Toronto Neighbourhood Guide

DOWNTOWN TORONTO CONDO MARKET WINTER 2011 REPORT


The condominium market of the downtown core has always been a bit of a bellwether for the overall Toronto condo market. So, let’s take a look at downtown Toronto condominium sales thus far in 2011.

In the downtown core west of Yonge Street, over 200 condos priced under $300,000 have already sold this year. Another 200 units have sold in the $300,000-$400,00 range. Prices per square foot are all over the map:

 a one-bedroom, 595 sq. ft. condo in the Bay Street corridor neighbourhood sold for $399,000, or $670 per sq.ft.
 in Liberty Village a one-bedroom-plus-den, 760 sq. ft. loft-style apartment sold for $396,000, or $519 per sq. ft.
 in the Entertainment District a 900 sq. ft. unit with a view of the CN Tower and Rogers Centre sold for $398,000, or $442 per sq. ft.

The $400,000-$600,000 price range has also been very hot with approximately 200 sales. Some examples:

 at Yonge and Bloor a 778 sq. ft. new condo sold for $591,000, or $760 per sq.ft.
 in the Niagara neighbourhood an 1,151 sq. ft. two-bedroom loft unit in a newer boutique building sold for $550,000, or $477 per sq.ft.
 in the Fort York neighbourhood a 1,216 sq. ft. two-bedroom-plus-den unit with views of Lake Ontario sold for $550,000, or $452 per sq.ft.

There were 35 sales in the $600,000-$1 million range. Here are some highlights:

 in Trinity Bellwoods a 1,773 sq. ft. hard loft two-storey unit with a large terrace sold for $687,000, or $585 per sq. ft.
 a three-bedroom unit in a boutique loft building in Little Italy sold for $685,000, or $526 sq. ft.
 in the Harbourfront neighbourhood a three-bedroom, 2,200 sq. ft. unit with a wrap-around balcony and water view sold for $900,000, or $409 per sq. ft.

Four condo units in Toronto’s Downtown West sold for over $1 million each. The highest sale price in the Harbourfront area was over $3 million – for a 5,000 sq. ft. unit that included 1,000 sq. ft. of outdoor space with a large hot tub.

In Toronto’s Downtown East neighbourhoods (east of Yonge Street) the market was also busy with 37 sales recorded under $300,000. There were a further 100 sales recorded in the $300,000-$1 million price range. A random sample of sales shows:

 a two-bedroom-plus-den 1,138 sq. ft. condo in the Downtown East neighbourhood that sold for $620,000, or $550 per sq.ft.
 a two-bedroom unit of 1,557 sq. ft. in the St. Lawrence Market neighbourhood that sold for $675,000, or $433 per sq.ft.
 in Corktown a 1,335 sq. ft. two-bedroom-plus-den hard loft in a boutique building sold for $659,000, or $493 per sq.ft.
 the highest sale in downtown Toronto east of Yonge street so far in 2011 was for a condo near Bloor Street: a 1,953 sq. ft. unit on a high floor with spectacular views and a large outdoor terrace with beautiful vistas; the oversize terrace and views account for much of the $1,759,000 – or $900 per sq. ft. – price tag

So there you have it. Condo sales are alive and well in downtown Toronto neighbourhoods. And contrary to popular sentiment, the prices per square foot are still very reasonable and affordable by international standards. As long as affordability remains at these levels the current level of activity should be sustainable.