Toronto condos have always been in high demand and there are some incredibly luxurious buildings in the downtown core. The condo buildings in the downtown area are built with young professionals in mind, most are sold to executives or real estate investors and those that live there embrace a certain lifestyle. Condo living downtown means having the hustle and bustle that is Toronto right on your doorstep.
This is prime Toronto real estate and that will be reflected in the price. Many of the condos are sold before they are even built and the price can run up to $1,000 per square foot. That’s right a luxury condo that is 1,000 square feet can run you well over $1 million. If you are looking at one of the more prestigious address like Bloor and Yonge or the Four Seasons residences then expect to pay. You can get a better deal for a used condo that are somewhere between $700 – $800 per square foot. Just so you get an idea of how luxurious these condos can be here is an insider’s view of One Bloor West.
Toronto real estate has always been a great investment attracting buyers from all over the world. The interest rates are favorable in Canada, the unemployment rate is one of the lowest in Canada and it has seen strong economic growth. However foreign investment has proven a problem for local buyers. In 2017 when the market was hot it was increasingly difficult for locals to afford and purchase property in the GTA. The situation got so bad that the Wynne government add a tax for foreign investors leaving their properties empty.
Renting in the downtown core has also become more difficult with an incredibly low vacancy rate. However, if you own property in the area that you are looking to rent out then you are in luck. Not only can you charge premium prices for your condo but you will have your pick of tenants.
If you are on the other end of the deal and are looking to rent a condo downtown then you can expect to pay. First you should know exactly where you want to live, be it near the water or further north. The competition will be fierce so be ready to jump on a deal as soon as possible. You are also going to have a good credit score and a secure job. People who have been in their jobs for a while will likely get preferential treatment. Most importantly don’t get attached to a place until the rental agent hands you the keys.