BY MAURICE ANDERSON
In a city full of life, old meets new… the abundance of Victorian charm and historical buildings are infused with modern concept condos.
Toronto’s chief city planner, Jennifer Keesmaat, and Mayor John Tory recently announced plans for a new large-scale downtown park, between Bathurst Street and the Rogers Centre. Keesmaat has described the proposed green space as “Toronto’s Central Park.”
Since its inception in 1857, Central Park, located in Manhattan, New York, encompasses a vast area of land with breath taking views for approximately two and a half miles. Its popularity has made it a landmark, and any property located near the park is a hot commodity with substantial market value.
Imagine, a beautifully dense 21-acre downtown Toronto park shaded with trees and strategically placed benches along a joggers’ pathway. There’s nothing quite like walking downtown Toronto on a sunny afternoon, passing people from different ethnicities speaking their native tongue, with the smell of beautifully cooked street food at every corner. Ten years ago, would you have expected our city to get the notoriety and growth it has today? We have proven ourselves on the world stage more times than one, and other countries can’t deny it! Drake and Justin Bieber have put Toronto on the international map like never before. NY Times named Toronto as one of the “52 Places to Go in 2016”. NBA All-Star came to Toronto, giving us the best dunk-off I have seen in a long time, and it was the first time All-Star Weekend was played outside the U.S.A.
Our countless multicultural activities and performances from Salsa on St. Clair, Taste of the Danforth and Caribana attract millions of visitors to the 6ix annually. The Tourism Board declared that international tourists are coming to Toronto in multitudes, and it’s because Canada was also named the second best country to live in, measured by global performance on a variety of metrics. Our city is vivacious and that vitality is reflected in the residential real estate market.
For many, purchasing a home in Toronto, especially near the downtown core, is out of reach. The outcome is the same if you’re looking for a detached Victorian home or a modern concept town-home. The average “home price increased by 9.8% that was driven by the low-rise segment of the market”, Jason Mercer, TREB Director of Market Analysis, said in a release. Inventory levels for condo apartments trended downward, which means the demand for condos have picked up. Buying a condo is much more cost effective than purchasing a traditional home. Toronto does not have enough land space to accompany the 72, 000 new residents that move here every year. City Council has already enacted a plan to build more condos, and that development started ten years ago and construction will not be complete until approximately 2026.
Our world-class real estate market has not yet reached its peak. Toronto possesses real potential to come into its own like never before. Our influence comes from our music, diversity and real estate. International and local investors realize Toronto means they can live in a world class city with New York traits, without the New York price.
More and more condos continue to develop, and its affordability allows to own a piece of this picture perfect city. If you’re thinking of investing, buying or selling, now is the perfect time. Once all the developments are complete and Toronto’s Central Park is open, Toronto will be a force to be reckoned with and millennials will be the driving force behind the surge. “They’re going to be a force to be reckoned with over the next decade, especially as they move into their prime child-bearing years and will need more space,” says Dana Senagama, principal GTA market analyst for CMHC.
Coming to Toronto means experiencing other cultures and cuisines, with very little effort. We have a clean city that is a cultural cocktail and melting pot, and we are ready to show the world now we’re here.