The real estate market in Toronto, Ontario is red hot right now. Many Canadian real estate markets are in fact surpassing even the most active markets in the United States with their frequently increasing prices and high demand. Due to the popularity of the Toronto real estate market, new properties always cause an exciting stir amongst the community.
Luxury condos are very sought after, whether it is for full-time living or just a getaway home. If someone is looking to obtain a shorter commute time to work, a downtown property might be ideal because they are usually located near many business districts as well as some of Toronto’s excellent public transportation. These new condos also lead to the development of new restaurants and recreational activities that enliven the community and bring all kinds of new excitement to the area.
While Canada is bustling with many new renovations in the works, Toronto mainly has some notable developments that are either under construction or will be soon. These new buildings will range from merely eye-catching to incredibly functional for servicing the public space, so there are some current new developments worth checking out.
Here are some of the most awaited condo developments coming to Toronto:
1. Prestige Condos at One Yonge Street
The Prestige condos being built at One Yonge Street are some of the most anticipated developments in the Toronto area. They are impressive additions to both the retail and commercial market and the housing market. Currently, under construction within downtown Toronto by Pinnacle International, this project is a part of an exciting master plan to create even more interest in the area.
While the community is probably excited about this development right now, it is not scheduled for occupancy until 2021. But that gives everyone plenty of time to prepare and decide which of the luxurious floor plans to choose from and where in this high-rise community they would like to live in. With 65 stories and state of the art community center amenities, there are a lot of options to choose from. This waterfront location is sure to spark a lot of interest once it is entirely constructed!
2. Church and Wellesley Intersection
This one is a significant development because it is located at one of the most prominent Toronto intersections. The neat part of this condo is that it attempts to improve aspects of the public realm with its unique architecture and style. This type of construction is welcomed by locals because it is dedicated to improving the area’s overall aesthetic as well as catering to new residents.
Nobu is an exciting development for current Toronto residents and prospective Toronto residents alike. This development stands out because it is adding a restaurant and hotel along with their construction. This mixed project has aspects that apply to locals, property shoppers, and visitors.
3 Benefits of These New Toronto Developments
While some of the new apartments and buildings popping up may seem a bit flashy and pricey, they have a bunch of benefits that help the entire community. New housing attracts all kinds of new people who help build up the area into something better and more diverse than it was before.
Here are some of the other benefits that come with new housing construction:
– New life
One of the greatest things that come with the building of new buildings and developments is the new life they bring to a community. These new additions lead to all sorts of new construction including community centers, cultural venues, restaurants, and much more. Many of these exciting changes are long-lasting and contribute to the overall health and vibrancy of the city.
For example, the first three floors of some of the new Prestige Condos development will be dedicated solely to retail and commercial stores. New residents can enjoy the convenience of merely taking an elevator downstairs for any of their shopping needs. Locals in the area who aren’t residents of the Prestige Condos will also benefit and be able to enjoy the new shopping opportunities. New shops, amenities, restaurants, and other business services not only attract business, but they also help the area prosper and become more popular.
– New buildings could potentially lower prices
In Toronto, there is a massive demand for housing and new luxury condos and not nearly enough supply; this is where these new developments come in. While prices remain high thanks to all the interest in the Toronto area, the added amount of amenities and condos could eventually cause prices to lower.
– Prime locations
Buildings, such as the luxury condos soon to be located at 1 Yonge St, have the benefit of basically being in the center of everything: business districts, shopping centers, entertainment, restaurants, and other amenities usually surround condos.
What Condo Life Is Like
With condo living becoming increasingly popular, more and more people are considering switching to it. If you are on edge about it and are looking for some more information, something helpful to keep in mind is that maintenance is much simpler when you live in a building. Somebody else is typically responsible for all landscaping, roofing, and overall upkeep of the space, so you don’t have to spend all your time and resources on those activities. This gives you the opportunity to spend more time and money somewhere more important, like with family, personal entertainment, or anywhere else.
The community within a building also gives you a whole new way to network and meet people with similar interests. Bonding over similar interests can quickly turn into strong friendships. A development with luxurious amenities gives you countless activities to take part in and fill your time with and gives you a method of meeting new people.
Condos are also incredibly safe and convenient. A solid real estate property will have decent security, which leads to fewer break-ins than standard homes. This allows the residents to feel more safe and secure and lets you have some valuable peace of mind when you lock up and leave your home.