Everyone wants to buy a condo in Toronto - they're the most popular type of real estate, especially in the most popular neighborhoods. If you're thinking about trading in your rental for a condo you can own as an investment, you're probably wondering how much you're going to end up paying for it. The price of a condo varies widely depending on the square footage, unit features, building features, and of course location. We can't price every condo in Toronto for you - that's what your real estate agent is for - but we can give you an overview of how the averages shake out.
Standard condos are what everyone starts out on unless by some miracle you fluke into an executive position right out of college. Most of the Toronto condo real estate listings will be standard condos. A standard condo counts as a two bedroom unit with about 900 square feet. You'll have one, maybe one and a half bathrooms, a little balcony, and a parking space. Your building will probably have a pool or at least a gym that you can work out in. A condo like that will comfortably fit two people.
The average price to buy a standard condo in downtown Toronto is between $270,000 and $350,000. On the waterfront, you're looking at closer to $415,000, and that's without a water view. In Cabbagetown you can get a nice place for about $363,000 while Bloor West Village is actually a little cheaper, at $305,000. If you want to get the most condo for your money, you'll need to head out to the suburbs. Burlington's average is only $258,000 and Scarborough is only about $220,000.
By comparison, a typical condominium apartment in London Ontario can go for between $110,000 and $130,000 according to the the local real estate market and many active London real estate agents.
A luxury condo is what you upgrade to once you get a promotion, but you still want to be close to the city so you don't have a long commute. These are the kind of condos you would find in upscale neighborhoods like Rosedale or Lawrence Park, Toronto. In addition to your two bedrooms, you'll also get a den or a family room, an extra bathroom, ensuite laundry capabilities, a bigger balcony, and perhaps a sunroom or other bonus room. You'll also upgrade your square footage to 1,400 or more square feet.
Not every neighborhood in Toronto that has condos will necessarily have luxury condos as well, as they can be beyond the range of some buyers. In the waterfront area, for instance, luxury units can exceed one million dollars on average, while in midtown you'd be looking at around $800,000. Burlington's luxury condo average is actually cheaper than its standard average - $250,000 - while prices are actually quite reasonable in Woodbridge as well - only $267,000.
If you enjoyed this article about the price range of Toronto real estate, you may also be interested in reading this article about some of Toronto's condo developments.