Owning a condo in Toronto doesn’t make as much sense as you think

These units are just steps from the TTC and the TTC doesn’t even carry 25 STs. This is not a big deal.

I pulled some numbers from the Times Herald-Record’s countdown of the top single-family homes in Toronto this year and found these condos weren’t included.

Am I being snarky? Of course I am. But I think it’s important to remember that condos often have things you have to go in and look for in single-family homes that other people usually don’t even consider. Nothing wrong with looking at condos, but in this case it would be interesting to do the same calculations for similar condos in those neighborhoods. Some of them are wall-to-wall carpet.

Clearly the GTA had a record year for sales. I don’t think we’re in a bubble, but people can put too much weight on what is happening in our condo market. We have the question of where does supply go from here, and there is no easy answer.

And speaking of supply, or lack thereof, I’ve been talking with real estate agents here for the past few weeks. We’re all about the same, but you have to keep in mind there’s nothing like there was during the boom, just a few more sales today to go with overpriced deals for first-time buyers to hang onto. I may have been asleep at the wheel, but the market is slowing down as sellers become a little less willing to negotiate. Expect to hear much more buzz on this coming week.

So back to the chart. I got these numbers from the average sales price and basis price of a single-family home in each of the 12 monitored GTA areas tracked by the Toronto Real Estate Board. Because of their current proximity to one another, the market is split pretty evenly, with condos showing a median price of $519,000 to $532,000, and single-family homes showing a median price of $894,000 to $980,000. We can’t get the actual price because the condos are located in different sections of the GTA, so I pulled the average price and basis price figures.

Here’s the rest of the list.

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