Etobicoke, home to a booming economy, is the fourth largest head office centre in the country. The manufacturing, retail and the service sectors are the major contributors to it. Some of the most noteworthy business vectors in Etobicoke are chemical, transportation (automotive) parts and equipment, electronics, computer industry, and pharmaceuticals.
However, in recent times, the construction industry has made giant strides. Many new condos are getting developed in Etobicoke, along the waterfront near Humber Bay and along Bloor street. Due to the rapid construction of condos in Etobicoke in the recent past, the population of Etobicoke increased, after a phase of decline. The ones that have been built are getting sold at a brisk rate. The development and migration are not going to stop anytime soon, suggesting a very good time to invest.
It’s no secret that Etobicoke has a roaring economy, and it’s reflected in the numbers. The average household income in Etobicoke is $112,106, way above the national average of $70,336. Compared to other former cities and boroughs making up the city of Toronto, Etobicoke has the lowest population density. However, the population is highly diverse in nature, and more people are looking at Etobicoke as a potential destination to live.
Opposite to its industrial face, Etobicoke has some of the most beautiful parks in Toronto; James Gardens, on the banks of the Humber River being the most noteworthy of them all. Other famous parks in Etobicoke include Centennial Park, Colonel Samuel Smith Park and Humber Bay Park.
Taking everything into account, Etobicoke offers the unique combination of peace and economic development, making it a sound investment opportunity for the investors—especially the condo buyers.
When it comes to the average index selling price of a pre-construction condo apartment, Etobicoke has witnessed a steady sound growth over the last few years. In the previous year, the average index selling price of a pre-construction condo rose to $642 per square foot, rising 10% to 12%. The average selling price rose to $519,000.
As far as the average resale condo price in Etobicoke is concerned, it rose 20% compared to 2016, taking it to $420,000.
To get in and around Etobicoke, you have a good number of options at your disposal. Whether you prefer commuting by your car, or by bus, or by subway; Etobicoke doesn’t disappoint you one bit. Several major highways including 27, 401, 407, 427, and QEW pass through Etobicoke, making it an excellent option for the automobile commuters.
Another option is to travel by GO train, as Etobicoke houses four GO stations. Moreover, Etobicoke is home to several bustling subway stations, with Kipling and Islington being the most notable of them.
The government has some ambitious transit expansion plans for Etobicoke. Eglinton line and Finch West line are two of the projects in the pipeline. The former will connect the future Mount Dennis station to Toronto Pearson International Airport, while the latter will act as the link between the University of Guelph-Humber and the Finch West Station.
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