Toronto is one of Canada’s most expensive cities, a fact reflected in its real estate prices. Condominiums offer a more affordable housing alternative for potential real estate investors or homeowners looking for property in the area.
However, despite Toronto condos being more budget-friendly, they are still relatively expensive compared to other cities or provinces in Canada.
Real estate brokerage Zoocasa recently came out with their research discussing condo prices in the city. Their findings could help homeowners and real estate investors look for options that fit their needs and budget.
Most Budget-Friendly Districts for Condos
Real estate prices in Toronto have noticeably lowered in the past months. However, housing prices in Canada’s most expensive city remain high. Buying a detached house in Toronto costs an average of $1.7 million, which is higher than most people can afford.
Condo units offer a more affordable price than detached homes for sale in Toronto, making them a more cost-effective alternative for potential buyers and homeowners.
The average cost of a condo unit in Toronto sits at $753,520, according to Zoocasa’s research. While the average condo in the city might still be expensive for many interested buyers, average prices still differ depending on the building’s location.
Here are five of the most affordable neighbourhoods and districts in Toronto if you plan to buy a condo. The average cost of condos in these areas falls far below the city average as of July 2023.
- West Hill, Centennial Scarborough. The median cost of a condo apartment in this neighbourhood is $462,167, or $291,353 below the city average.
- Malvern, Rouge. The median cost for condos in this neighbourhood is $491,173. This figure falls $262,347 below the city average.
- Willowbridge-Martingrove-Richview. Condo apartments in this neighbourhood have a median cost of $500,625. This amount is $252,895 cheaper than the median price in Toronto.
- East York, Danforth Village. The median price of condos in this neighbourhood is $523,643, or $229,877 below the Toronto median.
- Black Creek, York University Heights. Condo apartments in this neighbourhood have a median price of $557,034. This figure is $196,486 below the city median.
Four of these five neighbourhoods have median prices over $200,000 below the Toronto average. If you are on a budget and want a condo apartment in Toronto, consider looking into these neighbourhoods.
Most Expensive Toronto Districts for Condos
While you can find affordable condo apartments in specific neighbourhoods, there are also buildings at the other end of the spectrum. Toronto condo prices run pretty high, and many districts have median prices way higher than the city average.
Here are five Toronto districts and neighbourhoods with the most expensive condo apartment prices:
- Rosedale, Moore Park. This neighbourhood has the highest median price for condo apartments at $2,303,200, or $1,549,680 higher than the Toronto average.
- York Mills, Bridle Path, Hoggs Hollow. The median price for condo apartments in this area is $2,270,000. This figure is $1,516,480 higher than the Toronto median price.
- Bedford Park-Nortown, Lawrence Park, Forest Hill North. Condo apartments in this neighbourhood have a median price of $1,115,818, which is $362,298 higher than the Toronto average.
- Yorkville, Annex, Summerhill. The median cost for condo apartments in this district is $1,069,593, or $316,073 higher than the median price in Toronto.
- The Beaches, Upper Beaches. Condo apartments in this neighbourhood have a median cost of $888,580. This figure is $135,060 higher than the median condo price in Toronto.
What To Consider When Buying a Condo
Like all real estate purchases, buying a condo apartment is a significant life decision requiring careful consideration. It’s vital to assess your options before financing it or placing a downpayment.
Here are some critical factors you should consider when choosing a condo in the Toronto area:
Buying a condo apartment is an investment, and this step helps ensure that you are putting your money in the right place. Research the developer and their past projects, especially residential buildings.
This practice can help you learn what to expect regarding the condo building’s amenities and the property’s overall quality. You can learn about the level of luxury and the residents’ quality of life. This step helps you discover potential red flags like malpractice and foul play.
Quality of construction
Aside from doing research, conducting an in-person viewing of the property is also essential. An in-person visit allows you to assess material factors, like the building’s quality of construction.
A building’s construction quality not only affects its appearance. It can also affect potential maintenance costs and repairs. A well-made building can last decades with little need for large-scale renovations.
If you’re unsure about your capacity to assess the quality of a building, you can hire a personal realtor or a friend who knows about construction and engineering.
During in-person visits, it’s good to note the things you like about the property. However, paying attention to any features you find unattractive, undesirable, or unnecessary is also important.
Some unattractive features include a lack of natural light, small or too few windows, noisy neighbours, foul smells, or unpleasant views.
Unattractive features are subjective, so some of your dealbreakers might not matter as much to others. However, these features will still affect your quality of life should you decide to live in that condo apartment.
A condo’s location is another critical part of assessing your options, especially if you plan to live in the unit or rent it out. Does the location fit your lifestyle? Are you willing to adjust to accommodate your new address?
The location will also affect the condo’s price. Properties nearer to bustling business districts or city centers will likely cost more than buildings located farther away from these areas.
A condo building’s history can affect its present-day buyers and tenants. During your visit, ask about past renovations, repairs, or maintenance efforts for the building.
Newer condo buildings may have fewer changes, resulting in less expensive maintenance costs. However, their prices may also be more expensive.
Older condos are usually more affordable with the same amenities. However, they may have a more extensive history of renovations or repairs, resulting in higher maintenance costs.
Tenants vs owners
Another factor that can affect one’s quality of life in a condo is the composition of its residents. If the majority of the units’ owners live in the building, maintenance is likely better, which can result in a better appreciation of the condo’s value.
The management of the building can affect the living experience and safety of tenants. Good management practices ensure residents of the condo live in a clean and safe environment that adds to their quality of life.
Condos have a property manager that focuses on this area. They are responsible for maintaining the amenities, sanitation, services, and other aspects of running the building. Condo management is a critical aspect one should look at before purchasing a condo apartment.
Residential buildings require proper maintenance to ensure their upkeep and sanitation. Condos often have maintenance fees for this purpose. These fees usually cover grounds maintenance, landscaping, trash removal, exterior maintenance, and other tasks.
Make Educated Real Estate Decisions
Condo prices can run high, especially in an expensive city like Toronto. It’s essential to take your time during your search, especially if you want to look for affordable options.
Look around various neighbourhoods and carefully consider the quality of each unit and the impact it may have on your current lifestyle and spending. It may take some time to decide, but making the right choices can help protect your finances and leave you with a comfortable home and a valuable investment.
Disclaimer: This article was penned by Ivan Serrano and does not reflect the views or opinions of Post City.