Scott Hanton, Condo Expert for Buyers & Sellers

Buying a condo in Toronto can be an exciting yet daunting task, especially if you are a first-time buyer. 

There are a lot of steps involved, from finding the right property to securing financing and closing the deal. In this guide, we will break down the process into several steps and provide you with tips and advice to help you navigate the process successfully.

Step 1: Determine Your Budget with the Help of a Buyer Agent

The first step in the process of buying a condo in Toronto is to determine your budget. Before you start looking at properties, you need to have a clear idea of what you can afford. To determine your budget, you should take into account your current income, expenses, and savings. You should also consider your long-term financial goals and how owning a condo will fit into those goals. Working with a Toronto buyer agent who specializes in condo is the best first step. Also, a good buyer agent will be able to recommend various mortgage brokers and financing paths for you to take.

When calculating your budget, it is important to factor in all the costs associated with buying a condo. These costs include:

• Down payment: In Canada, a minimum down payment of 5% is required for properties under $500,000. For properties over $500,000, a down payment of 10% is required for the portion above $500,000.
• Closing costs: These include legal fees, land transfer taxes, and other expenses associated with closing the deal. Closing costs can range from 1.5% to 4% of the purchase price.
• Monthly expenses: These include mortgage payments, property taxes, condo fees, and utilities.

Once you have determined your budget, you can start looking for properties that fit within your price range.

Step 2: Find a Real Estate Agent who will become your Trusted Toronto Buyer Agent

The next step is to find a real estate agent who can help you navigate the Toronto condo market. A good buyer agent will have extensive knowledge of the local market and can provide you with valuable insights and advice. They can also help you find properties that meet your criteria, arrange showings, and negotiate on your behalf.

When choosing a real estate agent who specializes is helping first-time buyers purchase a condo in Toronto, it is important to find someone who has experience working with first-time buyers and who you feel comfortable working with. You can ask for referrals from friends and family or search for agents online.

Step 3: Start Your Property Search with the guidance of a Toronto Buyer Agent

Once you have determined your budget and found a real estate agent, it is time to start your property search. Your agent will provide you with listings that meet your criteria and schedule showings for you.

When looking at properties, it is important to consider factors such as location, size, amenities, and condition. You should also consider the resale value of the property and whether it fits within your long-term goals.

Step 4: Secure Financing

Once you have found a property that you like, the next step is to secure financing. This involves getting pre-approved for a mortgage from a lender.

To get pre-approved, you will need to provide the lender with information about your income, expenses, and credit history. The lender will then determine how much you can borrow and at what interest rate.

It is important to get pre-approved before making an offer on a property, as this will give you a clear idea of how much you can afford and will make your offer more attractive to the seller.

Step 5: Make an Offer with the Crucial Expertise of a Trusted Toronto Buyer Agent

Once you have secured financing, you can make an offer on the property. Your Toronto real estate buyer agent will help you prepare the offer, which will include the purchase price, closing date, and any conditions.

It is important to include conditions such as financing and home inspection in your offer, as this will protect you if any issues arise during the buying process.

Let's start with the addresses of the condo buildings:

1. 720 Spadina Ave, Toronto
2. 60 St Patrick St, Toronto
3. 33 Canniff St, Toronto
4. 66 Portland St, Toronto
5. 576 Front St W, Toronto
6. 1030 King St W, Toronto
7. 78 Tecumseth St, Toronto
8. 68 Abell St, Toronto
9. 150 Sudbury St, Toronto
10. 38 Iannuzzi St, Toronto
11. 80 Western Battery Rd, Toronto
12. 33 Harbour Sq, Toronto
13. 1001 Bay St, Toronto
14. 8 Charlotte St, Toronto
15. 270 Wellington St W, Toronto
16. 458 Richmond St W, Toronto
17. 455 Front St E, Toronto
18. 20 Joe Shuster Way, Toronto
19. 46 East Liberty St, Toronto
20. 44 St Joseph St, Toronto
21. 461 Adelaide St W, Toronto
22. 150 East Liberty St, Toronto
23. 801 King St, Toronto
24. 25 Oxley St, Toronto
25. 219 Fort York Blvd, Toronto
26. 70 Temperance St, Toronto
27. 87 Peter St, Toronto
28. 19 Bathurst St, Toronto
29. 85 Queens Wharf Rd, Toronto
30. 19 Grand Trunk Cres, Toronto
31. 19 Western Battery Rd, Toronto
32. 1369 Bloor St W, Toronto
33. 375 King St W, Toronto
34. 30 Ordnance St, Toronto
35. 205 Manning Ave, Toronto
36. 290 Adelaide St W, Toronto
37. 99 Cameron St, Toronto
38. 55 East Liberty St, Toronto
39. 11 Charlotte St, Toronto
40. 1171 Queen St W, Toronto
41. 25 Lower Simcoe St, Toronto
42. 105 Mccaul St, Toronto
43. 208 Niagara St, Toronto
44. 1000 King St, Toronto
45. 705 King St W, Toronto
46. 36 Lisgar Lph09E St, Toronto
47. 15 Fort York Blvd, Toronto
48. 501 Adelaide St W, Toronto
49. 38 Joe Shuster Way, Toronto
50. 21 Grand Magazine St, Toronto
51. 35 Mariner Terr, Toronto
52. 51 East Liberty St, Toronto
53. 373 Front St W, Toronto
54. 5 St Joseph St, Toronto
55. 600 Fleet St, Toronto
56. 75 Queens Wharf Rd, Toronto
57. 761 Bay St, Toronto
58. 260 Queens Quay W, Toronto
59. 111 Elizabeth St, Toronto
60. 38 Grand Magazine St, Toronto
61. 426 University Ave, Toronto
62. 308 Palmerston Ave, Toronto
63. 38 Cameron St E, Toronto
64. 21 Widmer St, Toronto
65. 550 Queens Quay W, Toronto
66. 49 East Liberty St, Toronto
67. 15 Brunel Crt, Toronto
68. 10 Capreol Crt, Toronto
69. 80 Western Battery Rd, Toronto

