TheRedPin charted condo prices at 25 major Toronto intersections. On average, condos at these street corners sold for $667,000 – 22 per cent more than the city-wide average.
What do you prioritize most in your condo search?
Are you a budget-sensitive buyer who’s diligently on the hunt for the least expensive condos on the market? Or an investor, digging through the price per square foot of apartments in order to spot where you can get the most bang for your investment buck?
If it’s location that trumps all else in your mind, and it’s your goal to buy a high-rise apartment steps from everything downtown (or midtown) Toronto has to offer, we’ve created an extremely useful map to highlight how much that’ll cost you.
[Map] Condo prices at major Toronto intersections
Our analysis, which looked at prices block-by-block rather than by neighbourhood, measured the average cost of one-bedroom and two-bedroom units that sold around 25 key Toronto street corners between January and August 2017.
The intersections we focused on experience among the highest levels of pedestrian traffic in the city, and while most have a subway station at their feet, a handful that we looked at (King and Spadina, for example) don’t.
- Key Findings
One-bedroom apartments dominate these street corners, as around 56 per cent of condos featured one bedroom while roughly 30 per cent of units included two bedrooms. This varies ever-so-slightly from the trend seen across the city, where one and two-bedroom units make up 50 per cent and 43 per cent of the market respectively.
In terms of prices, it’s anything but surprising to find that units anchoring these coveted street corners carry higher price tags. We found that you can expect to pay between 22 to 23 per cent more, on average, for units in these intersections than the city-wide average.*
One-bedroom units around these major intersections sold for over half-the-million-dollar mark at $545,000. Two-bedrooms boasted a significant premium at $925,000, likely in large part due to the fact many high-end units fall in this category.
Along with calculating average sold prices, we also looked at median prices, which is a more middle-of-the-road assessment that’s far less prone to being skewed by pricier luxury properties. Median sold prices were $519,000 and $847,000 for one and two-bedroom condos respectively.
- The Condo Market
While, historically, detached home prices led the pack in terms of price appreciation, 2017 has seen a clear shift in favour of condo apartments.
When tracking prices between January to August 2017, we found the average sold price of detached homes in Toronto increased 19.8 per cent year-over-year. On the other hand, average condo apartment prices jumped 24.8 per cent – a huge leap that’s notably different from the trends of previous years, when high-rises experienced more modest single-digit annual increases.
However, it’s worth noting the Toronto housing market has experienced a short-term slump since April and while condominium apartments have weathered the market blip far better than detached properties, a drop has still occurred. Average condo prices in August were down 6.5 per cent from earlier this year in April, while sales have tumbled 31.2 per cent.
Prices based on sales between January 2017 to August 2017.
Stats encompasses condos within a 0.25km radius of each intersection
There is some overlap of condos between nearby major intersections
Information presented is deemed reliable, but is not guaranteed accurate by TheRedPin