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The
real estate market in Toronto has been active and promising. However, a lot has
changed before and after the Covid-19 pandemic. The real estate market
generally experienced a sharp dive in its sales rate at this time. Nonetheless,
the quest for people wanting to move from one apartment and location to a condo
in a better location is increasing.
Owing to its vast land spans, Toronto
became a target location for many. Condo Mapper International comprehensively
listed the current prices and rate of Condo sales in seven prime locations of
Toronto.
The 7 Best Locations to Buy a Condo in Toronto
1. Yorkville
You can call this location the classy
and trendy part of Toronto. Yorkville is beaming with life as a host to
dignified restaurants and bars, cafes, magnificent studios, top-notch
boutiques, exquisite hotels, and indeed, luxurious condos. The demand for
condos in this area is high because of the comfort and serenity obtainable
here. Surprisingly, there are many affordable yet grand properties available in
Yorkville. Therefore, buying a lavish condo in this location is a profitable
investment to make.
2. Alderwood
Alderwood is a
beautiful neighborhood in the Western region of Toronto. It houses a massive
mall, and many new condos have emerged close to the mall for some good reasons.
Also, it is only 15 minutes away from the International airport in Toronto.
Alderwood has experienced extensive
developments over time and attracted several people to its boundaries. There
are more accommodations with family homes and condos, mostly having 4-5 rooms
in them. Buyers benefit from this location as most residents live in rented
houses. Hence, this creates a competitive rate for the cost of rents.
3. University
Avenue
University Avenue is a renowned
location in downtown Toronto with so much coordination and amenities. This
makes it open to people seeking better access to amenities. It is decorated
with some exquisite and impressive condos that can fetch considerable returns
to the buyers. Foreigners and holidaymakers are hoping to see the best of
Toronto would greatly appreciate this location. Several prominent institutions
on this Eight-Lane Street attract tons of professionals and keep the rent and
selling price highly competitive and continuously on the increase.
4. Mimico
Mimico is a neighborhood in the
Southwest region of Toronto. It was once a Municipality but is now a primarily
residential area. You can make significant investments in condos in this
developing location. It has many affordable and straightforward condos with the
potentials of growing in value in no time. With the help of Condo Mapper
International, you can buy one of these with ease. The average cost of a condo
in Mimico sit around $687,000. However, if you plan to invest in a condo here,
you should do that now as the prices keep rising, making it a potentially
profitable investment.
5. Danforth
village
Danforth Village is located in the east
end of Toronto, hence the name East Danforth. Tourists are attracted to this
site because of its unique features like the zoo, restaurants, art galleries,
park, Museum, Aquarium, and world-class market. The air in this location is
intense and calming.
Danforth village ranks high as one of
the most compelling locations to buy a condo. You can buy highly affordable
condos that cost lower than $450,000. As an investment, you can earn over
$2,400 every month by leasing your condo in this location.
6. Bay
Street
This is one of the core financial
neighborhoods in Toronto and Canada in general. Asides from being significant
as Canada’s financial capital, Bay street has seen the development of a
substantial number of condominiums from 1990 till date. These condos serve as
homes for people working in the financial sector, discovery sector, schools,
and hospitals. Buying a condo in this area is a wise investment as prices are
not projected to drop anytime soon. Also, demands remain high so that you can
sell it off at a higher price.
7. Mount
Pleasant East
The burning development going on in
neighboring locations has made us add Mount Pleasant East to this list. It is
characterized by a rich landscape and highly serene and comfortable amenities
that make this location ideal for families. There are lots of exclusive and
price worthy condos available in this location. Experts predict that
properties’ prices might fall going forward with the current recession and the
next wave of Covid-19 looming. Hence, investors may capitalize on this factor
to secure condos for future business.
Conclusion
Like
most regions, Toronto’s real estate market has suffered the effect of the
global pandemic, especially with the sales of condos. People now appreciate
larger properties that come with home offices, yards, lawns, and other
amenities. However, not everyone can afford these luxuries or want to bother
about mowing lawns or cleaning pools. Therefore, larger condos are still a good
option for most buyers. You can consider these seven locations in Toronto to
buy a condo.
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