As the old saying goes, bigger isn’t always better. But, ask homeowners how they feel. And most will tell you that size does matter. So when it comes to condominiums, it’s no surprise that most people are looking for units that look and feel spacious. The thing is, those larger units often come at a cost. And if you’re on a tight budget, there are some luxuries you may have to ditch in order to land that bigger property. Those luxuries may include being close to public transit, or being able to walk to your favourite shops and restaurants. That’s because the most spacious condos are simply not available in Toronto’s core areas. But rather, in up and coming neighbourhoods in North York, Scarborough and Etobicoke.
Strata.ca has released its list of the top condos that offer the biggest layouts for the best price. We aggregated cost-per-square foot (PSF) data to isolate properties that give you the most value dollar-for-dollar, strictly based on size. And since there are hundreds of condominiums in Toronto, we narrowed down the list further by examining only those that include layouts over 1,200 square feet.
So if space is your top priority, here are the condos that provide the kind of value you can literally measure!
Located in the high-demand area of Kennedy & Sheppard in north Scarborough, this condo takes top spot when it comes to maximizing your budget. Homebuyers love that properties here can range up to 2,400 square feet. Many of these units offer 4 bedrooms and 3 baths, which is a rarity in today’s condominiums.
But Cliff Liu, a broker at Strata.ca, notes that space-conscious buyers must keep an eye on maintenance fees.
“Maintenance fees are usually proportionate to condo size. So the bigger your unit, the more you’ll likely have to pay. So it’s about finding the right balance between monthly affordability and a space that’s large enough to fulfil your needs,” says Liu.
Scarborough’s average cost-per-square foot is currently $585. But at the Tam O’Shanter Casitas, our data shows that over the past 3 months, homebuyers have been able to purchase here for $294 PSF. With that kind of value, it’s no wonder these townhomes are in such high demand.
Toronto’s Jane and Finch neighbourhood offers incredible value, but 10 Eddystone continues to stand out from the rest. The most popular layouts feature up to 1,800 square feet of living space, spread out among 3 to 4 bedrooms.
Strata.ca realtor, Cyrus Ghazvini, says some of his clients are looking for bigger units because they offer more options for renovation.
“More square footage means a bigger area to work with. Many homebuyers want that kind of canvas, since it allows them to more easily reconfigure the space. And that’s especially important for those wanting to maximize resale value,” explains Ghazvini.
Appreciation rates at this complex are up 21% in the past 12 months. And much of that can likely be attributed to its low cost-per-square-foot. But because the amenities here are slim — you’re sacrificing that pool and gym, so you can have the room to ‘sprawl out’ instead!
Built in 1977, this building isn’t much to look at. But our data shows demand here is extremely high, and it’s not difficult to see why. Buyers strictly concerned about space are particularly fascinated by what this condo offers.
Units range from 1,350 to 1,600 square feet. On average, each owner tends to hold on for about 19 years. And with just 22 properties in the whole building, it may be difficult to purchase here. But when they do pop up, act quickly because units tend to sell within 14 days.
This yellow-brick condo is a far cry from the shiny glass towers popping up all over Toronto. But if a spacious unit by the scenic Humber is your idea of the good life, then Weston Gate is definitely worth a look.
Built in the late 70s, this building borders on that familiar retro vibe. You can find units here as big as 1,500 square feet. And the most popular layouts feature 3 well-sized bedrooms, perfect for any family. The building also backs onto Cruickshank Park, which sits along the eastern shores of the Humber River.
Located on Kennedy, just south of Eglinton, this intimate low-rise is a short walk to the new Eglinton Crosstown LRT. First-time homebuyers and young families are particularly drawn to its sizeable units, all of them featuring 3 bedrooms. Some properties even cover two storeys, offering separation between living and sleeping areas. Each unit has 2 bathrooms, ensuite laundry, and a large balcony.
Liu has noticed many of his clients are downtown homebuyers looking to sacrifice urban amenities for more living space.
“I have more and more families, even young people, telling me they can ‘no longer breathe’ in these 600 square-foot units downtown. That’s why they’re more open now to sacrificing on a few luxuries. They want to feel as if they’re living in a house, as opposed to a tiny apartment,” says Liu.
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