The Average Price of a Condo in Toronto
With more and more people moving to Toronto, it's becoming increasingly difficult for new buyers to find a place to live, especially if they want to purchase a detached home.
Buying a home in Toronto is notoriously expensive, and many new listings are snatched up faster than you can say "sold".
Because of this, buyers are starting to look at a variety of alternative living spaces, like condo apartments. Condo apartments are a fantastic option for buyers that want to own something in the heart of the GTA without dealing with constant maintenance and upkeep.
If you're thinking about purchasing a condo apartment in the GTA, you're probably wondering, "what is the average price of a condo in Toronto?".
Continue reading to learn more.
How much is a condo in Toronto? — A guide for new buyers
Even though condo apartments tend to be cheaper than detached homes, they aren't necessarily cheap.
You'll need to save up a significant amount before you can think about making a down payment, as the average price of a condo in Toronto is roughly $688,000.
You don't need to pay all of this at once (that's what a mortgage is for!), but you should aim to make a down payment of 10% to >20% of the total property value. Be sure to keep this in mind while setting a budget for your upcoming purchase.
All in all, if you're wondering, "how much do condos cost in Toronto?", you can expect to pay (on average) $688,000 for a unit.
The cost of a condo vs the price of a home in Toronto
As mentioned above, condo apartments tend to be cheaper than detached or semi-detached homes in Toronto.
The price of a detached home in the GTA is roughly $1,340,000, which is $652,000 more than the price of a condo apartment in the same area. Similarly, the price of a semi-detached home in the GTA is roughly $1,020,000, which is approximately $332,000 more than a condo apartment.
Are condos getting cheaper or more expensive in Toronto?
If you want to save on the cost of a condo in Toronto, now is a fantastic time.
Condo units have been a hot commodity in Toronto for the past several years; however, things started to slow down in late 2022 and early 2023.
When compared (year-over-year), the price of condo units in Toronto has gone down by roughly 8.1% (as of January 2023). If you act fast, you can potentially get your hands on a beautiful condo for a great price in the near future.
What factors affect the price of a condo apartment in Toronto?
There are several factors that can affect the average price of a condo apartment in Toronto. Some of the most common factors include the following:
- Square footage — Larger condo apartments tend to cost more than smaller units
- Neighbourhood — Condos located in trendy, upscale and safe neighbourhoods can cost more
- Quality of amenities — Expect to pay more for your condo if the building features a number of high-quality amenities, like a gym, pool or lounge area
- Parking options — Having consistent access to parking is a luxury in Toronto. Expect to pay more if you need additional parking spaces
- Views — Toronto has some beautiful views, and condo sellers are all too aware of this; be prepared to pay a pretty penny for an apartment with a view
- Floor (condo apartments located on higher floors tend to cost more than apartments on lower floors)
- Proximity to shopping centres, entertainment, schools, etc. — Condo apartments that are close to shopping centres, entertainment, schools, etc., tend to cost more.
Be sure to keep these things in mind if you want to get the best bang for your buck while purchasing a new condo in Toronto.
3 things that you can do if you're trying to save up for a condo in Toronto
As mentioned earlier, condos tend to be more affordable than detached homes, but there's no denying that they're still expensive! Most people need to save up for years before they can afford to make a condo down payment in Toronto.
Do you want to speed up the saving process? Feel free to try out the following tips:
- Remember to research all of the options in your area. You never know when and where you'll find a hidden gem!
- If you're trying to save up for a condo in Toronto, you'll want to tighten up your belt and cut back on unnecessary expenses. Are you currently paying for two video streaming services? Consider unsubscribing to the one that you use less. Are you overspending on takeout? You can save money by doing weekly meal prep! The options are practically endless.
- Cover your debts before you try to save up for a down payment. You'll be taking two steps forward and one step back if you're constantly dipping into your savings to pay off your debts.
Do you need condo insurance for a condo in Toronto?
Yes, if you have a mortgage, you need to invest in adequate condo insurance for your unit.
Aside from being required by your mortgage lender, condo insurance is the best tool that you can use to financially protect your condo and your belongings.
If something happens to your unit or the contents of your unit, your condo insurance can cover all or a portion of the related expenses. Condo insurance can also cover legal expenses that stem from an accident that occurred in your condo.
If you're looking for condo insurance, you can save time and energy by teaming up with a top-rated insurance brokerage like Surex.
Save up to 25% when you bundle with Surex
Finding the right condo insurance policy doesn't have to be an uphill battle; you can save a significant amount of time and energy by teaming up with a Surex insurance advisor! Our advisors can help you find and compare the most competitive condo insurance quotes in Toronto, which makes it easier for you to find the perfect policy.
Contact us today to get started and to learn how we can help you save up to 25% when you bundle multiple policies with one of our partners!
