Affordable Toronto Condos Downtown
We have all seen the current ads from Toronto’s super-luxury condominiums; The Residences at The Ritz-Carlton, Toronto, Living Shangri-La Toronto and the Four Seasons Private Residences to name a few.
These Luxury Condos represent less than 3 per cent of the 49,000 new Condos on the market in the Greater Toronto Area.
Almost 70 per cent of remaining Toronto Condos, sell between $300 to $500 per square foot.
The super-luxury condominium sites include Yorkville Area , One Bedford, Museum House, One St. Thomas and One Hundred Yorkville. Downtown we have the Residences at the Ritz-Carlton, Shangri-La Toronto and the Trump International. These Condos have prices of $950 per square foot and up.
The newest of these luxury projects include Seventy Seven Charles just over $1,000 per sq. ft, and the Four Seasons Private Residences averaging $1,350 per sq.ft, and finally Living Shangri-La averaging $1,100 per sq. ft.
Compared to World Standards Toronto Condos are still affordable and a great deal. New York City Condos in 2006 averaged $1,120 per sq.ft compared to Toronto’s $379 per sq.ft
The current Toronto Condo Market is still driven by affordability and first-time buyers. Some 200 new Condo Projects are priced within reach of downtown professionals and are located in prime locations with all the luxury amenities.
It will be interesting to see how all of these new projects are absorbed and how high prices will go. Also interesting will be if the super-luxury Condos will affect the rest of the remaining condominium market.
Right now, two new projects nearing completion, The Residences of College Park and One City Hall are very popular on my Toronto Real Estate website and my Toronto Condo Blog. Once they are registered we should see a lot of activity in the resale market and some price appreciation.
Updated April 22. 2012
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