New Condo Investment in North York

Nowadays we see many new condo developments rising in North York. Today we will take a closer look at why and how to invest in new condos in North York through some data analysis.

Why to invest in North York

  • 2 Subway station nearby: Sheppard and Yonge
  • 20-25 minutes subway ride to downtown
  • A well-developed neighbourhood for living
  • Large shopping malls including Fairview Mall and Bayview Village
  • Famous restaurants and stores on Yonge Street
  • Close to York Region where many investors prefer to live

Average Purchase Price for 0-5 years New Condos in North York

  • For a rare 400 sq. ft studio in North York, price will be $230,000, so the price per sq.ft is around $575
  • For a 520 sq. ft 1 bedroom suite in North York, price will be $285,000, so the price per sq.ft is around $550
  • For a 630 sq. ft 1 bedroom +den suite in North York, price will be $323,000, so the price per sq.ft is around $510
  • For a 800 sq. ft 2 bedroom suite in North York, price will be $419,000, so the price per sq.ft is around $525
  • For a 950 sq. ft 2 bedroom +den suite in North York, price will be $498,000, so the price per sq.ft is around $525
  • Parking is about $30,000

Resale Market in 2014

  • There are in total 641 transactions in 2014
  • 84 suites were under $300,000, and generally stayed on market for 34 days
  • 259 suites were from $300,000 to $400,000, and generally stayed on market for 30 days
  • 175 suites were from $400,000 to $500,000, and generally stayed on market for 31 days
  • 123 suites were above $500,000, and generally stayed on market for 28 days
  • The most popular type of suite is 1 bedroom+ den, ranging from $300,000 to $400,000

Average Rental Income for 0-5 years New Condos in North York

  • For a rare 400 sq. ft studio in North York, monthly rent will be $1,200, so the rent per sq.ft is around $3.00
  • For a 520 sq. ft 1 bedroom suite in North York, monthly rent will be $1,500, so the rent per sq.ft is around $2.88
  • For a 630 sq. ft 1 bedroom +den suite in North York, monthly rent will be $1,625, so the rent per sq.ft is around $2.57
  • For a 800 sq. ft 2 bedroom suite in North York, monthly rent will be $2,100, so the rent per sq.ft is around $2.63
  • For a 950 sq. ft 2 bedroom +den suite in North York, monthly rent will be $2,350, so the rent per sq.ft is around $2.47

Rental Market in 2014

  • There are in total 1716 transactions in 2014
  • 299 suites were from $1,250 to $1,500, and generally stayed on market for 20 days
  • 670 suites were from $1,500 to $1,750, and generally stayed on market for 22 days
  • 327 suites were from $1,750 to $2,000, and generally stayed on market for 24 days
  • 246 suites were from $2,000 to $2,250, and generally stayed on market for 24 days
  • 89 suites were from $2,250 to $2,500, and generally stayed on market for 27 days
  • 85 suites were above $2,500, and generally stayed on market for 31 days
  • The most popular type of suite is 1 bedroom+ den, rent from $1,500 to $1,750

Conclusion

Both the resale market and rental market have proved that the most popular type of condo investment in North York should be 1 bedroom+den.

Recommend New Condo Developments in North York

1. The Colours of Emerald City by Elad Canada currently in preconstruction at Sheppard Avenue East & Don Mills Road, The development is scheduled for completion in 2017. Sales for available units start in the mid $200,000's.

2. 150 Fairview Mall Soul Condos and 128 Fairview Mall Connect Condos by FRAM Building Group currently in preconstruction at Fairview Mall Drive. The development is scheduled for completion in 2017.  Sales for available units start at mid $200,000's.

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Email: kathleen.xie@century21.ca

Phone: 416-587-8381

Website: www.torontocondosdeal.com

 

 

 

 

 

 

Kathleen Xie

Kathleen Xie

Broker
CENTURY 21 Leading Edge Realty Inc., Brokerage*
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