Toronto's condo market is one of the most active real estate markets in Canada. Here is a list of 108 recently sold condos in Toronto as of March 2023.

The prices of the units sold in this list range from $339,000 to $799,000. 720 Spadina Ave had the lowest price of $339,000, and 330 Richmond St W had the highest price of $799,000.

The condos are located in various buildings around the city, including 60 St Patrick St, 33 Canniff St, 66 Portland St, 576 Front St W, 1030 King St W, and 78 Tecumseth St, to name a few.

There are many 1-bedroom, 1-bathroom units on this list, which is typical of Toronto's condo market. However, there are also some 2-bedroom and 2-bathroom units available.

Some of the condos on the list include 38 Iannuzzi St, 80 Western Battery Rd, 75 Queens Wharf Rd, 550 Queens Quay W, and 15 Fort York Blvd. Each of these condos sold for over $600,000.

Some notable sales include 290 Adelaide St W, which sold for $599,900, and 501 Adelaide St W, which sold for the same price. Another notable sale is 8 Charlotte St, which sold for $509,900.

Overall, the Toronto condo market remains strong, with many units selling at or above their listing price.

It may seem counterintuitive, but larger condos in Toronto often cost less per square foot than smaller condos. This phenomenon can be observed in real estate markets around the world, from New York City to Tokyo to Toronto. In this essay, we will explore the reasons why larger condos tend to cost less per square foot than smaller condos in Toronto, including economies of scale, market demand, and the role of amenities.

Economies of Scale:

One of the primary reasons why larger condos in Toronto cost less per square foot than smaller condos is economies of scale. Simply put, it is cheaper to build larger units than it is to build smaller units. This is because larger units can be more efficiently designed and built, with fewer walls and shared spaces. For example, a 1,000 square foot unit might require two bedrooms and two bathrooms, while a 1,500 square foot unit could accommodate three bedrooms and two bathrooms without significantly increasing the cost of construction in Toronto.

Another factor that contributes to economies of scale is the cost of land. In  real estate markets like Toronto, land is a scarce and expensive resource. By building larger units on the same plot of land, developers can maximize their use of this resource and reduce the cost per unit. This can make larger Toronto condos more affordable for buyers, even though they have more square footage.

Market Demand:

Another factor that can influence the cost per square foot of condos is market demand. In many real estate markets, there is high demand for larger units, particularly among families or buyers who are looking for more space. As a result, developers may be willing to offer larger units at a lower cost per square foot in order to attract buyers and sell their inventory quickly.

Conversely, smaller Toronto condo units may be in lower demand, particularly if they are located in areas with a high concentration of young professionals or couples without children. In these markets, buyers may be more focused on location and amenities than square footage. As a result, Toronto developers may charge a higher price per square foot for smaller units in order to offset the cost of providing desirable amenities, such as a fitness centre or rooftop pool.

Role of Amenities:

The role of amenities can also influence the cost per square foot of Toronto condos. In many cases, larger units are more likely to offer a range of amenities than smaller units. This is because larger units can accommodate more shared spaces, such as a community room or outdoor patio, without sacrificing the living space of individual units.

