Condo seekers just starting their search and looking to get a better grasp of how far their dollar will go in Toronto’s heated high-rise market have plenty of useful tools at their disposal, including mortgage calculators and rent versus buy simulators.
It’s when buyers start asking about how much space they can get for their dollar where things get slightly tricky.
Price per square foot (PPSF) signifies how much, on average, it costs for every additional square foot of space in a condo unit.
While the average price per square foot is the yardstick to which new and pre-construction condominiums are sold for, in Toronto’s resale market, hard numbers on PPSF are far harder to come by.
A big reason why that’s the case comes down to how condos are registered on the Multiple Listing Service (MLS). A general square foot range is required instead of a precise number. For example, if a condo’s dimensions are exactly 776 square feet, the property’s size will be shown as 700 to 799. If it’s 830 square feet, it’d fall in the range of 800 to 899 and so on.
In order to identify the average price per square for a Toronto condo, TheRedPin.com took on the task of meticulously analyzing more than 6,000 condo sales between January and April of 2016. Given precise square foot measurements for condos aren’t available at mass, the brokerage rounded off available ranges and analyzed approximate measurements.
The finding yielded some interesting results, such as the fact that the approximate average price per square foot was $500 across Toronto as a whole and $622 for a unit in the downtown area.
Mapped out below (and listed at the end of the article) is a complete account of the average price per square foot for all of Toronto’s major condo hubs, which TheRedPin defined as communities that experienced at least 200 condo sales since the start of the year.
Approximate average price per square foot in Toronto
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The merits of measuring prices on a per square foot basis are clear: Rather than knowing solely what units are selling for, you’ll have a clearer picture of how much they’re selling for in relation to their size.
For buyers, that provides key insight on how much more (or less) they would be paying to live in a similar sized unit in one neighbourhood over the other. It also provides a hint into how “big” of a unit you can afford.
Bay Street Corridor
Islington City Centre
*PPSF provided is based on rounded off ranges and are not precise to the exact foot
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Flickr: Michael Coté