Thinking of looking into buying a Toronto condominium for sale? You may be surprised to know that this will require more financial planning than simply looking up a single average price number and comparing it to the balance in your bank account. Condos in Toronto and environs vary widely in price. The factors that play into their listing or selling prices include location, size, building features, and current real estate market conditions, which change all the time.
However, if you've got your eye on a certain neighborhood, this article may help you determine if you can afford that burb or if you have to start looking elsewhere.
As you would expect from the towering financial office buildings and the sheer amount of money you see walking the streets in the form of clothing, cars, and personal electronics, a condo home for sale in Toronto's downtown neighborhoods costs more here than anywhere else in the city. Standard condos in Bloor West Village cost around $270,000 while a unit in one of the buildings ringing the Waterfront will cost you about $405,000. Upgrade to a luxury condo and you're looking at closer to $463,000 in the Bloor St. neighborhoods and in excess of $1,250,000 along the waterfront.
Toronto is large, dense, and has an excellent public transit system, however, so downtown is not your only option if you want to buy a condo. Toronto waterfront condominiums can be expensive - $1,200,000 for a luxury unit - but if you look into neighborhoods like Cabbagetown, Leaside, High Park, and Lawrence Park, you can find condos that are more reasonably priced, especially if you stick to standard units. Average prices in those neighborhoods are $341,000, $300,000, $355,000, and $505,000 respectively.
What if you don't need to be right in or adjacent to the heart of the action? What if you like quieter streets, lower prices, and less traffic congestion than you would have to put up with if you got a unit in one of the downtown towers? Do you have options? Of course you do! Toronto's suburbs have been built up to the point where they have plenty of condo options of their own.
Average prices for standard sized Toronto suburb condos are as follows: Brampton $167,000, Etobicoke $298,000, Markham $270,000, Mississauga $215,000, Oakville $250,000, Scarborough $200,000, Thornhill $275,000, Unionville $310,00 and Woodbridge $272,000.
If you want to upgrade to a luxury unit you won't have as many options if you choose to live in the suburb cities. However there are some neighborhoods you can find them in. Here are some average prices for luxury units in those neighborhoods: Bramalea $220,000, Burlington $510,000, Etobicoke $476,000, Markham $350,000, Mississauga $302,000, Unionville $400,000.