Toronto Real Estate
Toronto is the capital of Ontario and is currently the largest city in Canada with an impressive population of about 2.615 million.
It is located in the southern region of Ontario and occupies a total of approximately 8,000 square kilometers of land.
This city is very attractive to individuals moving to Canada due to the multiple opportunities for career advancement that are made available to them.
On top of that, Toronto is a common city of choice when international events need to be hosted.
It should be of no surprise that Toronto's real estate market is monstrously competitive.
With hundreds of thousands of well-educated and high-achieving individuals looking to make their mark in this city, people are willing to do what it takes to get the best homes for themselves and their families.
One of the nice things about Toronto is that the state of the real estate market tends to be consistent depending on the district that you are looking at.
Nickname(s): "The Queen City"
Land: 630.21 km2
Urban: 1,751.49 km2
Metro: 5,905.71 km2
Home to over 20% of Canadians, recent changes in the Greater Toronto Area housing market are having a nationwide effect, especially as it follows Vancouver’s earlier housing market cool-down measures. As one of the greatest economic engines and one of the most expensive housing markets in the country, the GTA’s slumping sales, especially in higher-priced housing categories such as detached single-family homes and luxury homes, national averages and outlooks are already showing a slowdown in price growth, with further negative trends expected to bleed over into 2018......read more
With Toronto aiming for higher density living, and the unaffordable prices of detached single family homes, buyers are turning towards condo properties in increasing numbers. Construction and development of new multifamily projects remains active across the city – whether market-rate, luxury, affordable or micro, condominium developments promise to bring much needed stock to the GTA’s shaky market. Changing buyer preferences.....read more
As sales plummeted after the launch of Ontario’s new Fair Housing Plan, the uncertainty of Toronto’s housing market did not spare the luxury segment, which, like other segments, registered significant slowdown. Moreover, luxury homes have also been more significantly impacted by the non-resident speculation tax, meant to curb foreign investment-driven transactions.....read more
The Greater Toronto Area’s troubled housing market is making its effects felt on national sales and pricing trends as well, recent data from The Canadian Real Estate Association reveals, bringing a negative growth outlook for 2018. With Sotheby’s International Realty’s new luxury market data casting new light on the GTA’s luxury market, speculation still continues as to whether or not the GTA will continue its rapid cool......read more
Ontario’s much-debated Fair Housing Plan continues to enact widespread changes across the Greater Toronto Area’s housing market. Some were expected – a decrease in overall sales volume, reduced foreign investor interest and market uncertainty – while others have taken many consumers and professionals by surprise, such as the condo price boom. As we enter the fall market, debates among real estate professionals, consumers, pundits and the provincial government are heating up, especially when it comes to the GTA’s housing market outlook... read more
As Toronto’s real estate market came to grips with new market conditions – heavily influenced by the provincial government’s new Fair Housing Plan – the months following the April launch of the initiative saw plunging sales volumes. However, the relatively still affordable condo market, along with other non-detached single-family housing segments have attracted clients in large numbers, pushing prices up... read more
Although the massive slump in sales activity in Toronto’s housing market had many worried about a housing crash, recent numbers released by the Toronto Real Estate Board (TREB) suggest the market is simply adjusting to new market conditions, especially in the wake of the provincial government’s Fair Housing Plan. While sales activity is down by nearly ....read more
As the Greater Toronto Area continues to come to grips with its sizeable housing slump, multifamily home sales have added a layer of stability to compensate somewhat for the GTA’s crashing sales activity and stumbling prices, with year-over-year price gains reaching double digits, according to Toronto Real Estate Board data. While condo sales have continued to breathe life into the city’s rapidly cooling market, foreign buyer....read more
As the average asking price for residential listings in the Toronto real estate area continues to rise, the supply in the local market is ......read more
The real estate market in Toronto witnessed its lowest vacancy rate of the last 7 years at the start of 2017, according to the Canadian Real Estate Board. The average selling price in Hog City is ......read more
Toronto is rich in cultural events that animate the city. It is home to 80 film festivals, 200 performing arts organizations, and countless galleries. It also boasts symphony, ballet, and opera companies that have gained world-wide recognition.
