Condo prices in Toronto greatly differ depending on the neighbourhood you choose. It is also fairly easy to guess which areas are the most expensive in the city for housing. According to the online brokerage, TheRedPin, that compiled data on condo prices in the city, the priciest condos are all situated in Toronto’s downtown area. The data was determined by average price per square foot. A condo in the Bay St. corridor, the waterfront or downtown could cost anywhere upwards of $600,000.
However, judging the average cost of your condo according to its area could be deceptive because luxury condos significantly raise the overall average price. According to experts at TheRedPin, a particular neighbourhood doesn’t always determine the value of a condo; other factors do play a part. Even within the same area, you could be looking at condos with different price ranges. Each condo is a separate entity, with its own set of amenities and advantages. Hence, it is always wise for buyers to look at an individual building or neighbourhood on its own merits.
3 Factors that Determine the Value of a Condo
Many aspects define the price of a condo, but the below 3 reasons are almost certainly the prime ones in driving the value of any building.
- Availability of Space: There is not much space left in the downtown areas, which means most condo developments are going to be expensive almost by default. There is always a demand for downtown living, given that it forms the centre of Toronto’s financial hub and is teeming with innumerable leisure and entertainment options. Reduced travel time is also a huge attraction for both the elderly and young working people. Yet, since there are only so many new developments coming up in the downtown area and the demand is consistently high, the condos here are among the priciest.
- Walkability: Many residents living downtown do not even care to own a car, because every convenience is literally at their doorstep. It saves travel time, and relieves them of the stress of driving on Toronto’s extremely busy roads. Walkability includes proximity to the TTC subway – a major factor to take into consideration when you are investing in a condo. You could be part of the same larger neighbourhood, but if one condo is walking distance from the nearest subway, and the other requires you to take a bus to get there, you can be sure that the former is going to cost more.
- Building Amenities: A common neighbourhood does not determine the kind of indoor and outdoor conveniences and amenities you will get. With single detached homes getting out of reach for several young working couples, many of them are looking at living in a condo for the long-term. This means that they are increasingly particular about the kind of building amenities each condo offers. If a couple plans to have a child in the next few years, they are making an assessment about amenities based on their future needs and expectations.
The Davies Combines a Great Location with the Best of Amenities
Not often do you find a luxury condo development that comes with one of the best locations in Toronto, as well as offers conveniences that are otherwise hard to come by. Located right next to the Robertson Davies Park at Avenue Road and Cottingham, this boutique building is just nine stories tall giving its residents an intimate, cozy feeling as well as a privacy they will greatly cherish. The Davies is a stone’s throw away from the vibrant and affluent Yorkville downtown area that offers innumerable delights by way of the finest cafes, restaurants, art galleries, pubs, spas, and schools. Minutes away from TTC subway lines, the area is ideal for those who place a premium on tasteful living.
For more details on this new condo project in Toronto, contact The Davies at 647-360-9588 and schedule your appointment or register online for more information. Check out the floor plans and discuss available options for your new home with our team.