If you're reading this, chances are you're probably wondering: "What is the average price of a condo in Toronto?" Well, I have good news and bad news. The bad news is that there is no straightforward answer to this question. The good news is that we're here to break it down for you.
According to the Toronto Regional Real Estate Board's Market Watch for April 2023, the average price of a condo varies depending on the number of rooms and the location of the unit. Let's take a look at the data for Downtown Toronto and Humber Bay Shores (Etobicoke/Mimico).
Downtown Toronto Prices
Starting with Downtown Toronto (specifically C01), a studio unit will cost you around $458,000. If you're looking for a bit more space, a one-bedroom condo will set you back approximately $611,150. A one-bedroom with a den comes in at $717,700, and a two-bedroom is around $882,820. Finally, a two-bedroom with a den in Downtown Toronto will cost you an average of $1,132,100.
Humber Bay Shores-Etobicoke Prices
Now, let's head over to Humber Bay Shores, a condo-dense neighbourhood in Etobicoke. A one-bedroom unit in Humber Bay Shores is slightly less expensive than in Downtown Toronto, with an average price of $587,200. A one-bedroom with a den is around $664,200, and a two-bedroom will cost you approximately $828,400. Finally, a two-bedroom with a den in Humber Bay will set you back around $953,700.
Toronto Average Condo Prices Graph
So, what does this mean for you? Well, it's important to keep in mind that these prices are just averages. There are a number of factors that can influence the price of a condo. Location is a big one, with Downtown Toronto often being more expensive due to its prime location in the heart of the city. Additionally, condo amenities, walkability, and building age can also play a role in pricing.
But fear not! As a first-time buyer, there are a number of things you can do to make sure you're getting the most bang for your buck. First and foremost, do your research. Check out different neighbourhoods and buildings to get a sense of what you're looking for. It's also important to work with a real estate agent who can guide you through the process and help you find a condo that fits your needs and budget.
Another option to consider is buying a pre-construction condo. This may require a bit more patience, However, buying a unit before it's built can often result in lower prices and more customization options.
In conclusion, there is no simple answer to the question "What is the average price of a condo?". However, by doing your research and working with the right team, you can find a condo that fits your needs and budget. Happy hunting!