Welcome to our real estate related website. We will be providing info on the real estate world from various view points.
Having lived in Toronto for over 20 years we have seen the city change with new construction in many areas of the city that people would never have visited in the past. I actually live in one of the areas having bought a condo at the River City condo complex located on the east side of Toronto. The buildings are located where King St east ends when it meets up with Queen St.
This area is a great example of how things have changed in the city. Will urban sprawl continues to occur along the 400 and 401 highway systems a growing number of people are looking to move downtown. Spending hours in your car commuting into the city just so you can have a small patch of grass to cut is not as attractive as it once was to many younger people. People purchased outside of the city because new home construction project was cheaper than buying in the city. Now that inner city detached house prices are close to 1 million dollars people are looking at newer condo developments to avoid those painful commutes into the city.
New condo development has sprung up throughout the city to feed that growing market. Younger buyers look at condos as the first step towards home ownership and they might decide to stay in their unit until their career allows them some financial freedom to look at buying something bigger. Even these new developments are building units to address this upper level market by including some condo townhomes in most plans. The townhomes usually cost close to 1 million but they are being bought by people. Some are stacked townhomes so they actually closer to a condo than the traditional townhomes that are on the market.
Two great examples of these areas in Toronto include two parts of the city on the east side and the west side of Toronto. The Liberty Village area in the west end of the city has grown to include thousands of condos in what was mostly industry lands. Some old factories were converted with the Irwin Toy factory the most well-known example in that area. But many new buildings have appeared and you can see a wall of condo developments when you drive your car along the Gardiner Expressway. Some bad planning in regard to transit has caused some headaches for owners in these buildings and even is going to get worse before it gets better. The development of all the available land just below the Gardiner in the Fort York area has added thousands more people who look to use the King St car to get downtown.
On the east side of Toronto the expansion of the condo market is seen by the River City development along with the three other large developments in the area; the Distillery District, Canary District and mixing of new condos into the Regent Park area. The Regent Park area is the perfect example of how viewpoints have changed with many people previously viewing the area has a no go zone. Now the developments of new condos are being sold in a matter of days, although a large number are being bought by investors and not end users.
The Canary District was aided by the Pan-Am games and the need for athlete housing which was converted into condos once the games ended. New buildings are being added along with some social housing so the area is being used and developed for everyone in the city. The new park built in the area is one of the nicest green spaces in the city.