One of the unique features of this city is that so many Canadian actors had their beginnings in Toronto.
Whether though an arts school or an introductory role, there’s a good chance that they started here.
Toronto is also home to many well-known entertainment companies such as MTV. This makes the city a big breeding ground for those in the arts & music industries
that are looking to make it big one day!
Toronto has an overwhelming abundance of activities that tourists and citizens can do in their spare time. With over 75 film festivals, art galleries spanning different genres, and hundreds of performing art organizations, you will be hard-pressed to run out of things to do. If you manage to stay in the downtown area for an afternoon, the CN Tower is a popular tourist site. It spent many years as the world’s tallest tower before it was overtaken by the likes of the Burj Khalifa and many others.
Toronto consists of 4 main sections, each spanning multiple districts and neighbourhoods: Old Toronto (a.k.a. Downtown Core), Etobicoke, North York, and Scarborough.
North York, as one can deduce from its name, is located on the northern part of Toronto. Spanning over 35 different neighbourhoods, there are plenty of things for its residents to do and see. In particular, the high concentration of shopping malls makes it a very attractive tourist hub for those visiting the city. The low crime statistics here are also appealing to those who are looking for a safe neighbourhood to live in.
Scarborough is located in the eastern part of Toronto, and is the least dense out of all the districts with respect to its population and number of homes. The main attractions here include Milliken Park and Rouge Park, which are hotspots for those who take a special interest in long hikes, wildlife, and seeing the scenic sights of nature.
Etobicoke is located on the western part of Toronto, and has the highest concentration of suburban homes and industrial factories within the city. With many high quality schools and ease of access to the Downtown Core, this ends up being a great district for those who enjoy the city life but prefer to live in a much quieter area.
The Downtown Core is regarded by many as the economic powerhouse of the city. As the host of several businesses and tourist attractions, it receives a heavy volume of traffic on a daily basis and has a very exuberant nightlife. Many up and coming professionals earn higher wages and have the finances to afford a home that is in close proximity to their workplace.
The Downtown Core is home to several high-end condos (low-rise and high-rise), with many more under development.
If you are a student, you will also be pleased to find many rental apartments that are within walking distance of your university/college campus.
Be warned, as these homes are known to be very costly! The convenience of where these homes are located makes it one of the hottest housing markets in the country.
Etobicoke is home to many suburb homes that are better suited for smaller families. Expect to find many semi-detached homes and townhouses, with the occasional bungalow and mansion-sized house for those that are able to afford it. With multiple suburban developments underway, this area will see an influx of new residents over time.
Scarborough tends not to have many homes available, and for good reason. These are giant homes that occupy multiple beds and bathrooms, in addition to having massive property spaces that allow for amenities such as pools and tennis courts to be built at the owner’s discretion.
North York possess the most diverse range of houses out of all the districts, offering homes ranging from smaller apartments and condos to larger suburb-like homes. The competitiveness of the housing market will vary depending on the region that you choose to live in.
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The following table, based on data taken from the Canadian Real Estate Association (CREA’s) National MLS® Report for July 2016 (the latest information available), demonstrates how homes in LSTAR’s jurisdiction continue to maintain their affordability compared to other major Ontario and Canadian centers.
Toronto is home to the University of Toronto, York University, and Ryerson University.
The University of Toronto is internationally recognized as one of the top research universities in the world, and is amongst the Top 3 universities
in Canada when it comes to its medical school. York University offers the only space engineering program in Canada for its students,
and Ryerson University tends to be well known for its prestigious business school.
As for elementary schools (K-8), there are roughly 450 public schools currently registered under the Toronto District School Board. Boasting one of the most highly educated populations in the entire world, Toronto is no stranger to the idea of valuable education at an early age.
Seeing as Toronto accounts for roughly 20% of Canada’s GDP, it only follows that it plays a significant role within the Canadian economy. In the past 3 decades, Toronto has seen a big rise in the development of service-based industries. Many large corporations have established a keystone building here or decided to put their headquarters within the city for this very reason. In particular, the industries within Toronto seeing the most growth and development right now are finance, real estate, computer engineering/software development, pharmaceuticals, fashion, and entertainment.