Toronto has undergone a renaissance in architecture with renowned architects contributing to the city’s skyline. The downtown core, adorned with new condos, is attracting young professionals, contributing to Toronto’s status as a global leader in high-rise condominiums. This growth enhances the city’s competitiveness and quality of life, making it a desirable alternative to larger cities with a lower crime rate.
Living in Toronto’s New Condos:
Imagine residing in one of Toronto’s new condos, especially those close to landmarks in the downtown core or its surrounding neighborhoods.
The architectural beauty of these condos is awe-inspiring.
Projected High-rise Condominiums:
Toronto is expected to soon have the highest number of high-rise condominiums globally.
This growth is driven by the surge in the condo market, especially in the downtown core, which has become a preferred location for young professionals aged 25-35.
Appeal to Young Professionals:
The downtown core is the top choice for young professionals, and the condo market has boomed in response to their preference.
The city’s condo market offers a variety of new pre-constructed condos for sale.
Impact on Toronto’s Growth:
The abundance of new condos contributes to Toronto’s overall growth, competitive advantage, and enhances the quality of life for its residents.
Comparisons with Other Cities:
Toronto is projected to surpass cities like New York and Los Angeles in the number of high-rise condos.
Additionally, for those who appreciate the urban lifestyle of big cities but prefer a safer environment, Toronto is an ideal choice.
Average Price per Square Foot for Pre-construction Homes:
This is the cost you pay for each square foot of a home that hasn’t been built yet.
For all types of pre-construction homes (including condos) in Toronto, the average is $1,270 per square foot.
Average Pre-construction Appreciation Rate (Growth) in the Last 10 Years:
Homes in Toronto, on average, have been increasing in value.
The growth rate, or appreciation rate, for pre-construction homes over the past 10 years has been 12.2%.
Average Resale Price for All Home Types:
The current average price for homes that have already been built and are being sold again is $1,140,595.
Average Resale Appreciation Rate in the Last 10 Years:
Over the past 10 years, the value of resale homes in Toronto has increased by an average of 11.2%.
Average Rental Rate:
If you want to rent a place in Toronto, the average cost right now is $3,123 per month.
Rental Appreciation Rate in the Last 10 Years:
The cost of renting has been going up too, with an average increase of 6.1% over the past 10 years.
Demand for Condos:
A lot of people want to live in condos. The demand is strong, with a vacancy rate (the proportion of vacant units) currently at 1.6%.
In simple terms, homes that haven’t been built yet (pre-construction) in Toronto are, on average, priced at $1,270 per square foot, and their value has been going up by 12.2% every year for the past 10 years. If you’re looking to buy a home that’s already built, it might cost around $1,140,595, and its value has been growing at a rate of 11.2%. If you’re thinking of renting, the average cost is $3,123 per month, and renting has become more expensive over the past 10 years. People really like living in condos, and there aren’t many empty ones (1.6% vacancy rate).
