Analysis of Condominiums in Toronto

Goals

To find details of the average size of condominiums in Toronto and their demographic characteristics (e.g., age, disposable income, ownership vs rental) of Toronto neighborhoods.

Early Findings

Average Size of Condo’s in Toronto

  • The median size of new condos in Toronto has decreased significantly compared to five to ten years ago.
  • Toronto’s most recent condos are almost 40% smaller than the peak condo size witnessed in 1990.
  • The average-sized condo in 2016 and 2017 was 647 square feet, with a floor area 5% less than that in a condo constructed from 2011 to 2015.
  • From 1981 to 1990, Toronto's condos had a median size of 1,070 square feet.
  • In 2018, the median condo assessment value in Toronto was $457 per square foot (PSF), 32% higher than the city’s median assessment for all residential property types.

Demographic Analysis

  • There is limited information specific to the demographics of condos in Toronto; therefore, in the event such specific data is unavailable, general demographics' data regarding the Toronto real estate market can be used. According to more recent research, it is estimated that immigrants own over 43.1% of residential properties in Toronto.
  • 91.0% of single-detached houses in the Toronto census metropolitan area (CMA) are owner-occupied. 37.9% of condos in Toronto CMA are non-owner-occupied and have a 4.7% higher median assessment value than the $360,000 median assessment value of owner-occupied condominium apartments.
  • The median age of individual resident owners in Ontario is 54 years, while millennials make up 15% of individual resident owners.
  • The majority of condominium renters in Canada were under the age of 35.

Summary of Findings

  • The intitial hour of research has uncovered substantial data regarding the average size of a condominium in Toronto; however, there appears to be a dearth of demographic information specific to Toronto's condos. Continued research can uncover more precise demographic data focused on Condo dwellers and owners.
  • In addition to this public search, we scanned our proprietary research database of over 1 million sources and were unable to find any specific research reports addressing your goals.

Proposed next steps:

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