New Condos in Toronto Investment Opportunities
If you invested in the condo market right before its sales boom in 2009, you would be looking at a development return of over 100%. The average one-bed condo in 2010 was selling for 280,000. Now, that same condo in 2020 would be selling for an average of 580,000.
1 year 7.36%
5 year 68.9%
10 year +104%
These prices are roughly the same 2 bedroom and 3 bedroom condo units. If you invested early in the development stage, you would’ve made a great sales return from pre-construction developments and condos in this location. Still, there are great development opportunities to invest in Toronto with pre-construction condos selling year-round.
Real Estate Growth — New Condos Toronto
Over the past 20 years, the desire to live in downtown Toronto has grown immensely. With that, the density of real estate and development projects in the market is growing. It was common to see world-class condos with selling prices of $300 per square foot in the early 2000s. These prices have ballooned with condos and development sales averaging at $1,000 per square foot. There are even some sales in the city with selling prices as much as $2,000 per square foot. The sale of condos and pre-construction property developments have also risen in this address.
Once considered a bit of a novelty in the Toronto real estate market, condo growth and development sales in the early 2000s was growing high. Growth and pre-construction sales were even stronger in the 2010s as of 2018 Toronto has added the selling of 110,000 condos – with many of the sales of Toronto condos being purchased by millennials, investors and new home buyers. Toronto’s developer desirability and access to opportunities, stemming from its strong economy, will continue to drive sales and the average selling price for the foreseeable future.