There are many things to love about Toronto. The city is dynamic, exciting, and diverse. It is comfortable to live in and offers countless opportunities for professional growth. The business environment in Toronto is also very favorable, which is another reason why the city attracts so many new residents. Clearly, investing in new condos in Toronto isn’t a bad idea. However, learning a bit more about the city’s real estate market won’t hurt. So, let’s dive right in and take a closer look at Toronto’s condo developments.
Here’s the great news: there are plenty of pre-construction condos in Toronto to choose from. And that’s the beauty of the city’s real estate market: you have a ton of options. New listings appear regularly as the city keeps growing fast and steadily. Young professionals flood the city and need housing close to the booming downtown. Hence, we have an abundance of new condo developments in Toronto. And if you choose to invest in one of them, you are likely to get much more for your unit if you decide to sell it later.
A quick note: these days, more high-rise buildings appear as the younger population (25-35-year-olds) prefers condos to townhouses or detached homes. However, you can still find investment options among the latter.
Another reason to invest in Toronto real estate is the constant turnover of potential tenants (that is if you want to lease your unit out). Toronto attracts countless renters, including young entrepreneurs, immigrants, and skilled workers, all in need of housing. With the city’s vacancy rates (around only 1%), your new unit will be in high demand among potential renters. All you have to do is pick the right tenant for the property.
When investing in Toronto condominiums, you also open up a whole world of new opportunities for yourself. The city offers great employment possibilities and excellent conditions for business growth (or startups). The economy is booming, giving you more chances to invest and earn money.
And if you are looking to invest in your first home and plan to move to Toronto, that would also be a great idea, as this city is a wonderful place to live. Countless amenities, rich nature, and a vast social network make Toronto one of the best places to make a home.
Toronto New Condo Market Report
Before investing in new condos in Toronto, you may want to familiarize yourself with the general market trends. After all, the city is changing rapidly, and the numbers change with it. For instance, the average home price in Toronto has grown by 20% within the last year despite the pandemic.
Market experts predict further growth in prices due to the constant high demand for housing. Just to give you a general idea, over 10,000 units were sold in the Greater Toronto Area in August.
Clearly, the growing prices do not stop real estate investors. And the reason behind that is quite obvious: the demand for units will always be there. So, if you choose to invest in pre-construction condos in Toronto now, you will be safe in terms of potential renters. The current vacancy rate is around 0.7-1%, which means the demand for condos is very high. Plus, you can sell your unit later for a much higher price, which is what many investors often choose to do in Toronto. Let’s take a look at the average condo prices according to the suite type:
Bedrooms
Average price
Studio
$469K
1 bedroom
$598K
2 bedrooms
$779K
3 bedrooms
$822K
During the past month, over 7,000 new listings appeared. On average, a listing spends around 15 days on the market. Condos (especially 1- and 2-bedroom units) remain the most frequently sold (hence, popular) among the rest of the listings. Now, if you plan to rent your unit out, take a look at the average rent costs in Toronto:
Types of suites available: studio, 1 bedroom, 1 bedroom + den, 2 bedrooms, 2 bedrooms + den, 3 bedrooms
Estimated completion: 2023
About: This is the third building of this bold project. The Galleria on the Park III will offer units of different types and layouts, but they will be united by one thing: thoughtful design. The building will also offer lots of public amenities, including workspaces, dining areas, shops, a swimming pool, a movie theatre, a playroom for kids, and more. This condominium would be ideal for both families and young residents.
Types of suites available: studio, 1 bedroom, 1 bedroom + den, 2 bedrooms, 2 bedrooms + den, 3 bedrooms
Storeys: 47
Estimated completion: 2023
About: Dreaming about living (or investing) in a modern high-rise building? The Saint Condos will be more than suitable. This project will include luxurious amenities and thoughtfully designed suites, to give the residents the real taste of a luxurious urban lifestyle. There will even be a Wellness Centre, for those moments when you need to have some rest away from the busy city.
