Wondering how much buying a condo will cost you in Toronto right now? A newly released report offers a look at the cheapest, and most expensive, spots around the city.
We saw just this week that Toronto is the hottest market in the world for sales of homes over $1,000,000. So, if you can’t come up with a down payment for that detached McMansion you’ve had your eye on, there’s always condos. Buying a condominium allows you to stop renting and own some property (sometimes) without the hefty price tag.
Location is everything, and more and more condo developments are popping up all over town. So, where do you want to live? Or, perhaps the more important question is where can you afford to live? Condo prices, like all real estate, vary widely depending where you’re located.
A recent report titled ‘The Value of Price-Per-Square-Foot Analysis‘ released by Condos.ca reveals how price-per-square-foot (PSF) analysis is the basic building block of the real estate industry, and offers a big picture comparison of condos for sale in Toronto.
With this report, the team over at Condos.ca compiled a handy map illustrating the price per square foot of condos by subway stop all across the city. While the average price is $678.00 per square foot, actual cost varies widely depending whether your unit is walking distance from the Bloor/Young station or say, Vic Park.
The most expensive subway stop for condo prices is Museum Station, where the average is $1,029.00. So, an 800 square foot unit would go for roughly $823,000.00.
Over on the blue line, the area around Ellesmere Station is home to the city’s least expensive condos where the average is $352.00 per square foot. (Making our theoretical 800 square foot unit just $281,600.00.)
Here’s a look at the complete subway map. (Click on the image for a larger view.)
Toronto Condo Prices by Subway Stop, May 2017