Additionally, larger Toronto condo units may be more likely to offer desirable features, such as a private balcony or in-unit laundry, which can help offset the cost per square foot. Conversely, smaller units may need to rely on shared amenities, such as a laundry room or rooftop deck, in order to provide desirable features for residents.

Another factor to consider is the cost of maintaining amenities. In many cases, larger units may require more maintenance than smaller units, particularly if they have more shared spaces or amenities. This can increase the cost of maintaining the property and may lead developers to charge a lower price per square foot for larger Toronto condo units.

Larger Toronto  condos often cost less per square foot than smaller condos due to a combination of factors, including economies of scale, market demand, and the role of amenities. While these factors can vary depending on the real estate market and individual properties, buyers should consider these factors when evaluating different condo options. Ultimately, the decision to purchase a larger or smaller condo will depend on a range of factors, including personal preferences, lifestyle, and budget, and ensuring you are working with the best real estate agent to advise you and guide you on your condominium purchase or sale.

The Yonge and Church Corridor in Toronto is a highly sought-after real estate zone for those looking for condos. This area is located in the heart of downtown Toronto and offers residents easy access to shopping, dining, entertainment, and transit. With such high demand, it's not uncommon for bidding wars to occur when condos are put up for sale in this area. In this article, we'll explore the experience for buyers and sellers during these bidding wars.

For Toronto Sellers and Toronto Condo Listing Agents

As a seller in the Yonge and Church Corridor, a bidding war is a great opportunity to get the best price for your condo. When multiple Toronto condo buyers are interested in your property, you'll have the advantage of setting a higher asking price and letting the buyers compete for the property. However, it's important to be prepared for the process of managing the bidding war over Toronto condos.

One of the first steps a Toronto condo seller can take is to set a deadline for offers. This will create a sense of urgency among potential buyers and encourage them to make their best offer before the deadline. It's also important to be transparent about the process and to communicate with all interested parties. This means providing clear instructions on how to submit an offer and keeping everyone updated on the progress of the bidding war.

When the offers start coming in, it's important to carefully review each one and consider factors beyond just the price. Some first-time Toronto condo buyers may offer a higher price, but may also have more conditions or a longer closing date, which may not be ideal for the seller. It's important to weigh all of the factors and make a decision that's best for your situation.

For Toronto Condo Buyers

For Toronto Condo buyers in the Yonge and Church Corridor, a bidding war can be a stressful and competitive experience. With so much demand for condos in this area, it can be difficult to secure a property without facing a bidding war. However, there are steps that buyers can take to increase their chances of success.

One of the first steps is to work with a knowledgeable real estate agent who is familiar with the area and can help guide you through the process. They can also help you prepare your offer and negotiate on your behalf.

When submitting an offer, it's important to make your best offer upfront. This means offering a price that you're comfortable with and not holding back in hopes of being able to negotiate later. It's also important to be flexible with the closing date and other conditions to make your offer more appealing to the seller.

During the Toronto condo bidding war, it's important to stay calm and not get caught up in the competition. It can be easy to get emotional and want to keep increasing your offer, but it's important to stick to your budget and not overextend yourself financially. It's also important to have a backup plan in case you don't win the bidding war.

Bidding wars for condos in Toronto's Yonge and Church Corridor real estate zone can be a stressful and competitive experience for both buyers and sellers. However, with the right preparation and approach, it's possible to navigate the process successfully. For sellers, setting a deadline for offers, being transparent, and carefully considering all factors can help them get the best price for their property. For buyers, working with a knowledgeable agent, making a strong initial offer, staying calm, and having a backup plan can increase their chances of success. Ultimately, both Toronto condo buyers and their buyer agent, and sellers, along with their Toronto listing agent, need to be prepared for the process of bidding wars and willing to make informed decisions that are best for their situation.

The Scarborough neighbourhood in Toronto has seen significant growth in the condominium market over the past few years. The area is home to a diverse population and offers a range of amenities and transportation options. In this essay, we will discuss the emergence of condominiums in Toronto's Scarborough neighbourhood.

Population and Demographics

Scarborough is a large and diverse neighbourhood in Toronto, with a population of approximately 625,000 people. The area is home to a significant immigrant population, with over half of its residents being born outside of Canada. Scarborough is also home to a significant number of young families, with a median age of 39.

Amenities and Transportation

Scarborough offers a range of amenities and transportation options that make it an attractive location for condo development. The neighbourhood is home to several shopping centres, including the Scarborough Town Centre, which is one of the largest malls in Toronto. There are also numerous parks and recreational facilities in the area, including the Scarborough Bluffs, which offer stunning views of Lake Ontario.