Types of suites available: studio, 1 bedroom, 1 bedroom + den, 2 bedrooms, 3 bedrooms
Storeys: 45
Estimated completion: 2023
About: Searching for brand new condos for sale in Toronto, you cannot miss the No55 Mercer. Located in the heart of the city, the condominium offers chic, stylish interiors to potential residents. The color palettes will include various styles: neutral, light, or bold, whichever you prefer. Each unit will have lots of light and large windows so that you can enjoy the beautiful views of the city every day.
XO Condos
Location: 1221 King Street West, Toronto, ON M6K 1G3
Types of suites available: 1 bedroom + flex, 2 bedrooms, 2 bedrooms + den, 2 bedrooms + flex, 2 bedrooms + study, 3 bedrooms, 3 bedrooms + den
Estimated completion: 2022
About: Located in an amenity-rich neighborhood, the XO Condos offers modern downtown living while being away from the overwhelming hustle. The building will combine stunning contemporary architecture with classic designs. There are multiple suite layouts to pick from, from smaller units to apartments with a separate study.
About: Being one of the most anticipated projects in Toronto, this high-rise building is planned to become one of the tallest residential towers in Canada. The Sky Tower is everything you would expect from modern living. The location is ideal, the suites are elegant, and the amenities are impressive. Everything you may need is within reach, which makes the Sky Tower a perfect place for a comfortable life.
About: Located in a historically rich neighborhood, the No 31 Condos mixes the old with the new, allowing residents to enjoy comfortable living minutes away from the busy downtown. Following modern trends, this high-rise building will accommodate various types of units (from studios to more spacious 3-bedroom apartments), all featuring luxurious designs and contemporary amenities.
About: Even though this isn’t the highest residential building in Toronto, you could still enjoy real urban living here in Empire Quay House Condos. This pre-construction condo development is located in a high-demand neighborhood, minutes away from the waterfront and the downtown core of the city. Whether you prefer being closer to nature or love the fast pace of the urban center, you can enjoy both if you decide to invest in Empire Quay House Condos.
Types of suites available: studio, 1 bedroom, 1 bedroom + den, 2 bedrooms, 3 bedrooms, 3 bedrooms + den
Storeys: 38
Estimated completion: 2024
About: The eye-catching design of the building will help the Artistry Condos change the cityscape. And the sophisticated minimalism of the suites inside will inspire every resident. This building will be the manifestation of modern art-inspired living, with a ton of amenities and all the main downtown locations nearby.
Things You Need to Know about Toronto
It’s hard not to fall in love with Toronto. This city is vibrant, diverse, booming, lively, and exciting. No wonder this is the most populated city in Canada: more and more people (both Canadians and immigrants) choose Toronto and see it as a great place to live.
And we shouldn’t be surprised, as the city has a lot to offer. For starters, Toronto is considered Canada’s economic powerhouse. It offers a favorable business environment and can be called Canada’s financial capital. There are tons of work opportunities, as Toronto’s economy is not only booming but also quite diverse.
Now, the city is huge, so the commute may be hectic sometimes. However, the public transportation system is well-developed, so you’ll definitely get to your destination. Just keep in mind that public transit can be delayed sometimes, so it might be better to use a car or a bike if you are worried about being late for an important meeting or anything like that. By the way, there are car-sharing services in Toronto, so you don’t even have to buy your own vehicle.
If you are longing for entertainment and exciting events, Toronto is the right place for you. The city is home to over 80 film festivals. You can also enjoy going to art festivals, museums, galleries, restaurants, malls, or a zoo. The thing is, in Toronto, you will never run out of things to do for entertainment.
It gets better: the city can do more than show you some fun. It can also bring you closer to nature. While living in a booming metropolis, you can escape the busy city life and hide in one of Toronto’s countless parks. There are numerous hiking trails within reach as well. And, of course, you get to enjoy the beaches during summer, which means you don’t even have to travel anywhere to get tanned or cool off in the water.
