When it comes to resale condos, some of the city’s key downtown intersections are cornering the market with prices up to 23% higher than the citywide average!
Research shows two-bedroom condos at Bay & King sts., and Bay & Bloor sts. fetched some of the highest prices in Toronto between January and August 31 – averaging above $1.5 million.
Two-bedroom apartments in Yorkville sold for $1.3 million on average, but one-bedroom condos near that area were more expensive than the Bay St. intersections – costing around $755k, compared to $495 - $627k on Bay.
At busy traffic intersections, things can be up to 20% more valuable.
56% of condos in the downtown area were one-bedroom units, 30% were two-bedroom units, the remainder would be studios or larger apartments.
Hands-down, the resale value at these intersections will always be very good.
Condo prices appreciated 24.8% year over year in the first 8 months of 2017 compared to single-family homes that went up 19.8% during the same period.