When it comes to resale condos, some of the city’s key downtown intersections appear to be cornering the market with prices up to 23 per cent higher than the citywide average, according to a Tuesday report from TheRedPin.The real estate company looked at 25 key intersections in the core. It found two-bedroom condos at Bay and King Sts., and Bay and Bloor Sts. fetched some of the highest prices in Toronto between January and Aug. 31 — averaging above $1.5 million.Two-bedroom apartments in the tony Yorkville neighbourhood at Bloor St. and Avenue Rd. sold for $1.3 million on average. But one-bedroom condos near that corner were more expensive than the Bay St. intersections — costing $753,735, compared to $494,591 at Bay and King, and $626,989 near the corner of Bay and Bloor.Read more:Sales of $4 million-plus Toronto homes poised to reboundToronto home prices sink further in AugustDrop in GTA home prices prompts new warning: seller bewareThe average one-bedroom unit in Toronto sold for about $545,000 during the same period and a two-bedroom condo cost about $925,000 on average.“At the busy traffic intersections things can be 20 per cent or more valuable,” said Enzo Ceniti, TheRedPin director of sales training.“If you`re an investor and looking for areas to buy then you probably want to target areas like that. If you`re someone who wants to be close to a particular intersection because you grew up around there or you work near there and you want to be within walking distance, you might need to pay a little bit more,” he said.Fifty-six per cent of condos at the 25 intersections were one-bedroom units and 30 per cent were two-bedrooms. The remainder would be studios and some larger apartments.“At these intersections you can see the resale value will be very, very good. Conversely the rent in those areas can be just as high,” Ceniti said.A similar study by TheRedPin last year showed that condos along the Ba ...
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