Everything about this city is welcoming (except maybe the traffic, but you’ll get used to it). Toronto is a wonderful place to live, work, start a business, and, of course, invest.
Galleria on the Park III Condos – The TTC stop is steps away from the front door. A 15-minute drive from downtown Toronto. Walking distance to the Bloor, Dufferin, Dundas West, Lansdowne, and Ossington subway stations.
The Saint Condos – The Queen Station is 3 minutes away (on foot). There are multiple bus stations within reach, including buses number 141, 143, 144, 301, 501, and more. Multiple train stations are around 15 minutes away (on foot).
No55 Mercer Condos – St. Andrews and Union subway stations are 15 minutes away (on foot). Close proximity to Spadina station. Multiple bus stations are within reach. 45 minutes away from the Pearson International Airport (by UP Express).
XO Condos – Close proximity to the Exhibition GO Station, 504 Streetcar, and 29 Dufferin. Easy access to the Gardiner Expressway, Don Valley Parkway, and Highway 427. The King-Liberty SmartTrack station is also planned to open nearby.
Sky Tower Condos at Pinnacle One Yonge – Union Station is 11 minutes away (on foot). Easy access to 509 Harbourfront streetcar and 510 Spadina streetcar. The Pearson International Airport is a 20-minute drive away.
No 31 (31 Parliament Condominiums) – Close proximity to the GO Train and the new SmartTrack line. Minutes away from the TTC subway line. The Union Station is around 8 minutes away.
Empire Quay House Condos – Walking distance to Union Station. Multiple bus and tram stops near the building. Close Proximity to Gardiner Expressway.
Artistry Condos – Close proximity to the St. Patrick, Queen’s Park, and Osgoode subway stations. Multiple LRT stations nearby. The Union Station and the Gardiner Expy are a short drive away.
F.A.Q.
Are condo prices going down in Toronto?
Not really. According to the new Zoocasa study, the average condo prices dropped by around 10% due to the COVID-19 pandemic. However, the experts predict a gradual rise in prices starting again in 2020.
Is now a good time to buy a condo in Toronto?
Generally, yes. You will face less competition due to the pandemic, some of the condo prices are a bit lower now, and there are new listings appearing regularly, so you will have plenty of options to choose from. If you want to, you may also try and wait till December, when the market slows down, and the potential buyers can benefit from the best prices.
Will the condo prices in Toronto go up in 2021?
Yes, as predicted by the experts. At least a 3% rise in condo prices is expected in 2021.
What is the average condo price in Toronto these days?
The average condo price in Toronto in 2020 is around $660K. Keep in mind that prices can vary greatly depending on the unit type, number of rooms, design, and of course, the location of the condominium.
Why are Toronto condos so expensive?
Toronto real estate is expensive due to several factors. They include the steady population growth and the constant high demand for housing. Additionally, the new condo developments in Toronto provide easy access to a well-developed chain of public transportation, amenities, services, and goods. Moreover, as Toronto has a rather active economy (compared to some smaller cities nearby), the condo prices tend to be higher.
Conclusion
Toronto’s condo market presents a compelling opportunity for investors and aspiring homeowners. While the initial cost might seem high, the city’s booming economy, diverse population, and ever-growing demand for housing suggest strong potential for future appreciation.
With a variety of pre-construction condos available, buyers have a chance to secure a unit that suits their needs and budget. Investors can benefit from high rental yields due to the low vacancy rate. The proximity to public transportation and the abundance of amenities in many condo developments add to the overall value proposition.
However, it’s important to do your research before making a decision. Consider factors like location, condo type, and your financial goals. The information provided in this text can be a helpful starting point, but consulting a real estate professional is essential for a more comprehensive understanding of the Toronto condo market.
Get information about new condos, deals and market news in Your Inbox.
Want to buy or sell your condo, townhouse, or house?
Get a free, no-obligation property consultation from one of our experienced team members.Fill out the short form below, and we’ll get back to you within 24 hours!
