What a Condo in downtown Toronto? Open your Bank Account.

Theatre Park - Condo in Front
Roy Thomson Hall Toronto

Talk about price shock. Condo Prices continue to rise in downtown Toronto. The average price for a condo in the downtown core now sits at an average of $380,000 dollars. Although that is the average price you can get far better bang for your buck at pre-construction pricing on new developments. Or you could end up paying far more for larger condos in more exclusive developments or those condos in premier areas such as the Harbourfront or Yorkville. 

The most expensive condo ever sold was recorded at the height of the condo boom, when the top floor condo at the Four Seasons Hotel and Residence sold for some $30 million dollars.

In addition to the high prices the supply of Condos in the downtown core is also been restricted by developers pulling back product due to the downturn in sales over the past few years as condo sales cooled and everyone watched what federal and local authorities would do to cool the rising condo market sales, construction and prices. 

Condo prices in Toronto have been rising at an average of about 2% over the past two years despite the slowdown in sales and the related developer pullback of product.  Although the Bank of Montreal and Genworth Canada Financial have both predicted that the Toronto condo market will cool further, price appreciation is still expected.