Top 5 Most Popular Condos in Toronto - Based on Data
There are many condos worth avoiding in Toronto, but there’s no denying this city is also home to some impressive — and even award-winning — residences that offer both comfort and style. Below is a list of the 5 most popular buildings in the city, and some interesting traits I observed among most of them.
There are many ways to determine the value of a condo for an individual buyer, and while personal opinions aren’t to be ignored, it’s also important to look at the data to see how the market judge these properties.
The algorithm we use at Strata.ca gauges a condo’s popularity in the market based on the following three aggregated statistics:
Ranking Criteria
Sale-to-list ratio (the degree to which units in a building are selling 'above' the list price)
Shortest time on market
Highest building appreciation rates
Before the data nerds at Strata.ca set the algorithm in motion, we were all nearly certain the ranking results would favour the newest condos on the market (after years of marketing by the builder) as well as the most established buildings with recognizable names (e.g. the Tip Top Lofts or the Ritz Carlton Residences).
Let's just say the results were quite humbling... Our educated guesses were flat out wrong. But this is why we love data!
After some reflection though, we realized the results actually make perfect sense.
Common Traits Among The Most Popular Condos
Here are the most common characteristics shared among the top ranking condos:
They’re among the most affordable in otherwise unaffordable neighbourhoods (they offer great value!)
All of the buildings are low-rises, giving a heightened sense of exclusivity and lower sale turnover
Three of these buildings are loft-style condos, which are a lot more scarce than traditional condos
The majority of these buildings have low to average maintenance fees, which is not only attractive for ones budget but also reflects positively on the quality of management
Without further adieu, here are the 5 top-ranking buildings, as well as my personal thoughts on each.
If you’d like to see the complete list or view any of these condos, just let me know!
The Top 5 Ranking Condos
#5: 313 - 323 Richmond St East — The Richmond
The Richmond is an older building (the light orange brick exterior is a quick giveaway), however you’d never know it when inside the building. The lobby and common areas have been very tastefully renovated with a clean, airy and modern aesthetic. The condo fees are also lower than average and include all utilities (hydro is usually billed separately).
Amenities are also a big draw here. There’s an oversized two-storey gym with a basketball court, a sauna, a billiards room, a party room, a library, and an oversized rooftop deck with a whirlpool, four barbecues, and view of the water and city skyline.
The Richmond was built by Tridel, one of Toronto's most reputable developers. Because the condo is a bit older, the units also tend to be more spacious than those found in the newer buildings in the area. Although despite that, a 550 square foot one-bedroom at The Richmond isn’t actually priced much higher than a 420 square foot one-bedroom in one of the newer neighbouring condos (great value).
#4: 800 King St West — The Kings Lofts
The Kings Lofts is likely quite popular because it features the very sought after mezzanine-style unit (an incredibly rare layout in Toronto). The mezzanine layout typically features up to 18 foot ceilings in the main living area, with the bedroom perched on the 2nd level, overlooking the living space below. It’s great for single occupants, however without a walled-off bedroom can be disruptive for couples on different sleep schedules.
And like most of the buildings on this list, it’s a low-rise covering only 5-storeys. As a result, the building has a very intimate vibe, while units range from one-bedroom to two-bedroom and dens. If you like exposed concrete ceilings, lots of natural light and private balconies, this condo is worth keeping an eye on.
Aside from a good list of amenities, my clients have always comments on how much they like that residents can barbecue on their balconies (most condos don’t allow this). Residents can entertain friends for dinner on their private open-air spaces before walking over to the nightlife along King West.
#3: 725 King St West — The Summit III Condos
Okay, so this condo isn't about to win any beauty pageants. However, it qualified for this list because it’s one of Toronto’s best condos in terms of value in the otherwise pricey King West neighbourhood. Plus, this three-building complex has some of the best open layouts in the area, showcasing spacious floor plans with floor-to-ceiling windows.
In terms of amenities, this is one of the few condos that has both indoor and outdoor swimming pools, however these pools have likely contributed to the higher than average maintenance fees — one notable strike against this condo.
Constructed in 1985, the complex has been well-maintained and has certainly withstood the test of time. If you want to live in King West without paying a fortune, put the Summit III at the top of your wish list.
#2: 901 Queen Street West — Trinity Park Lofts
Much like The Kings Lofts above, the Trinity Park Lofts also features those rare, yet beloved, two-storey mezzanine units.
The seven-storey building looks like an early 20th-century warehouse, but don’t be fooled by its industrial façade. If you like open-floor plans and mezzanine layouts, but don’t favour the raw aesthetic of a true hard loft, the Trinity Park Lofts is a happy medium.
There are fewer amenities here than what you’d find in a typical condo, however the location (literally across the street from Trinity Bellwoods Park) really makes up for it.
#1: 1375 Dupont Street — Chelsea Lofts
And rounding out the top five is the Chelsea Lofts at #1. Located in one of Toronto’s hottest neighbourhoods, the Chelsea Lofts is currently the Junction’s most sought-after property.
This low-rise building houses just 72 condo units spread out over 7 stories. Aside from a high sale-to-list ratio and relatively low ‘days on market’ average, the Chelsea Lofts are hugely popular because of the general lack of condos in the area (and good luck finding other affordable housing options nearby). If this loft were located in the downtown core, it would not have ranked as the number 1 most popular building in the city (it may not have even made the top 10).
Surrounded by traditional single-family homes, the Chelsea Lofts can’t help but stand out. What my clients like most about this soft loft is how it combines urban style with the peacefulness that comes from living on the periphery of the downtown core. As an added bonus, common amenities include a party room, visitor parking, rooftop deck although unfortunately do not include a gym.
Contact Me for the Full List
The entire list ranks every condo in the city (from the most to least popular), so there are many other excellent condos worth considering outside of the top 5. Contact me if you’d like to explore the list further or would like any recommendations better tailored to your personal taste!
If you’d like to start with a no-obligation discussion about your criteria or to book a showing, call me at 902-719-9121 or send an email to jenelle@strata.ca. I’m always happy to help!
