April 9, 2010
The Toronto Star just released some amazing statistics about condominiums in the City of Toronto. Check out a select few facts on TO condos, most of which I had no idea about…
From The Toronto Star:
- Condos make up 75 per cent of homes built since 2000. In 2008, condos were 86 per cent of new homes.
- Condo buyers are increasingly paying more for less. Assessments for newly built condos have skyrocketed to more than $400 per square foot — 40 per cent above the overall average of $288 — while the size has dropped 20 per cent over 10 years to an average of 795 sq. ft. in 2008.
- More than 4,600 condos are less than 500 square feet.
- The largest condo in the official records is more than 8,000 square feet, 40 times larger than the smallest, with less than 200 square feet.
What if you wanted to buy every home for sale in Toronto? That will cost you about $254 billion. Peanuts.