How to compare condo prices in the same neighbourhood
It seems like just about every Toronto neighbourhood is getting their own set of vertical towers as condo developers compete to build the best condominiums in the least amount of time.
In February 2018, Toronto had the most construction cranes in North America. The city had a total of 88 in operation, according to construction consultancy Rider Levett Bucknall’s Crane Index report, beating runner-up Seattle’s 55 cranes by a landslide.
In short, Toronto is rising rapidly at a rate higher than any city on the continent.
If you’re in the market for a pre-construction or resale condo in the city, how on earth can you decide once you’ve narrowed down your options to your neighbourhood of choice? How can you navigate all of the sales pitches and land on the proper building to fit the needs of you and your family?
In this post, we hope to guide anyone on the fence between buildings in any one of Toronto’s condo-heavy neighbourhoods. Some condo-dense Toronto neighbourhoods include downtown’s Liberty Village and City Place locales.
The location is the first step
Let’s say you’ve decided on Toronto’s Waterfront neighbourhood for your next dwelling or investment destination. It’s a growing community with a handful of condominium developments, both pre-construction and resale.
On Queens Quay West specifically, you can choose from a handful of condos that stretch along the lake from Bathurst on the western edge all the way to Lower Sherbourne on the east.
Pick your priorities
Picking the neighbourhood is the easy part; next you have to prioritize the amenities. Based on your lifestyle, do you need a condo building close to transit to get to work, or would you prefer something a bit away from the beaten path to enjoy your retirement?
Are there nearby schools and greenspaces to take care of the kids? Would you prefer an indoor gym or pool, or would you rather your condo fees go elsewhere? Do you need a pet-friendly building or the opposite?
Each condo made is bound to be different based on the developer. Each one seeks to execute their own visions of the perfect building, and keep it up to par with the other buildings they've made around the world. There will be different balcony sizes, different amenities, different views of the city, and overall, a different atmosphere and clientele.
Similarly, each building you’re deciding between will have different access points to the surrounding city. If you've decided on a neighbourhood but are still having trouble picking a building, do a little research on the building's amenities on tap. Make a list of things you must have and things you can live without, and see which developer is offering you exactly what you're looking for.
The price of your unit will be based on a range of factors, but most immediately: size of unit, location in the building, building demand, plus maintenance fees.
Next, your condo price will reflect how central and accessible its location is in the city. Condos in the suburbs will logically cost less than one on King Street West, and you should choose your unit while considering commute times and if you need to commute anywhere at all.
Take some time
By making comparisons between city accessibility, amenities required and lifestyle priorities, you will start to see certain condominium buildings stand out as clear winners for you and your family in any one of Toronto’s vertical neighbourhoods.