Toronto Condo Statistics
Toronto, like other Canadian cities, has different construction styles including semi-detached houses, detached homes, townhouses, condominiums, and many others. Among these condominiums are the most important ones.
Recently, in the Greater Toronto Area, there are more than twenty-seven hundred registered condominiums. The average price of condos is around $772,038 for a 9 percent yearly fall. For condominiums, an average price was approximately $705,659, down 1 percent year-over-year.
Over the last twelve months, there is no significant change in the prices of Condominiums in Toronto. While there was a more significant drop in the yearly average costs of other housing properties.
As compared to last year, condo average sales price in Toronto has increased to 4.5%. Data from Toronto Regional Real Estate Board states that the average sold-out price for these particular houses has dropped nearly 12% since March in the GTA and almost 11% in Toronto.
Current Condo Market Outlook
In 2023, the average real estate price of different units including detached homes, condominiums, and single detached homes in Toronto decreased to around 2 percent, dropping to $1,056, 734 as declared by a real estate company. Recently, the city has had around 65,000 empty condominium units.
It is also said by CMHC that in the coming months, the sales levels and expected new construction prices are going to slow down but levels are going to remain high throughout the whole year. The affordability of homeownership is set to exacerbate because of high mortgage rates.
Average Condo Prices January 2023
The average housing price in Toronto is around $1,384,847 and the city has had thirty-seven new listings in the previous 56 days as indicated by recent Toronto real estate statistics. As of today, the city has 14 average days to sell a property on the real estate market.
Many real estate firms and economists believe that real estate prices will drop slightly in 2023. In 2023, the city will have around a 12 % year-over-year decline in average price, shown by RE/MAX forecasts, a rough price difference of $142,000 from 2022.
Different condominiums are available with different numbers of bedrooms and bathrooms and obviously, they will have variable prices.
Bedroom Condominium Prices
One-bedroom condominiums are available for sale at different corners of the city. One bedroom with one bathroom with a covering area of around 500-599 sq ft is available for sale at 2801-365 Church Street, Toronto, Ontario. This condominium costs only $698,800.
Similarly, a more affordable condominium is available at 213-1185 The Queensway, Toronto, Ontario. This beautifully constructed condominium costs only $599,000.
Another one-bedroom and one-bathroom condominium are for sale at 207-1400 Kingston Road, Toronto, Ontario. You can be the owner of this house by paying only $399,900.
Two Bedroom Condominium Prices
The city also has two-bedroom condominiums for sale. A two-bedroom and a three-bathroom condo are available for sale at 203-90 Canon Jackson Drive, Toronto, Ontario. This condo costs only $980,000.
Similarly, another condo is available for sale at 3001-1 Massey Square, Toronto. This condo costs only $472,000.