According to a recent survey by Ipsos Reid conducted among 725 adults in Halifax, Montreal, Toronto, Calgary and Vancouver one of the main reasons in buying a Condo was ease of maintenance.
Future Toronto Condo buyers listed less maintenance (40 per cent) the main reason for buying a Condo, followed by a wish to downsize (19 per cent), locating downtown (16 per cent), affordability compared to buying a single family home (14 per cent) and a strong belief that buying their Condo was a good investment (9 Per Cent).
Toronto respondents (43 per cent) would consider buying a Condo as their primary residence compared to the five-city average of (39 per cent) up 4 per cent from last year.
Stick with me here as we will get to the good parts like the average Toronto Condo price and what buyers are choosing to buy.
Toronto buyers (57 per cent) were considering a two-bedroom suite priced between $200,000 and $400,000 while the five city average was 51 per cent. A recent study said that the average Toronto Condo price was $239,816, Calgary $262,456, Montreal $169,899 and Vancouver $289,344. The average price for all four of these cities is $240,378.
Public Transit was also a big draw in the respondents with 87 per cent saying it was important to them. The average of the five-city respondents was a close 80 per cent.
Again we are seeing buyers looking more to city living and the activity and amenities of the urban lifestyle. The lifestyles of Toronto Condo living are attracting the baby boomers,the young professionals, students and empty nesters.
On top of all the amenities these Condos have to offer both with their uptown. downtown, or even Harbourfront locations is the fact that people are moving into home ownership. The fact that low mortgage rates are affordable is helping even more buyers decide on buying a Condo. A lot of my clients tell me they do not want to commute any longer and prefer to put more time into their careers.
Here is a search of Toronto Real Estate Listings priced around $239000 in the downtown C01 area.
