If you've decided you want to look into buying condos in Toronto, congratulations! You've made a big decision. Unfortunately, you'll have thousands of options competing for your attention, so you've got another big decision ahead: the location. Here are some to consider.

Downtown/Waterfront

The waterfront area is the condo neighborhood for professionals who want to be close to work, as well as for famous people looking for a penthouse with a water view. Even a small Toronto loft in this area might cost you as much as $400,000. There are condos here that are worth upwards of $8 million. The downtown/waterfront area is the hub of finance and entertainment in the city, so you can understand why it's so desirable. Most of the buildings are modern concrete and glass structures.

Bloor St./West Village

The Bloor St./West Village area is on the greener end of the map, if you're looking at printing Toronto onto a sheet of paper, since it's near High Park. A condo here will cost you less than in any other area of Toronto proper (excluding the GTA), with the average being only $302,000. West Village has a more laid back feel to it and some of the condos you'll find there might actually be in more residential looking buildings rather than just the standard concrete and glass office tower looking one. This is a mostly residential area, without a lot of access to workplaces or attractions.

Midtown

Midtown is the location of choice for anyone who wants to be near the universities. The University of Toronto and Ryerson University are both located in this area, as are numerous arts attractions and hospitals. As a result this neighborhood has a younger, hipper feel to it than the others. Buying a condo in the Annex, Toronto or in another Midtown neighborhood will cost you an average of $408,000. Condo buildings in this area tend not to be as high rise as their downtown cousins, leaving the area with a more residential look to it.

Riverdale

Riverdale and the eastern area of Toronto is where the wealthy escape from the hustle and bustle of the city. It's almost purely residential and there's quite a bit of greenery left to provide shade, privacy, and aesthetic value. Condos here tend to be more elegant than their obtrusive concrete high rise cousins downtown. This is an area where only people who can afford large mortgages live, as even standard condos here average out at $460,000 to $535,000.