The City of Toronto is taking on an explosion of new condos with over 150 high-rise buildings, more in this section than any other in North America! Setting records last year with almost 25k construction starts, over 350 active developments with approximately 89k total active units. The population in Toronto has now passed Chicago to become one of the top four cities in North America. Job seekers and immigrants have played a major role in the annual growth of this city. Estimating the yearly increase to about 38k with most new people preferring to live downtown because of its proximity to work.
It is revitalizing a deteriorating section of the city and attracting new retail outlets, upscale restaurants, arts and cultural events along with trendy entertainment venues to the area. These luxurious homes are drawing in a younger city crowd while bringing in new money to the city as well.
The beautiful new condos are densely populating dead space with active young life! Their modern open design is attractive, cost less and requires less maintenance than a typical house. Some are even being used as construction offices, timeshares and other office space. Many investors have chosen to hold and rent their units instead of sell them into an uncertain market until there is an indication that the market is more balanced in the sellers favor.
Investors with deep pockets are the key to the new development in this industry. Their massive buying power gets developers motivated with their lucrative presales. This is a safe commodity to place investment funds with little stable options elsewhere. Of all the reasons I have mentioned, Toronto, is one of the top places to buy real estate right now! Rich, vibrant cities are just not affordable any place around the globe. Although this city is not as affordable as it used to be, it doesn’t matter. As current prices appreciate in the future and lock out many first time buyers they will have to accept renting homes from the smart investors who bought new condos when they could.
In midtown Toronto you can find Yonge and Eglinton where we are seeing more and more with even more exciting projects planned in the near future. Although late to join the Toronto Condo party, that we see downtown, this Midtown area is evolving from the purpose-built apartments to new and elite-class Toronto Condos with outstanding amenities such as fitness centers, spas, pools, high tech gamer rooms, outdoor fire pits and barbeque areas.
These Toronto Midtown Condos are perfect for active residents who want to give up their expensive cars and be connected directly to the Eglinton Subway station.