New Condos North York

The average price per square foot for pre-construction condos in North York will be $1,037 in 2024. The average resale price for condos will be around $1,069,840 in 2024​.

New condos for sale in North York often feature a variety of amenities for modern lifestyles, including fitness facilities, concierge services, and security features. Building amenities may include rooftop terraces, party rooms, game rooms, and outdoor spaces. Luxury amenities can consist of indoor pools, screening rooms, business centers, and pet-friendly spaces. Additional considerations include guest suites, parking availability, and locker rentals.

North York is an attractive place to purchase a new condo in 2024, due to its strong real estate market with significant price appreciation, diverse housing options including luxury high-rises and low-rise buildings with modern amenities, excellent connectivity to major highways and public transit, vibrant neighbourhoods with unique characters, proximity to essential amenities such as hospitals, schools, and shopping malls, and a diverse economy with major employers in various fields.

As of May 2024, potential tenants in North York can find a variety of rental options with an average rental rate of $2,494. The city’s condominium market continues to be in high demand, as indicated by the low vacancy rate of 1.6%.

North York is well-connected with the Toronto Transit Commission (TTC) offering a comprehensive public transportation system. The key subway line, Line 1 Yonge-University, runs north-south through the core of North York with stations like Yorkdale, Sheppard West, and Finch providing easy access to other parts of Toronto. Additionally, an extensive bus network connects various neighbourhoods to subway stations, and shopping center. Streetcars also operate along some major roads in North York, and the TTC offers WheelTrans, a specialized accessible paratransit service for those with disabilities. North York’s transportation network provides convenient access to major highways such as the 401, 407, and Don Valley Parkway, making car travel efficient and straightforward.

Here are some of the best neighbourhoods for new North York condos for sale:

• Downsview: Once an industrial area, Downsview is undergoing a major transformation. New condo developments are popping up alongside parks, a vibrant local brewery scene, and a future GO Train station, offering excellent transit options.
• Bayview Village: Known for its upscale shops and restaurants, Bayview Village also boasts some luxury new builds in North York. This area is ideal for those seeking a sophisticated urban lifestyle with high-end amenities.
• Willowdale: A popular and established neighbourhood, Willowdale offers a variety of new condo developments catering to different budgets. You’ll find excellent schools, green spaces, and easy access to highways and public transportation.
• Yorkville: While on the pricier side, Yorkville offers luxurious new developments with high-end amenities and a prestigious address. This area is ideal for those seeking an exclusive urban lifestyle close to top restaurants and shops.

North York has a variety of educational options including private, elementary, high, and language schools. Notable institutions include private schools in neighbourhoods like Willowdale and Bayview Village, highly-rated elementary schools like Westside Montessori and Bayview Glen, Rutherford School’s Toronto Campus for high school and adult education, and language schools like Upper Madison College.

North York’s economic outlook for 2024 appears optimistic. The area’s designation as a growth center, strong job market potential, and infrastructure investments are positive signs.

North York is poised for significant residential growth in the coming years, with thousands of new condo units planned, recent zoning approvals for major projects, and an overall growth strategy to increase density and create a more vibrant, mixed-use community. The development plans aim to meet the strong demand for housing in the area.

The down payment for a condo in North York is based on the cost of the property. If the condo is priced below $500,000, a down payment of 5% is needed. For condos with a price range of $500,000 to $1 million, the down payment is calculated as 5% of the first $500,000 and 10% of the rest. For condos that are priced over $1 million, the minimum down payment required is 20%.

In the last 30 days, the average sold price of a condo in North York was $682,394. This is a decrease of $18,608 or 2.7% from the average price of $701,002 during the March to April  period. Additionally, the current average price is $49,253 or 7.2% lower than the same period one year ago, which was $731,647.

The average price per square foot for pre-construction homes, including condos, in the City of North York is $1,037. Over the past 10 years, the pre-construction appreciation rate has been 11.03% annually.

Yes, condos are currently being sold in North York. The area has experienced significant growth in the real estate market, with many new condo developments and projects underway. Based on recent data, North York has over 800 condo developments, and many new projects are planned for the future.

According to recent data, the condo market in the North York area is currently considered a buyer’s market, with more supply available than demand. This means that it may take longer to sell a condo, and sellers may not be able to achieve their desired asking price.

The combination of strong demand, rising property values, convenient location, economic growth, and diverse population has driven new condo prices to high levels in North York.

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