If you’re looking for luxury, get off at Museum where condos in the vicinity average $1,029 per square foot; inventory is limited, but you’re close to the ROM, the funky Annex neighbourhood and Yorkville, says Carl Langschmidt, president of Condos.ca.
The data-based real estate brokerage has come up with a map illustrating the price per square foot of condos around TTC stations.
It shows that you can buy more for less around Yorkdale, where a square foot of space averages $375. That’s because the buildings tend to be a little older, he said.
The map provides the average cost of a square foot around subway stops from Jan. 1 to May 10 of this year. The average is based on a radius of about the halfway point from one subway station to the next on the line.
TTC stops average about 800 metres apart but the distance can be more than 1 km north of Spadina station toward Sheppard West, formerly known as Downsview station, and as close as 400 to 500 metres apart on the Danforth, said transit spokesman Brad Ross.
Price per square foot is the best measure of what you’re getting for your money, said Langschmidt.
“It’s not just about average price. Average price doesn’t take into account how the size of units have been (historically) trending downwards,” although there has been a slight rise in the average size of new units in the last year. “It gives you a more accurate sense of how prices are changing,” he said.
Langschmidt says the Danforth has been undervalued. It hasn’t attracted as much development as some other areas of Toronto but mid-rise condos are emerging.