New Condo Investment in Yonge & Eglinton

Recently we see a lot of new condo developments rising in Yonge & Eglinton area. Why is this area so popular? Now let's take a closer look at why and how to invest in new condos in Yonge & Eglinton through some data analysis.

Why to invest in Yonge & Eglinton

  • Yonge subway line nearby
  • 15 minutes subway ride to downtown
  • The Eglinton crosstown LRT plan to be completed in 2020
  • A neighbourhood well-liked by young professionals
  • Average household income is $128,973
  • Yonge & Eglinton Centre including office tower and retail shopping malls is currently under a $100 million renovation
  • New condo and office developents are on the way
  • Lots of restaurants and shops on Yonge Street
  • Huge potential for future growth
  • A hot spot in the city of Toronto

Average Purchase Price for 0-5 years New Condos in Yonge & Eglinton

  • For a rare 339 sq. ft studio, price will be $225,000, so the price per sq.ft is around $663
  • For a 490 sq. ft 1 bedroom suite, price will be $305,900, so the price per sq.ft is around $624
  • For a 590 sq. ft 1 bedroom +den suite, price will be $369,990, so the price per sq.ft is around $627
  • For a 716 sq. ft 2 bedroom suite, price will be $450,000, so the price per sq.ft is around $628
  • For a 846 sq. ft 2 bedroom +den suite, price will be $498,000, so the price per sq.ft is around $588
  • Parking is about $50,000

Resale Market in 2014

  • There are in total 204 transactions in 2014
  • 6 suites were under $300,000, and generally stayed on market for 49 days
  • 32 suites were from $300,000 to $400,000, and generally stayed on market for 23 days
  • 65 suites were from $400,000 to $500,000, and generally stayed on market for 21 days
  • 101 suites were above $500,000, and generally stayed on market for 31 days
  • The most popular type of suite is 2 bedrooms, with price above $500,000

Average Rental Income for 0-5 years New Condos in Yonge & Eglinton

  • For a rare 339 sq. ft studio, monthly rent will be $1,300, so the rent per sq.ft is around $3.83
  • For a 490 sq. ft 1 bedroom suite, monthly rent will be $1,650, so the rent per sq.ft is around $3.37
  • For a 590 sq. ft 1 bedroom +den suite, monthly rent will be $1,850, so the rent per sq.ft is around $3.14
  • For a 716 sq. ft 2 bedroom suite, monthly rent will be $2,250, so the rent per sq.ft is around $3.14
  • For a 846 sq. ft 2 bedroom +den suite, monthly rent will be $2,500, so the rent per sq.ft is around $2.96

Rental Market in 2014

  • There are in total 280 transactions in 2014
  • 7 suites were from $1,250 to $1,500, and generally stayed on market for 16 days
  • 63 suites were from $1,500 to $1,750, and generally stayed on market for 25 days
  • 92 suites were from $1,750 to $2,000, and generally stayed on market for 22 days
  • 24 suites were from $2,000 to $2,250, and generally stayed on market for 22 days
  • 17 suites were from $2,250 to $2,500, and generally stayed on market for 25 days
  • 77 suites were above $2,500, and generally stayed on market for 24 days
  • The most popular type of suite is 1 bedroom+ den and 2 bedrooms, rent from $1,750 to $2,000

Conclusion

Both the resale market and rental market have proved that the most popular type of condo investment in Yonge & Eglinton should be 1 bedroom+den and 2 bedrooms.

Recommend New Developments in Yonge & Eglinton

1. Sherwood Park Modern Towns a new townhouse development by Freed Developments and Trolleybus Urban Development Inc currently in preconstruction at 202 Keewatin Avenue. The development is scheduled for completion in 2017. Sales for available units range in price from $369,900 to over $1,559,900. The development has a total of 80 units.

2. Citylights on Broadway Phase 2 by Pemberton Group currently in preconstruction at 99 Broadway Avenue. The development is scheduled for completion in 2018. Sales for available units start at $199,990. The development has a total of 392 units.

3. Art Shoppe Condos by Freed Developments and CD Capital Developments currently in preconstruction at 2131 Yonge Street in Toronto. Sales for available units start in the $200,000's

Register with Kathleen now for Platinum VIP Access!

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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