Scarborough is also well-served by public transportation, with several subway stations, bus routes, and GO Transit train stations in the area. The Scarborough RT line connects the neighbourhood to the rest of the city, making it easy for residents to commute to downtown Toronto and other parts of the Greater Toronto Area.

Condominium Development

Condominium development in Scarborough has increased significantly over the past few years, as developers have recognized the area's potential for growth and investment. The majority of condominiums in Scarborough are mid-rise or high-rise buildings, with many new developments being built near transit hubs and major intersections.

One example of a major condominium development in Scarborough is the Agincourt Mall redevelopment. The mall, which was built in the 1970s, is being transformed into a mixed-use development that will include residential, commercial, and community space. The development will include several condominium buildings, with a total of over 3,000 units.

Another major condominium development in Scarborough is the Guildwood Condos. The development is located near the Guildwood GO Transit station and will include three mid-rise buildings with a total of over 500 units. The development will also include ground-level retail space and a public park.

Benefits of Condominiums in Scarborough

Condominiums offer several benefits to residents in Scarborough, including:

1. Affordable Housing - Condominiums are often more affordable than single-family homes in Scarborough, making them an attractive option for first-time homebuyers or those looking to downsize.
2. Low-Maintenance Living - Condominiums offer a low-maintenance lifestyle, as many of the exterior maintenance tasks, such as snow removal and landscaping, are taken care of by the condo association.
3. Amenities - Condominiums often offer a range of amenities, such as fitness centres, pools, and community spaces, that are available to residents.
4. Location - Condominiums are often located in convenient locations close to public transportation, shopping, and dining options, making them ideal for those who want to be close to the action.

Challenges of Condominiums in Scarborough

While condominiums offer many benefits, they also come with some challenges. Some of these challenges include:

1. Limited Space - Condominiums often have limited space, which can be a challenge for families or those who need extra storage.
2. Noise - Living in a condominium building can be noisy, as neighbours are often in close proximity to one another.
3. Maintenance Fees - Condominiums often require residents to pay monthly maintenance fees, which can add to the overall cost of homeownership.
4. Lack of Privacy - Condominiums often lack privacy, as neighbours are often in close proximity to one another and share common areas.

Condominiums have become a crucial aspect of the Toronto real estate market in recent years. They are an essential housing option for many people living and working in the city, and they play a significant role in the overall housing market.

The rise of condominiums in Toronto can be traced back to the early 2000s, when the city began to experience a significant population growth. The demand for housing in the city skyrocketed, and condominiums became a popular choice for both buyers and developers.

Today, condominiums make up a significant portion of the Toronto real estate market. According to the Toronto Real Estate Board, condominiums accounted for over 40% of all home sales in the Greater Toronto Area in 2020. This trend is expected to continue as more people choose to live and work in the city.

One of the reasons that condominiums have become so popular in Toronto is their affordability. As the cost of single-family homes continues to rise, condominiums provide a more affordable option for those who want to own property in the city. Condominiums are often priced lower than single-family homes, making them more accessible to a wider range of buyers.

Another factor that has contributed to the popularity of condominiums is their location. Many condominium developments are located in the heart of the city, close to employment, entertainment, and cultural amenities. This makes them an attractive option for people who want to live in the city and enjoy everything that it has to offer.

In addition to their location and affordability, condominiums also offer a low-maintenance lifestyle. Many condominium developments provide amenities such as fitness centers, swimming pools, and concierge services that make life easier for residents. This appeals to busy professionals and people who want to enjoy a more relaxed lifestyle.

Condominiums also offer a sense of community that is often lacking in other types of housing. Many condominium developments have common spaces, such as rooftop gardens or shared outdoor areas, that encourage social interaction and community building. This can be particularly appealing to people who are new to the city and want to build connections with others.

From a developer's perspective, condominiums offer several advantages. They require less land than single-family homes, which makes them easier and less expensive to build. They also offer a high return on investment, as demand for condominiums in the city remains strong.

Overall, condominiums have become a crucial aspect of the Toronto real estate market. They offer an affordable and attractive housing option for people living and working in the city, and they provide a range of benefits to both buyers and developers. As Toronto continues to grow and evolve, condominiums will remain an essential part of the city's housing landscape.

