In recent times, Toronto has become one of the most captivating destinations to invest in Canada, thanks to its remarkable growth story. And when it comes to the Condo market in Toronto, there’s hardly been a better time. More people in Toronto are buying Condos than ever, and that’s why Toronto is expected to house the most high-rise condominiums in the world by 2020.
The Toronto condo market has been very generous to the investors, with average sale price jumping 23 percent during December 2016 to January 2018—against 12.6 percent rise in all properties. However, investors are not the only ones who’re jumping the condo bandwagon. From the millennials buzzing to buy their first home to retirees looking to spend their golden years, Toronto condos have become a preferred option amongst all. And Toronto’s charm, as a beautiful global city, only adds to the long list of incentives.
Buzzing with business, arts, culture, technology, events and festivals all year round, Toronto – the largest city in Canada—is indeed a global city. When it comes to having multiple dimensions, Toronto is second to none. The city has many different shades in terms of its culture, population, style, environment and structures. From towering skyscrapers to refreshing natural views, Toronto has it all.
From the economic point of view, Toronto is faring admirably. The unemployment rate of the country is at four decades low, and Toronto is expected to create more jobs, solidifying its status as the economic epicentre of the country.
As far as the real estate sector of the city is concerned, the sales and the prices have cooled down a bit, according to Toronto Real Estate Board (TREB). However, the condo prices in the city are in no mood to slow down as Toronto condo prices have hit a record high. More than anything else, this shows the mood of the buyers. Condos have become the most preferred option when it comes to purchasing homes, and it’s going to stay that way, for quite some time, taking the prices even higher. Therefore, if you want to buy a condo in Toronto, this could be THE time to do so.
As we saw earlier, the average price of Condos in Toronto is at an all-time high. The Greater Toronto area recorded an average sale price of $562,892, 5.7% increase from last year. On the other hand, the city of Toronto had an average sale price of $602,804, increasing 6.5% from last year.
Accessibility isn’t something that anyone should be worried about in Toronto. It’s one of the most well-connected cities in North America. After New York and Mexico City, Toronto comprises of the most extensive public transit system in North America.
Toronto Transit Commission, the body behind public transit in Toronto, operates various public transportation services such as subway, streetcars and buses—covering 1,200 km of routes. A wonderful thing about public transit in Toronto is single flat fare. Irrespective of the distance or transfers required, a single fare is applied to all the trips—except contracted routes travelling outside of the city and downtown express routes.
If you’re more of a walker than a rider, Toronto won’t disappoint you one bit. Toronto comprises PATH, the most extensive network of the underground pedestrian tunnel and elevated walkaways in North America. It stretches for more than 30 kilometres, connecting more than 50 buildings or office towers. It consists of twenty parking garages, five subway stations, two major department stores, two major shopping centres, six major hotels, and a railway terminal. It also houses the largest underground shopping complex in the world.
The city of Toronto has big plans going forward as far as public transport is concerned. The system that is already world-class is set to hit another level with new projects already in the pipeline. All in all, transportation should be the least of your concern.
To sum it up, buying a Condo in Toronto is one of the best things you can do to your life!
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