price: $409,557
- Approx PSF: $479
- Condo Sales: 292
Islington City Centre
- Avg. Condo Price: $350,356
- Approx PSF: $429
- Condo Sales: 222
Want to get started on your home buying and selling journey? Give us a call at 416.800.0812 and check out TheRedPin’s listings page
*Based on MLS square foot ranges. Sales period of Jan to April 2016.