Popular condo buildings in Toronto, along with their asking prices for 2 bedroom units:

• 55 Centre Ave - $598,000.00
• 1055 Bay St - $680,000.00
• 24 Wellesley St W - $699,000.00
• 55 Centre Ave - $699,900.00
• 70 Temperance St - $729,000.00
• 633 Bay St - $768,800.00
• 633 Bay St - $789,900.00
• 55 Centre Ave - $798,000.00
• 1055 Bay St - $799,000.00
• 25 Grenville St - $799,000.00
• 1055 Bay St - $799,900.00
• 15 Grenville St - $799,900.00
• 44 St. Joseph St - $799,900.00
• 750 Bay St - $809,000.00
• 633 Bay St - $829,000.00
• 633 Bay St - $839,000.00
• 7 Grenville St - $839,000.00
• 801 Bay St - $839,900.00
• 44 Gerrard St W - $845,000.00
• 24 Wellesley St W - $849,900.00
• 801 Bay St - $859,000.00
• 750 Bay St - $869,000.00
• 717 Bay St - $869,000.00
• 38 Grenville St - $869,900.00
• 832 Bay St - $875,000.00
• 750 Bay St - $878,000.00
• 770 Bay St - $879,000.00
• 832 Bay St - $888,000.00
• 750 Bay St - $888,000.00
• 386 Yonge St - $890,000.00
• 38 Grenville St - $890,000.00
• 889 Bay St - $899,000.00
• 35 Balmuto St - $899,000.00
• 38 Grenville St - $899,000.00
• 832 Bay St - $899,900.00
• 35 Balmuto St - $899,900.00
• 1001 Bay St - $899,900.00
• 763 Bay St - $900,000.00
• 44 Gerrard St W - $921,900.00
• 955 Bay St - $928,800.00
• 44 St. Joseph St - $939,900.00
• 38 Grenville St - $950,000.00
• 37 Grosvenor St - $950,000.00
• 70 Temperance St - $950,000.00
• 38 Grenville St - $950,900.00
• 22 Wellesley St - $959,000.00
• 1121 Bay St - $965,000.00

30 Hayden Street, 35 Hayden Street, 99 Hayden Street, and 100 Hayden Street are all condominium buildings located in the heart of Toronto. Each building offers its own unique features and amenities, making it important for real estate buyers to carefully consider their options before making a purchase.

30 Hayden Street

30 Hayden Street is a luxury condominium development located in the Bloor-Yorkville neighborhood of Toronto. The building features a range of luxurious units, including penthouse suites that offer stunning views of the city. The building is located just steps away from high-end shopping, dining, and entertainment options, making it an ideal location for those looking for a luxurious urban lifestyle.

One of the standout features of 30 Hayden Street is its rooftop terrace, which offers stunning views of the city skyline. The building also features a fitness center, party room, and 24-hour concierge service. The units themselves feature high-end finishes and appliances, including marble countertops and stainless steel appliances.

35 Hayden Street

35 Hayden Street is a mid-range condominium building located in the Bloor-Yorkville neighborhood of Toronto. The building features spacious units and a range of amenities, including a rooftop terrace, fitness center, and 24-hour concierge service. The building is located just steps away from the Yorkville neighborhood, which offers a wide range of shopping, dining, and entertainment options.

One of the standout features of 35 Hayden Street is its location. The building is located just a short distance from both the Bloor-Yonge subway station and the Rosedale subway station, making it an ideal location for commuters. The building also features a party room, library, and 24-hour security.

99 Hayden Street

99 Hayden Street is a mid-range condominium building located in the Church and Wellesley neighborhood of Toronto. The building features a range of affordable units that are perfect for first-time buyers or those looking for a smaller space. The building is located just steps away from the Wellesley subway station, making it an ideal location for commuters.

One of the standout features of 99 Hayden Street is its affordability. The building offers units at a lower price point than many of the other condominiums in the area, making it an attractive option for those on a tight budget. The building also features a fitness center and party room.

100 Hayden Street

100 Hayden Street is a luxury condominium development located in the Bloor-Yorkville neighborhood of Toronto. The building features a range of luxurious units, including penthouse suites that offer stunning views of the city. The building is located just steps away from high-end shopping, dining, and entertainment options, making it an ideal location for those looking for a luxurious urban lifestyle.

One of the standout features of 100 Hayden Street is its location. The building is located just a short distance from the Bloor-Yonge subway station, making it an ideal location for commuters. The building also features a fitness center, party room, and 24-hour concierge service.

Comparison

When comparing these four condominium buildings, there are a few key factors that real estate buyers should consider:

Location: All four buildings are located in the heart of Toronto, but their specific neighborhoods vary. 30 Hayden Street and 100 Hayden Street are located in the Bloor-Yorkville neighborhood, which is known for its high-end shopping and dining options. 35 Hayden Street is also located in the Bloor-Yorkville neighborhood, but is closer to the Yorkville neighborhood. 99 Hayden Street is located in the Church and Wellesley neighborhood, which is known for its vibrant LGBTQ+ community.