If you’re in the market to purchase a condo you may be asking how much does a one bedroom condo for sale cost in Toronto?
The average one bedroom condo in Toronto costs around $750,000. That will typically get you a 600 to 700 square foot condo with parking and a locker.
In addition to the average purchase price for a condo in Toronto, buyers will also need to pay a monthly maintenance fee that is typically comprised of major utilities like water and heat and common area expenses to maintain the building and grounds in general.
Condos apartments in the Greater Toronto Area (GTA) continue to be a popular option for buyers for a few key reasons.
In spite of the average $750,000 price, First-time condo buyers see condos as an affordable entry point into homeownership where they can build equity and then sell and upgrade to a larger more expensive Toronto property like a house or townhome down the road.
Investors also love the condo market to generate income through property rentals like 1 bedroom units while building equity as well.
Lastly, as the GTA population continues to grow at record levels over the next few years, the condo market in Toronto will still be an important source of housing, both for people looking to purchase a home and also those looking to rent.
Have more questions about buying and selling in Toronto? Contact me now for helpful answers and advice.