New Condos for Sale in Toronto

Toronto’s Real Estate Market Overview

The Toronto real estate market is a mixed bag with sales, inventory and buyer preferences in flux.

Recent numbers show a 3.3% annual decline in condo sales but expect prices to rise by 2025 as inventory gets absorbed. In December 2024 the sales to new listings ratio in the GTA was 72% and new condo developments saw a 60% drop in new listings from the previous month.

Days on market increased from 49 to 56 year over year, the market is in a stabilization phase.

The average condo price in December 2024 was down 0.1% to $681,855 and the GTA benchmark price was up to $1,061,900. Understanding these numbers is key for buyers and investors to make informed decisions in the Toronto condo market.

Toronto has seen a lot of condo developments because of the city’s growth and urbanization. These projects are for all kinds of buyers, from young professionals to growing families.

Many of the latest pre-construction condos have modern designs, high end finishes and eco friendly construction.

With more new Toronto condos coming into the market, buyers have more options. These projects are located in prime areas and are designed to meet the needs of modern urban living.

Why Invest in Pre-Construction Condos in Toronto

The pre-construction condo market in Toronto is hot and it’s because of the city’s strong economy, location and iconic skyline. Pre-construction condo investments are on the rise and properties on Yonge Street and other key areas are setting the bar for luxury living.

The demand for Toronto pre-construction condos is also driven by the city’s amenities and transit developments like the expansion of the world’s largest underground pedestrian walkway, the PATH.

For investors, new condos Toronto allow you to buy at a lower price point during the pre-construction stage and potentially make big returns when the project is completed.

For homebuyers, it’s the chance to customize their dream condo during the design phase so the space fits their needs and lifestyle.

Toronto is one of the most affordable cities in North America so it’s a great place for investors and residents. As the prime real estate market grows, new and coming soon new developments offer great opportunities for rental income or equity.

What’s the Average Condo Price in Toronto?

In the Toronto real estate market, understanding the average condo price is key for buyers and investors. The average price for a condo ranges from $400,000 to $2 million depending on location, size and amenities.

New pre-construction condos in Toronto are priced from $1,200 to $1,500 per square foot and expect a 1% price drop by the end of 2025.

Don’t forget to factor in additional costs like land transfer tax and monthly maintenance fees when buying. Buyers should consult a trusted realtor to guide them through the condo market and help them achieve their financial goals.

Despite market ups and downs, there are still great opportunities especially for first time buyers looking to get a foothold in the Toronto real estate market. The city’s neighborhoods like King Toronto Condos offer premium options that combines modern design with urban convenience.

Accessibility/Getting Around

Toronto is one of the most connected cities in North America.

The city has an extensive public transportation system including the Toronto Transit Commission (TTC), GO Transit and the newly expanded Union-Pearson Express for airport access.

The PATH system, the world’s largest underground pedestrian walkway, spans over 30 kilometers and connects residents to shopping centers, offices and transit hubs so you can get around even in harsh weather.

For drivers, major highways like the Gardiner Expressway, Don Valley Parkway and Highway 401 provide easy access across the Greater Toronto Area.

Toronto is investing in more transit projects like the Eglinton Crosstown LRT and SmartTrack so future residents of pre-construction condos will have better connectivity.

Popular Neighborhoods in Toronto

When choosing a neighborhood for your Toronto condo here are some to consider:

• Downtown Toronto: The downtown core is everything, easy access to public transportation, many restaurants and endless options. Living in downtown Toronto means you’re in the heart of the city’s culture and nightlife, perfect for young professionals and those who love urban living.
• King West Village: Trendy, upscale condos, boutique shops and nightlife. For those who love modern chic and many options at their doorstep.
• Yorkville: Home to some of Toronto’s most luxurious condos, Yorkville has high end shopping, fine dining and glamour. For those who want a prestige address and a taste of the high life.
• The Waterfront: Lake views of Lake Ontario, the waterfront is a favorite among those who want a view. This area combines the calm of lakeside living with urban convenience, for many types of buyers.
• North York: Family oriented neighborhood with many parks and green spaces, perfect for families. Suburban feel but close to the city’s amenities, the best of both worlds.

FAQs

1. What Is My Land Transfer Tax in Toronto?

When buying a property in Toronto, don’t forget to factor in the land transfer tax (LTT), it’s calculated on the purchase price. Rates are 0.5% up to $55,000, 1% up to $250,000, 1.5% up to $400,000 and 2% above that. Toronto adds a similar municipal tax. First time buyers may get a rebate up to $4,475. Consult a professional for exact details.

2. What’s the Minimum Down Payment for a Condo?

In Toronto the minimum down payment for a condo is 5% for properties up to $500,000, 10% for the portion above $500,000 up to $999,999 and 20% for properties above $1 million. Credit history and lender policies may vary these amounts. First time buyers may have special programs.

3. Why Invest in Transit Connected Pre-Construction Condos?

Accessibility is everything in Toronto and investing in pre-construction homes near transit is the smart move. Transit oriented developments in Toronto combine residential, commercial and retail spaces with transit stations to improve access and increase property values. With new LRT lines, bike lanes and pedestrian friendly streetscapes, property values in these areas will go up, so transit oriented developments are a good investment.