It’s no secret anymore that Toronto condos have been steadily dropping in value since February.
In early 2022, buyers were spending an average of 10% over the asking price, reports real estate website Strata.ca.
Now, the roles have reversed, with buyers paying an average of 2% under asking.
“Many sellers, now understanding that the market has shifted, are more willing to negotiate,” says Strata.
Recent Posts
These Toronto coffee shops have been ranked among the top in Canada
The day of Queen Elizabeth II’s funeral will be a federal holiday in Canada
View this post on Instagram
All of this means that there are now condos for sale in the downtown core for prices you wouldn’t have seen six months ago — like these gorgeous homes under $500K, for example.
And if you’re a savvy homebuyer, you can save even more by looking in neighbourhoods with the best value for your dollar.
According to Strata.ca data shared with Curiocity, these neighbourhoods have the lowest prices on average per square foot, meaning that you can get more for less.
View this post on Instagram
Below are Toronto’s neighbourhoods with the best value, and the average price per square foot in each area.
Cabbagetown: $807 psf
See condos for sale in Cabbagetown here
Chinatown – $940 psf
See condos for sale in Chinatown here
Corktown – $991 psf
See condos for sale in Corktown here
St. Lawrence – $1,023 psf
See condos for sale in St. Lawrence here
Regent Park – $1,033 psf
See condos for sale in Regent Park here
According to Strata, the average price per square foot in Toronto was $1,094 in August. So if you know where to look, you could be spending well below average on your next home.
