Photo: James Bombales
Land for high-rise condo development in Toronto is priciest in Bloor Yorkville with a market value of $135 to $145 per square foot. According to MCAP’s spring market report for residential land values in the GTA, the mink mile is even costlier than the Downtown Core, where land is valued at $110 to $115 per square foot (values are based on gross buildable square foot)
Both sub-markets saw an increase from last year. In spring 2014, Yorkville was valued at $125 to $135 per square foot and Downtown Toronto was valued at $100 to $105.
Land in the North Toronto submarket is more valuable than the Downtown West ($67 to $75 per square foot) and the Downtown East ($65 to $73 per square foot). Perhaps its subway access that makes the Bloor Yorkville, the Downtown Core and North Toronto the priciest places in the city for condo developers to build.
Highway 7/Yonge Corridor was the only GTA submarket evaluated by MCAP to see a slip in the market values, though it was a small one: in the 2014 report, high-rise condo lands were valued at $45 to $50 per square foot while in 2015, the value was $40 to $45.
The report also looked into how land values compare across GTA regions building low-rise housing. Among 20 front foot townhouse lots, York Region was home to the three highest priced communities for building: Richmond Hill ($17,300 to $17,500), Markham ($17,700 to $17,900) and Woodbridge ($15,600 to $15,800).
Each of these markets also saw significant gains over the previous year with land values in the $13,000 range. In 2014, none of the communities recorded values above the $13,200 to $13,400 range.
Richmond Hill, Markham and Woodbridge were also home to the most expensive land values for 50 foot lots, 40 foot lots and lots within the 30 to 36 foot range.