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Toronto's downtown investor suites are on the rise, becoming the go-to option for those seeking affordable living in the core. With escalating prices for detached properties, condo living is the trend. The city is experiencing a "Manhattanization" effect, with high demand from affluent immigrants, investors, and traditional buyers. Toronto's condo market is thriving, attracting global attention. The market offers a mix of small units, with rising rents and a shift towards long-term investment. Urbanation's data highlights the city's condo rental market growth, indicating a shift in buyer and renter behavior.
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Downtown Toronto is in high demand and will continue to grow! • People want to live downtown. This demand is fueled not just by immigration but by lifestyle changes of younger generations • Prices for detached and freehold properties are rising so rapidly that condo living will be the only affordable option for downtown living
60 Colborne has a Walk Score of 98 out of 100. This address is Walker's Paradise which means daily errands do not require a car.
The 'Manhattanization' of Toronto • 83.4% of people in New York City live in Condos or Apartment Buildings. • In Toronto, prices for single detached homes and townhomes are projected to go up 30% to 50% in the next decade. • Condo living is sure to be the default housing option for those who want to remain in the Downtown Core
Who Is Buying Toronto Condos? • Affluent immigrants and foreign investors are lining up with the traditional buyers that include: empty nesters, boomers, and young professional couples and individuals
Toronto VS. The World Just how expensive—or not—is it to buy a condo in Toronto? The city sits at No. 15 out of 94 on the, based on average U.S.-Global Property Guide’s ranking of the World’s Most Expensive Citiesdollarprices per square foot of centrally located condominiums (assuming a 550 square feet—one-bedroom unit): Price in Toronto: $385,000 CHEAP compared to… Monaco$3,056,270 London $1,194,000 Hong Kong $839,000 Tokyo $658,000 New York $615,000
TD Canada Trust Condo Poll • This city is home to 2.5 million people, and is planning for another half-million residents by 2031 • The first results of the 2011 census show the downtown Toronto has seen explosive growth. • The census echoes what everyone’s been saying: • Toronto has gone vertical.
From Toronto Life Magazine Quoted: Condo mogul Brad Lamb thinks Toronto will soon be exactly like New York “If you want to live in central Toronto, you’re going to have to live in a condo. Families will be forced to buy into high-density living. It’s the natural evolution of a city.”
Toronto's new condo mix • Condos seem to be getting smaller not bigger
Average price/sf. of current remaining inventory by submarket • The most expensive submarkets of Bloor-Yorkville, and the Downtown Core still lead the way on average price /sf at over $800/sf.
From The Globe and Mail’s Report on Business: “Condos have become the de facto new rental supply,” says consultant Barry Lyon. That supply is much more expensive than old rental high-rises. Lyon and other analysts say that renters typically pay 50% more for a new condo unit than they would on rent for a comparable apartment in an aged building.
TORONTO CONDO RENTAL MARKET • A total of 3,919 condominium apartments were leased in Q1-2013 on the MLS system, up by 31% from a year ago. • Over the past two years, rents have risen by more than 10%, equal to an additional $170 per month or 23 cents per square foot on average. • Demand for renting condos has heated up with less first-time buyers. Rental transactions have exceeded resale volumes in the condo market since mid-2012 • Investors are increasingly choosing to hold their units rather than flip them for sale. Press Release: 2013 by UrbanationCanada’s leading condominium market research company.
