Price oer square foot

[april_baby]

Hi,

Just curious if anyone knows what is the average price per square feet of new condos nowadays.

Thanks!

 

[cdr108]

pre-construction prices range from $450-$500 psf, some more for prime locations.

 

[terrafirma]

pre-construction prices range from $450-$500 psf, some more for prime locations.

Forgive me but I find this response misleading to the OP's question. Here is the correct answer:

(May 2008)
The average new condominium index price for the greater Toronto area in the first quarter, defined by price per square foot, enjoyed its 13th consecutive quarterly increase, up 11.4% in the first quarter, compared with the same time frame last year ($388 per square foot versus $348 per square foot). Resale unit pricing was up 8.3% from last year.

(http://urbanation.ca/HTML/news/May24B_2008.htm)

$388 per square foot is a far cry from $450-$500. Furthermore, that was May 2008, the widely accepted market peak.

I hope the forum finds utility in my response.

 

[simuls]

It really depends on where you're looking and in the same way that the "average" sale price of a condo or house is misleading (you should look at the median for a more accurate view - and take into account that real estate is neighbourhood oriented and not even city, regional, or countrywide) so is the average per square foot.

For example, the price per square foot of new mid-range condos in King West/Liberty village is between $450-$650 per square foot. My 3 year old condo would command about $450/foot right now, down from $500 at the market peak in Jan 2008. If you want to look at higher end projects from Shangri-La to Ritz Carlton to even the Bell Lightbox then you're starting at $800/foot. New condo prices haven't budged one iota and probably won't.

If you're to go out to Scarborough or Etobicoke and look at condo prices, then you'd be looking at a $200-$300/foot range. Hence the average of $388. It's a meaningless number. Just do your research in the area you're interested in, visit all the sales centres and remember that everything - including price - is negotiable, even in new condo sales.

 

[cdr108]

Here's an older article with figures from the Globe and Mail but it gives you the general idea.

 

[fieras]

Them's places on Dixon Rd goin for $45 per sq foot cuz

 

[UserNameToronto]

Not sure if I agree totally with the postings to date. Corktown District is near the borders of downtown and newbuilds are going for ~$360-400/sqft ($309K for 800sqft 1b).

Although the original poster asked about newbuilds, some 80s-vintage units around St. Lawrence market clock in around $300/sqft.

 

[kennyx]

Like Simuls mentioned... it depends on area.

Yonge&Eglinton is probably still demanding $450-500, and the projects around Yonge&Bloor are around the $500+ range. And the closer you get the Yorkville, -well I'd say it's well over the $550-600 range still (conservative estimate)

 

[BobBob]

It also depends on the building. You could have places in one building selling for $300psf and across the street for $600, depending on all sorts of factors.

Important to compare apples to applies, taking location and other factors into account.