How Much Does It Cost To Buy a Condo Apartment In Toronto? 2021 started with an increase in Toronto condos. However, condos are still the best choice for first-time home buyers if they prefer not to buy a home in the Greater Toronto Area.
Here, the discussion is about the cost of buying a condo in Toronto and its most popular neighbourhoods. Therefore, you will get enough information for buying a condo in Toronto. Also, you can take a look at the Toronto real estate market online to get a better understanding of costs.
How Much Does It Cost To Buy a Condo Apartment In Toronto?
The average annual increase of 15% in condo apartments in Toronto has occurred from January 1996 to May 2021. However, condos have been at the centre of attention for different types of potential buyers, such as first-time home buyers, investors, and luxury buyers. Let’s focus on different areas of the city and their condo costs.
Downtown Toronto condo costs
Over 35% of all condo sales in Toronto occur downtown, making it the biggest condo market in the city. Dividing into the west downtown and west downtown, the area offers different costs for Toronto condos. The west side stretches from Yonge St in the east to Dufferin St and from Bloor St to Lake Ontario north to south. Besides, the east side of downtown stretches from Yonge St to Don Valley Parkway and north to south from Bloor St. to Lake Ontario.
One-bedroom condos in Downtown Toronto cost between approx $500,000 to $650,000 depending on the square footage, neighbourhood, proximity to TTC, and being close to the entertainment areas. However, two-bedroom condos cost between $750,000 to over $1,000,000.
North York Condo Cost
One of the best things about North York is that it’s accessible through public transit. With less than 30 minutes of a subway ride, you can reach the downtown city. It can be a good option for first-time buyers and condo investors who are looking for a lower-priced home. One-bedroom condos for North York are approximately between $500,000 to $600,000.
Mimico condo costs
You should expect an average price of approx $500,000 to $580,000 for one-bedroom condos in Mimico Neighbourhood. Mimico is one of the best places if you like to buy a house in GTA (Greater Toronto Area).
Read More : Average House Price in Toronto
The best area to buy a Condo in Toronto
It’s a very difficult question because it depends on many factors. However, Annex and Rosedale neighbourhoods are the best places for first-time condo buyers. The reason is that these two areas are great both for their accessibility and progress.
Conclusion
To answer the question how much does it cost to buy a condo apartment In Toronto, you should consider many factors, such as square footage, the number of bedrooms, facilities, etc. However, especially if you are a first-time home buyer, you need to have an idea about the costs in different areas to ensure that you will choose the best neighbourhood and the best homes.
However, the best recommendation for you as a home buyer is to contact a Toronto real estate agent to help you through findind the best Toronto condo that fits your needs.
