Ratehub obtained a copy of the TD Canada Trust 2012 Condo Poll which surveyed urban Canadians who recently purchased a condo or intend to buy. The results yielded some noteworthy traits about condo buyers in Toronto – they were willing to spend more money for their condo.
Toronto condo housing market
The average price of a Toronto condo is just over $360,000, which places it after Vancouver as the most expensive average condo price in Canada. Currently, Toronto mortgage rates are hovering at historic lows which keep borrowing costs cheap for condo buyers looking to finance their purchase.
Toronto condo buyers
According to the poll, 40% of Torontonians were willing to surrender more than $400 a month to condo fees. What makes that number so outrageous? It is almost twice the national average. Our interview with realtor Mark Savel on condo fees revealed that maintenance fees in Toronto average $0.50 to $0.60 per square foot. For example, assuming a condo with maintenance fees at $0.60/sq. foot; a Torontonian willing to pay $400 per month can expect the size of their unit to be roughly 667 square feet. That’s roughly a one-bedroom condo without getting creative.
“Toronto condo buyers say monthly fees are a small price to pay to enjoy the convenience and amenities of condo living” – TD
The percentage of Toronto condo buyers willing to pay $200 more in condo fees or $600 total per month was also well above the national average (7% above the national average of 10%).
What’s behind the condo craze in Hogtown? The features of condo-living that appealed most to Torontonians were:
- Requires less maintenance (59%)
- More affordable (36%)
- Greater selection of amenities (34%)
More than half of Toronto condo buyers would be able to afford an increase in condo fees. Three in ten say they already have a buffer built into their budget. Another 36% say they could afford a fee increase by cutting back.
Condos are an attractive choice in Toronto because of their affordability relative to other housing options. According to Jim Ritchie of Tridel, “there’s a market for condos because average house prices in Toronto’s 416 area code are about $830,000, compared with $400,000 for a new condo.” 
Speak to a Toronto mortgage broker to learn more about mortgage rates in Toronto. A good broker is one who will be able to analyze your situation to find the right mortgage solution for you. And if you’re already close to buying a home you should begin looking for a Toronto home inspector and a Toronto real estate lawyer. The Financial Post