Toronto’s resale market continues to trend upward in price.
In the latest market update released by the Toronto Regional Real Estate Board (TRREB), the average price of a home for all property types in the City of Toronto has hit $1,210,889 as of February. This is up by more than $215,000 from a year ago, when the average home price in the 416 was $995,171 in February 2021. In January 2022, the average Toronto home price equalled $1,073,111 according to TRREB, about $137,000 less than February 2022’s average.
On the inventory side, there were 4,889 new resale listings added in Toronto during February, up slightly from 4,710 new homes brought online a year ago and an increase from 3,110 properties in January.
Frustrated by high resale prices and a lack of inventory, more end-users have recently been getting into pre-construction. If you were to take the average Toronto resale price of $1.21 million and apply it to new construction, what would it get you? Here’s a brief rundown of five new construction plans and units you can find in Toronto at roughly the same price point.
Prices, plans and unit information have been sourced from data found on BuzzBuzzHome’s search map. This is not a definitive list of all of the units or plans available near the $1,210,889 price point.
Unit PH 03 at Plaza Midtown – $1,200,000
Housing type: Condo and Townhouse
Developer: Plaza
Status: Selling, under construction
Specs: Two bedrooms, two bathrooms, 824 square feet
Neighbourhood: Mount Pleasant West
Project last updated: Jan 12, 2022
Rising 32 storeys near Yonge and Eglinton, Plaza Midtown features a collection of 538 condos and townhomes. When construction wraps up in October this year, the high-rise development will provide easy access to the Eglinton TTC station and the neighbourhood’s collection of retailers.
Plan Basin at Sugar Wharf Condos – West Tower – From $1,215,990
Housing type: Condo
Developer: Menkes Developments Ltd.
Status: Selling, under construction
Specs: Two bedrooms, two bathrooms, 773 square feet
Neighbourhood: South Core
Project last updated: Jan 21, 2022
Near Toronto’s waterfront, Sugar Wharf Condos made headlines earlier this year with the announcement of Ontario’s first school in a condo. The project will also house other family- and child-friendly amenities including a kids party room, LEGO room and play area.
Unit Heritage Hard Loft 2L-F – 504 at Wonder Condos – $1,200,900
Housing type: Condo and Townhouse
Developer: Graywood Developments Ltd and Alterra
Status: Selling, under construction
Specs: Two bedrooms, two bathrooms, 910 square feet
Neighbourhood: Leslieville
Project last updated: Jan 27, 2022
Wonder Condos gets its name from its former use as a bakery and producer of Wonder Bread. This mid-rise development in Leslieville features modern finishes with nods to the building’s industrious past.
Plan 3B 994 at Galleria III Condos – From $1,205,900
Housing type: Condo
Developer: Elad Canada
Status: Selling, pre-construction
Specs: Three bedrooms, two bathrooms, 994 square feet
Neighbourhood: Dovercourt Park
Project last updated: Dec 09, 2021
Galleria III is the third installment of Galleria on the Park, which is under development near Dupont and Dufferin streets. Built by Elad Canada, this community will have 21,000 square feet of amenities including a social lounge, wine cellar and outdoor terrace.
Plan The Pewter at 181 East – From $1,201,900
Housing type: Condo
Developer: Stafford Homes and Greybrook Realty Partners
Status: Selling, pre-construction
Specs: Two-and-half bedrooms, two bathrooms, 912 square feet
Neighbourhood: Willowdale East
Project last updated: Jan 05, 2022
Along Sheppard Avenue East, this nine-storey development by Stafford Homes and Greybrook Realty Partners features tiered terraces with greenery and other modern design elements. The suites are finished with contemporary kitchen cabinetry, custom-designed bathroom vanities and nine-foot ceilings.
