Eug
Senior Member
Happy Page 200!!! 
A decent 2 bedroom place that was over 1000 sq. feet went north of Front and East of Bathurst was listed for the low $400s a while back. (Or do you consider East of Bathurst but West of Spadina outside of downtown?) I suppose it could have gone for say $50000 over listing, but even then that's much less than $500 per square foot.
I consider the $723 per square foot cost to represent luxury condo prices, not mainstream condo pricing. $723 per square foot represents almost a 50% premium (!) over what I personally would spend downtown.
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Let's do some calculations of my townhouse that I sold in 2007 H2. This 2 bed 1 bath unit with 200 sq. ft. private rooftop patio and outdoor natural gas line, as well as attached 1-car parking was $380000.
IIRC, $380000 was the highest priced sale for such a unit until then. In fact that $380000 was well over my asking price. A similar unit had gone for $360000 (mirror image) just a couple months prior. The main difference was mine had engineered hardwood in the living room, and mine had a gas stove.
According to Teranet, the Toronto index was 111.27 back then. In Dec. 2010 it was 124.43, an increase of just under 12%.
That would make that unit worth $380000 x 1.118 = $425000.
The unit was 1040 square feet, not including garage or patio. That makes it $409 per square foot as of the end of Dec. 2010.
So, let's be generous and add another 10% on top of that, for hand-waving internetness and because we don't have the numbers for Jan. - March yet from Teranet. That still only brings it up to $450 per square foot, which seems like it's in the right ballpark, if not a bit high.
$723/450 represents a 60% premium. Basically, if you think $723 is the going rate, either you're looking in the wrong places or else you have got very specific requirements in terms of downtown location, and have a taste for much higher end amenities and finishes.
Well, you can get close at least for a 2-bedroom unit. Just don't expect to get a new build or a swimming pool or a 24/7 concierge or granite countertops, etc.
A decent 2 bedroom place that was over 1000 sq. feet went north of Front and East of Bathurst was listed for the low $400s a while back. (Or do you consider East of Bathurst but West of Spadina outside of downtown?) I suppose it could have gone for say $50000 over listing, but even then that's much less than $500 per square foot.
I consider the $723 per square foot cost to represent luxury condo prices, not mainstream condo pricing. $723 per square foot represents almost a 50% premium (!) over what I personally would spend downtown.
---
Let's do some calculations of my townhouse that I sold in 2007 H2. This 2 bed 1 bath unit with 200 sq. ft. private rooftop patio and outdoor natural gas line, as well as attached 1-car parking was $380000.
IIRC, $380000 was the highest priced sale for such a unit until then. In fact that $380000 was well over my asking price. A similar unit had gone for $360000 (mirror image) just a couple months prior. The main difference was mine had engineered hardwood in the living room, and mine had a gas stove.
According to Teranet, the Toronto index was 111.27 back then. In Dec. 2010 it was 124.43, an increase of just under 12%.
That would make that unit worth $380000 x 1.118 = $425000.
The unit was 1040 square feet, not including garage or patio. That makes it $409 per square foot as of the end of Dec. 2010.
So, let's be generous and add another 10% on top of that, for hand-waving internetness and because we don't have the numbers for Jan. - March yet from Teranet. That still only brings it up to $450 per square foot, which seems like it's in the right ballpark, if not a bit high.
$723/450 represents a 60% premium. Basically, if you think $723 is the going rate, either you're looking in the wrong places or else you have got very specific requirements in terms of downtown location, and have a taste for much higher end amenities and finishes.
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