Home Versus Condo Price Comparisons

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One thing is for sure, and that is condos for sale in Toronto are one of the most popular options for people looking for downtown Toronto real estate. They are located conveniently, offer many amenities, and of course are a going trend when it comes to city living. Condo developers use a number of different strategies to sell their units, one of which has always been a comparison to the average price of a single family, stand alone house in the same area. But, is the price comparison really that favourable?

Back when condos first started to be seen, they certainly were more affordable than traditional houses in the same location. Forget about Maple Ontario Homes for Sale, just the average sized family home was often well beyond the average family's budget. So moving into a condo made a lot of financial sense for single people, couples with no or just one child, and people whose kids no longer lived at home. They could live and work in the city without paying the big price tag attached to traditional homes.

A lot has changed since then, though. For one thing, condo living, as an idea, is more popular than ever before. The marketing campaigns of the developers took on so well that people started to reject the idea of a detached home in favour of condos in Toronto and other big cities. All of a sudden, there were condos on Toronto harbourfront, by the Sky dome, in the Art district, and in every ethnic enclave. And more were being built every day, without an ease up in the demand of buyers.

That, of course, meant that developers could smell big money. New condo developments began to be built, with bigger units, more style, and more amenities than their predecessors. Wealthy Torontonians caught condo fever, and began to pay for their own luxury style condo unites. There was even a market for a Rosedale condo in Toronto, and you can imagined just how much that cost.

Because condos were so popular, they began to rise in price. Although many people still attached a lower value to them, in fact condo prices were catching up steadily to detached homes in the Toronto area. Today, if you compare most new condo developments, you will find that there is not in fact too much of a discrepancy in prices between the average condo and detached home on Bloor west village real estate.

Moreover, fiscally conscious home owners point out that condos come with some costs that detached dwellings don't have. Condo fees. These are unique to the dense residential building, and they can also change from one month to the next. Keep these factors in mind when you compare home prices against condo prices in Toronto and elsewhere.

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Joanna Kalbarczyk, Real Estate Agent
45 Harbour Square
Toronto, ON, M5J 2G4
(416) 433-3414
The Ghent Group, Property Maintenance
43 Manitou Dr.
Kitchener, ON, N2C 1K9
(519) 581-7113