What Is The Average Condo Price In Toronto?
As of today’s date, a quick Google search will tell you the average cost of a one-bedroom condo in Toronto is $579,000. At that price, even if you had a 10% down payment, your monthly mortgage payments over a 20-year amortization would be about $2,700 a month.
Now that you’ve gotten the information you came for, let’s explore this a bit deeper, because of course, your situation is unique to you, and there will be some variables to consider when looking for your perfect condo.
In this article, we’ll breakdown what contributes to the average cost of a condo, and how you can adjust your preferences (and possibly lower your expectations) to find the condo of your dreams in Toronto.
Three Things That Effect the Price of Condos in Toronto
It goes without saying that there are some pretty amazing condo buildings popping up in the Toronto skyline. A drive down the Gardner at dusk provides stunningly colourful views that rival some of the most progressive residential developments on earth.
But those fancy buildings with lake views are usually full of amenities, and those costs get passed down to you.
Some amenities you may be fine living without. A staffed and secured mailroom? You might be able to pass. Rooftop pool? Maybe you feel you can forgo these kinds of luxuries.
But there are other amenities you may feel warrant some extra consideration, even if it bumps the price up 20 to 30K.
Most commonly sought-after condominium amenities in Toronto include:
Outdoor living spaces/grills/fire pits
Balconies or terraces
Coffee shops/convenience stores on the first level
Proximity to grocery stores
On-site storage units
While some of these common amenities may not matter to you, some may make or break the deal, and even save you some cash in the long run. Some may also positively contribute to your mental health, even if you don’t realize it now. For example, having a terrace might not have mattered to you even a few months ago, but if you’ve been working from home, you may discover that even a small patch of outdoor space makes a huge difference in how you feel each day.
- Number of Bedrooms & Bathrooms
It may seem obvious that more bedrooms and bathrooms are synonymous with more money. But just how much more may surprise you.
If we’re just talking averages, city wide, a one-bedroom condo will run you $579,000. The price of a two-bedroom jumps significantly, to $700,000, a full 20% increase. However, if you require three bedrooms, you can actually enjoy a price decrease – and pay about $577,000.
If you’re exploring condo townhomes, a two-bedroom will cost, on average, $720,000. However, the average four-bedroom is only $685,000.
One and two bedroom condos are always in high demand. Generally speaking, when looking at city-wide prices, condos with more bedrooms tend to be in more family-oriented neighbourhoods. Likely, these larger apartments are in older buildings and may be located in less-desirable areas.
So, if more bedroom space is what you’re after, you may have to settle for districts a bit out of the action, and possibly, buildings that are a bit more aged. On the flip side, you’re likely to pay a bit less!
- Location, Location, Transit Lines
In Toronto, access to transit is everything. Luckily, Toronto is fairly hooked up in the transit department with plenty of busses, subway lines, and streetcars. But as the priorities of young professionals have changed over the course of the last decade, transit lines have become a much bigger factor in home selection and have significantly affected the cost of condominiums.
While the focus of home buying used to be about space and grandeur, the 20-40 year old demographic is now much more willing to embrace a ‘less-is-more’ lifestyle. Millennials and now Gen Xers are happy to live with a little less, such as foregoing a vehicle, in exchange for more expendable income, travel opportunities, and boutique-style clothing.
So, for this demographic, access to transit is exceptionally important.
Developers are catching on, investing in property on known future subway lines, and building green space and walkways that directly connect transit lines to new condo builds. The convenience these condos offer doesn’t come for free, however, so expect to pay on the higher end for the luxury of transit convenience.
How Do You Choose a Condo That Fits Your Needs and Budget
When you’re shopping for a condo, it’s easy to get lost in the dizzying amount of choices. Especially if you’re looking at newer builds, it seems even a pretty new light fixture can have far more sway than it ought to in the grand scheme of things.
So, save yourself some buyers remorse (not to mention a lot of time), and do some planning ahead of time.
- Make yourself a list of must-haves and try to narrow down your search to a few neighbourhoods. Absolutely need a parking spot? Need a school within a short walking distance? Make sure to let your realtor know ahead of showings.
- Get pre-approved. No matter how expensive a condo you believe you can afford, if the bank disagrees, you’re out of luck. Talk to your lender before you shop so you know exactly what you can afford.
- Make a list of building amenities that are most important to you. Consider your daily habits and what you imagine your life to look like once you move in. Create a column for non-negotiables — amenities your condo building absolutely must have, and a column for nice-to-haves — those amenities that would be really nice, but you could live without.
Finally, ask us about our money-saving programs. At Justo, we save our clients an average of $11,250. Knowing you can save some cash may help you buy a condo in a more desirable area, or even provide you with the cash to furnish your new space!