The decision to buy a luxury condo in Toronto comes down to a question of lifestyle. How do you want to live? Obviously, it’s not for everybody. The people who will buy luxury condos are careful, smart investors who want a very particular living experience. But finding exactly what you want is often another story, and that’s why our guide to luxury condos in Toronto will help you in your search.
What is a luxury condo in Toronto?
Defined by price, the luxury condo market starts around $900/sqft, but based on our analysis of the top 15 most expensive condo buildings in Toronto, an average price point comparison for luxury condos is around $1200/sqft. While paying above average is fine if the unit meets all your criteria, you want to be careful about overpriced units.
We often hear, particularly from first-time buyers, how conflicting it is to decide whether to buy or rent a condo in Toronto. While in the long run we recommend buying over renting, that isn’t always the best option for everyone. Still, to understand this dilemma best, you should always look at the clear, hard data.
According to our analysis, an average one-bedroom condo in Toronto rents for $3.33/sqft, which equals roughly $1,966/month.
The average price to buy a one-bedroom condo in Toronto is $658/sqft, for a total purchase price of $389,312.00.*
A recent CBC Marketplace investigation has brought to light the existence of malpractice within Canadian real estate. Here’s what you need to know.
Investigations into unethical REALTOR® practices
According to the Marketplace investigation, which spoke to the Real Estate Council of Ontario (RECO) as well as the Ontario government, the issue concerns a practice called ‘double-ending’ in which one agent represents both the seller and the buyer. Double-ending can become unethical if the real estate agent offers inside information to their client buyer to help close the deal. The result is a higher commission for the double-ending agent, but it’s hugely unfair to all the other buyers as well as the seller, who usually sells for less than they could have.
Year over year trends show Toronto home prices on the rise, and yet the demand for condos is higher than ever. While there are still many condos for sale in downtown Toronto, we think it’s a smart move for buyers to expand their search into other neighbourhoods to find the best value for their buck.
One area that is drawing a lot of attention from first-time buyers, students, working professionals, as well as new developers is North York.
What Do You Know About North York?
When it comes to new development in Toronto, the issue of heritage preservation can often draw a lot of public interest, community discourse, and even legal disputes. And great photos, as seen below!
Heritage Building Preservation Then and Now
Historically, mostly throughout the 60’s and 70’s, Toronto notoriously tore down and destroyed many culturally significant buildings and homes. The development of the Heritage Preservation Services and the Ontario Heritage Act have assisted in preserving our cities history, and the current growing inventory of designated properties is now over 8000. Although many of the larger, and more prominent structures have received the designation and will avoid imminent death, there are still many 19th and early 20th century private residences that are on the chopping block, specifically for condo development.
October was an interesting month for condos in Toronto and the Canadian real estate market in general. With a year-over-year average price per sqft growth of 9.7% in the GTA, and the federal government implementing new mortgage ‘stress-testing’ measures, many people feel that the dreams of first-time buyers are being crushed.
Changes to Canada’s Mortgage Rules
Traditionally, any homebuyer with less than 20% down must purchase mortgage insurance, typically from Canadian Mortgage and Housing Corporation (CMHC), Genworth, or Canada Guaranty. Once insured, these buyers would then apply for a mortgage with a Canadian bank, many of which are offering discounted 2.5% rates on average these days.