Toronto is a diverse and expansive city, chock full of interesting neighbourhoods and amenities. There are up-and-coming neighbourhoods like Rockcliffe Smythe, areas with new subway line access like Eglington West, and neighbourhoods with easy access to the waterfront, like Mimico. 

When considering how much a 1 bedroom condo in Toronto costs, these considerations will likely play into your decision about where to buy, and will directly affect your bottom line cost.

Should I buy a condo in Toronto?

When considering whether to buy a condo in Toronto, consider your intentions and what the next 5-10 years of life will look like for you. With condo prices soaring to all-time highs, investments should be a long game. Good reasons to buy a condo in Toronto in 2021:

• You’re planning on living in the condo for 5-10 or more years to allow for the value to appreciate despite any potential post-COVID market dips.
• It’s the right decision for you or your family at this time – ultimately, you need to be content where you live.
• The condo offers conveniences that make life better for you.
• You plan to turn your condo into an investment property if you ever decide to move out.

What do I pay for when I buy a condo?

The purchase costs of a condo are only part of the story. 

Condos come with fees and amenities; a delicate balance! You’ll need to consider whether the amenities are worth the fees.

According to condocontrolcentral.com, average condo fees in Toronto in 2021 are $520/month. That’s a big number when you consider it’s the cherry on top of your mortgage payments, insurance, and other utility bills. But your money isn’t vanishing into thin air. Condo fees typical pay for things such as:

• Landscaping / snow removal / outdoor maintenance
• Common areas / lobby maintenance
• Sports amenities (gyms, pools, tennis courts, etc)
• Elevator maintenance and general upkeep of the building
• Trash collection 

Sometimes, condo fees pay for insurance or utilities, so be sure to ask.

In the long run, condo fees tend to save you money. If you owned a house, you would need to purchase the equipment or pay for someone to maintain your lawn, pay for exterior painting and property maintenance, replace windows and roofing, and other similar costs.

You may also be saving other monthly bills like gym memberships and may have access to free space to host parties and other events.

So, do the math on what your condo fees cover to see if it makes sense to you.

Average Toronto 1 Bedroom Condo Price

The Toronto condo market has been on an uphill trend for at least 20 years. Despite the odd $10,000-$20,000 dip in the average price of a condo, the average price has steadily climbed for decades. But since 2017, prices have escalated rapidly, making the market volatile for new buyers who want to start building equity. 

In January 2017, one-bedroom condos in Toronto averaged approximately $380,000.

But, in January 2021, one-bedroom condo prices climbed to $590,000+. 

This is an unprecedented leap for any housing market and it’s not showing signs of slowing. 

Current Costs in the Most Popular Neighbourhoods

Each neighbourhood in Toronto has distinct characteristics that make it unique and desirable depending on your lifestyle. Things to consider:

• Access to city transit – Toronto has a growing subway system, updated streetcar system, and busses.
• Ethnic demographics – While Toronto is among the most diverse cities in the world, some neighbourhoods have a greater population of certain ethnicities, making these areas more desirable if you want to live in areas that are rich in certain cultures – various cultural restaurants, shopping experiences, and celebrations abound!
• Access to water – if you love taking your morning run along the water, some neighbourhoods make it simple to step out your front door and take in the stunning views of Lake Ontario.
• “Don’t move north of Bloor!” It’s a commonly heard tidbit for young singles living in Toronto as the neighbourhoods below Bloor Street tend to give better access to the city’s downtown core and nightlife.

Average Condo Price by Neighbourhood in Toronto

The current condo prices (primarily 1 and 2 bedroom condos) in the most popular neighbourhoods for singles, young professionals, and married couples without children:

Kensington Market – $684,000 + condo fees 

Kensington is beloved for its artsy scene, with many students taking residence in this eclectic neighbourhood. Full of life and energy, this its perfect for young singles who don’t mind a little noise and a lot of excitement (and tourists!).

Liberty Village – $715,000 + condo fees

Full of young professionals in their 30’s (and not very many kids), Liberty Village is great if you love the conveniences of the core but want to live with a bit more luxury than Old Toronto might offer you at your budget.

Corktown – $798,000 + condo fees

Many film studios in the neighbourhood make Corktown a popular spot for artists and filmmakers to hang their hats. Young professionals love the vibrant arts scene and chic lofts and studios in the area.

Distillery District – $679,000 + condo fees

If you’re a bit artsy or just love having great festivals and markets in your community, the Distillery is perfect for you. With a genuine community atmosphere, you’ll find all ages and demographics here and fit right in with the young professionals who flock to this neighbourhood.

Mimico – $896,000 + condo fees

Everyone in Mimico seems to share a sense of belonging – they love their community and take great care of it! With easy access to water, great summer markets, and maintained bike paths, Mimico is perfect for outdoorsy folks who care a little less about the nightlife of the core.

The Beaches – $826,000 + condo fees

Work-from-homers or those who don’t need to transit in and out too often will adore the beach-town vibes of The Beaches, an east side community along the lake. 

Trinity-Bellwoods – $950,000 + condo fees

The Williamsburg of Toronto, Trinity-Bellwoods is a hipster community with a Canadian flare – homey and eclectic with an air of mid-century charm. Plenty of boutique shopping and great restaurants allow you to immerse yourself in your own friendly neighbourhood.

Conclusion

Toronto is an amazing place to live, especially if you plan to spend the next 5 to 10 years in the city. Condo prices are soaring to all-time highs, so you should play the long game if you want to treat your property like a serious investment.

Moreover, you need to understand the different elements that increase the price of the property, especially in the most popular neighbourhoods. Having access to city transfer, natural attractions, and multi-cultural hotspots can all bump up the price of a condo, but also provide a much better living experience.

If you want to know more about the best neighbourhoods in Toronto or the average price of another type of property, get in touch with Justo and our team of real estate specialists will be glad to help.