Top 5 Most Popular Condos in Toronto — Based on Data

Given the thousands of condos that exist in the GTA, there are certainly a lot of impressive buildings known for their architecture, amenities, location and overall style. But what are the factors that raise the demand of any one condo?

As an agent with the data-oriented brokerage, Strata.ca, I was given access to a real time report that ranks all of the condos in the GTA, from most to least popular.

The algorithms the report uses to gauge a condo’s popularity is based on the following aggregated statistics:

1. Sale-to-list price ratio (a metric that determines whether homes are generally selling above or below the asking price in a condominium)

2. Shortest time on market

3. Highest building appreciation rate over the past two years, as compared to neighbouring condos

Many real estate professionals assume that the ‘most popular’ condos are usually the newest properties on the market. Some also assume that the most established buildings with recognizable names (i.e. The Ritz Carlton Residences, Tip Top Lofts) are the most popular. But the data actually shows these assumptions aren’t always correct.

Common Characteristics Among Most Popular Condos

Let’s look at some of the shared traits among the top-ranking properties:

• They offer the best value in that they’re some of the most reasonably priced per square foot in otherwise unaffordable neighbourhoods.
• Interestingly, every condo on this list is a low to mid-rise. There are no high-rises here. I can only speculate that this heightens interest as there’s lower sales turnover and a great sense of ‘exclusivity.’
• Some condos are loft-style properties, which are more rare than traditional condominiums.
• Most of the buildings have low to average maintenance fees, which reflects positively on the quality of management in each building.

So here are the 5 most popular (or in-demand) condos, all based on the data!

#5: The Richmond — 313-323 Richmond St East

The Richmond is an older building, but you’d never know it if you stepped inside. Both the lobby and common areas have been through a modern renovation with an airy and minimalist feel that appeals to all tastes. The maintenance fees are also lower than the neighbourhood average, and include all utilities. Higher-floor units come with a stunning view of the water and Toronto skyline.

The amenities here are also a hit. Residents get to enjoy a huge two-storey gym, complete with a basketball court and sauna. A party room and billiards table is perfect for hosting parties or entertaining guests. As if that weren’t enough, you can also relax on the sprawling rooftop deck that comes with a whirlpool and four barbecues.

The Richmond was built in 2000 by Tridel, one of the city’s most reputable developers. But because the building is a bit older, the units tend to have more spacious layouts than those found in newer condos nearby. Despite that, a 550-square-foot one-bedroom here isn’t much more expensive than a 420 square-foot one-bedroom in the neighbouring area. This building reached #5 on the list because it’s impeccably maintained and offers excellent value.

#4: The Kings Lofts — 800 King St West

Built in 1999, this condo is popular because it offers the highly sought after mezzanine-style loft unit. In the GTA, this is a particularly rare layout — I can think of fewer than 10 buildings featuring mezzanine-style spaces.

Most mezzanine units feature soaring ceilings in the main living area — often up to 18 feet high — with the open concept bedroom on the 2nd level, perched over the living space. There are some drawbacks to this layout, though. Without an enclosed bedroom space, it can be disruptive for couples on different sleep schedules. The mezzanine-style unit is really ideal for single occupants.

This low-rise only has 5 storeys, offering that heightened sense of exclusivity I noted earlier. This is likely what contributes to that intimate vibe you feel at The Kings Lofts. And if you like the industrial aesthetic of exposed concrete ceilings and lots of natural light, this building may be perfect for you.

Aside from a solid list of amenities, my clients have loved that residents can barbecue on their private balconies. Most condos in Toronto do not allow for this, making it a very noteworthy detail!

#3: The Summit III Condos — 725 King St West

I know, I know. This building isn’t going to win any beauty pageants. But our data ranked The Summit III Condos as one of Toronto’s most popular because it offers unbeatable value in the otherwise expensive (and for many, unaffordable) King West neighbourhood.

This three-building complex also has some of the best open-concept layouts in the area, featuring large units with floor-to-ceiling windows.

When it comes to amenities, this is one of the few properties that have both indoor and outdoor swimming pools. A slight drawback though is that these pools would probably explain the higher than average condo fees — a notable strike against this building.

Built in 1985, the overall complex is well-maintained and has definitely held up to the test of time. So if you want to live in trendy King West without dishing out a fortune, The Summit III is definitely worth a look.

#2: Trinity Park Lofts — 901 Queen St West

Just like The Kings Lofts, this four-storey building also features those incredibly rare mezzanine-style units. It’s also located inside a heritage property once known as the Farr House, which was constructed in 1847.

The Trinity Park Lofts offer just the right amount of industrial aesthetic. For those who don’t like the raw look of a true hard loft, these units are the perfect middleground.

There are far less amenities here than in most condos. But this building’s location, literally right across from Trinity Bellwoods Park, definitely makes up for it.

#1: Chelsea Lofts — 1375 Dupont Street

Completing our list is the famous Chelsea Lofts, one of the Junction’s most desirable properties.

This low-rise condo has just 72 units, spread out over 7 floors. Surrounded by traditional detached homes, the Chelsea Lofts can’t help but be noticed, as one of the only condos in this neighbourhood. The building also features a more urban aesthetic, but with the relative peacefulness of living just outside the downtown core.

Amenities include a well-sized party room, recreation room, and a spacious rooftop patio. Unfortunately, there’s no gym or indoor swimming pool.

The Chelsea Lofts is certainly a notable building, but there are many far more interesting low-rise condos and lofts in the city. So why did this soft loft rank #1 on this list? The reason is simple. If you want to live in this area, you’re either buying a house, priced significantly over a million, or you’re buying a condo in the Chelsea Lofts — this condo benefits from the scarcity of affordable homes in the neighbourhood and a lack of condo competition.

Want to see the full list?

These condos are among the top 5 most popular. But if you’d like to see the full list of most in-demand properties across the GTA, get in touch! I’m also happy to make other recommendations tailored to the qualities most important to you.

Contact me for a no-obligation discussion about your criteria. You can call me at 647-616-5276 or send an email to milan@strata.ca. I’m always happy to help!