Bay tends to be an expensive street for condos due to its proximity to two downtown universities and the hospital row on University Ave. U Condos, adjacent to U of T, is one of the most expensive. Built 5 year ago, the tower at 1080 is 55 storeys and has 1002 units. We wanted to show that smaller units are even outpacing the overall condo market. Below, we trace prices per square foot for identical one-bedroom units at just 512 sf. A corner unit, it does have two balconies but no den, no parking, and even some with no locker.What do we see? Prices have increased by 29% in this building in just one year. With resale prices at this level, it is understandable that pre-construction prices at $1400-1500 psf now seem very reasonable and prices at $2,000+ for Yorkville are not outside the market. Finally, there is nothing currently for sale, which further suggests that prices will continue to increase in this condo building.Price Per Square Foot
1 Bedroom at U Condos
Graph 1 - Source: Toronto Regional Real Estate Board