As our city grows in population, we see more and more people choosing to live in condos throughout the city. This is not only an affordability play (condos are akin to a first-time home purchase these days) it is also a preferred lifestyle decision for those who want the simplicity of no property management, no snow removal, and peace of mind that when you lock the door to the condo, you can rest assured that there is an increased level of security not found in freehold home ownership.
While the City of Toronto has encouraged density in the downtown core over the years, this initiative is spreading outside the downtown area for many reasons. As our city grows in population and wealth, we see more buyers considering other areas outside of the downtown core, whether for a quieter part of town, a more neighbourhood feel, or an accessibility to another set of restaurants and cafes.
There are a few neighbourhoods with excellent condos outside of the downtown core that draw those hard-working professionals – Summerhill has some great condos, and so do Yorkville, Ossington and Queen West. We are even seeing condos on Queen East in Leslieville and as far out as The Beach.
Condo Perks
Living in a condo has many perks, as mentioned above. While ease and simplicity are a big draw, so is the lower cost of acquiring the condo. The reality of buying for under $1 million in Toronto means that one is looking at a condo. Putting aside the turn-key benefits of a condo and taking (potentially) the first step on the property ladder, there are other benefits, such as a newer, modern space.
The aesthetics of a modern soft-loft condo is a big draw these days. Soaring ceilings, open spaces, and modern finishes speak to a large buyer pool. In comparison, older condos in fully gentrified areas of the city have the upside of more square footage for less money (in most cases) compared to newer buildings.
Looking for more condo-related resources? Check out these other blogs next.
- Why Parents Should Invest In Toronto Condos For Their Children
- How To Get Your Finances In Place To Buy A Condo in Toronto
- Questions To Ask When Buying A Condo in Toronto
Misconceptions of Condos
There are certain misconceptions when it comes to condos in the downtown core versus other areas of the city. Some believe that there are only mega towers, being thirty or more storeys and that small boutique buildings do not exist. In fact, there are a number of fantastic lower-rise condo buildings in the downtown core that have held their value very well. Not all new condos are known for just being drywall and glass in the sky. There are some architecturally progressive and fantastic luxury builds as well.
Another misconception that dates back to the early days of condo buildings when you would only find condo buildings on major streets, while there are many being built on busy streets, there are more and more developments happening on secondary streets in the downcore, which allows for a more pedestrian and neighbourhood feel for those who live in these condos.
Some Great Neighbourhoods To Consider
Over the years we have found that many clients have chosen to stay out of the downtown core, whether that be due to the busyness or perhaps being that they wanted to go from a house to a condo for lifestyle reasons. In these searches, we have been in some fantastic condo builds in a number of areas. We will touch on some of our favourite neighbourhoods for condos.
- Summerhill – lots of new, modern developments have been built in recent years, as well as a few proposals to come. A great mix of architecture, streetscape, shops and accessibility. While also offering luxury and modernity for the savvy buyer
- Yorkville – while long known for the Mink Mile and other great restaurants, there are some superb condos in the area. This is where you find the city’s most luxurious and contemporary spaces.
- Ossington & Queen West – when it comes to hip factor, these two strips are where it’s at. It offers all the fun, cultural, and nightlife opportunities one could imagine. Also, since these are newer builds, you can get some stylish spaces.
- Lesliville – long held as a forgotten area of Toronto, Lesliville has become the sister neighbourhood to Queen West; it offers EastEnders similar perks as Queen West has to offer.
- The Beach – when one lives on the Beach, they rarely leave. Why? Well, it’s the beach, after all – who doesn’t love looking out over Lake Ontario? We see many downsizers stay in the beach area, so these condos have been performing well. Considering the beach for the first time, it’s worth noting that it takes time to get into the city’s core due to its distance and lack of subway access. But that’s part of the charm; it’s quaint and removed.
Hoping to find the right Toronto neighbourhood for you? Explore these related blogs for more insights.
- What’s Great About Living in Summerhill, Toronto?
- What To Do In Yorkville
- Best Neighbourhoods in Toronto for Families
Should You Buy a Toronto Condo?
Market performance has been a big conversation over the last decade; whether it’s up or down any given year, the fact remains: Toronto is growing; it’s North America’s fourth largest city and the economic hub of Canada. There is a great deal of value growth to come in condos. I’m often reminded of what a developer once told me: “Look at today’s condo values in Manhattan; Toronto has been 19 years behind on a cost-per-square-foot basis since the late 1970s.”
If you think it’s expensive today, give it time; you will see more growth ahead. At the end of the day, it’s integral to decide where you want to live and where where would make you happy, after all, it’s a lifestyle decision. Toronto has many neighbourhood options featuring some excellent condos for the discerning eye.
Searching for the perfect Toronto condo to call home? I’m here to help. Reach me by email at ryan@ryanroberts.ca or call 416-925-9191.
