The Toronto real estate market can be pretty confusing. Point in fact: despite constant complaints that most people can’t afford to live in the high-priced city, young people are still being drawn into the downtown condo lifestyle. So, what’s the appeal?
MILLENNIALS FLOCK TO TORONTO
According to a report published by RBC Economic Research, millennials aka those aged 20 to 34 are still drawn to Canadian cities like Vancouver, Montreal and Toronto. The report’s author, RBC senior economist Robert Hogue found that for every person in this demographic that leaves Toronto, seven arrive. He assumes those leaving are looking for affordable housing, noting areas outside of the GTA tend to have homes about 25 to 50 percent cheaper than the downtown core. However, thanks to job growth, not to mention the cultural appeal of Toronto, young people will continue to choose Toronto as their home.
JOB GROWTH AND OPPORTUNITY
The tech industry is transforming the Toronto job market. Perhaps soon to be dubbed the Silicon Valley of the north, Toronto has attracted some of the highest-profile companies in the industry including Microsoft, Twitter, Uber, Google and Netflix. Not only do these companies love Toronto, but many are even expanding their presence in the city.
With a boom in tech jobs, workers are here to not only take jobs with these major companies, but to join smaller tech startups according to the Globe and Mail. Toronto has added 80,100 tech jobs in the past five years. That is an increase of 54 percent, ranking Toronto third in North America as a tech mecca and adding to the 241,000 existing tech-industry jobs. As a result, the outflow of people leaving the city for jobs in the suburbs is reduced.
DRAWING THE BIG COMPANIES TO TORONTO
So just who are these companies planning to expand Toronto jobs? Amazon for one. They plan to add 600 new tech jobs over the next five years to its team of 800. "Represented here in Toronto, we have teams from a number of different parts of the company," Tamir Bar-Haim, Amazon's head of Canadian advertising told CBC News. "We have customer fulfillment technology, Amazon web services, Alexa, advertising and more."
The Sidewalk Labs project has been somewhat controversial, but it will bring in 44,000 positions according to CBC News. Sidewalk Labs, a subsidiary of Google parent company Alphabet Inc. has created a new concept for urban development. The blueprint incorporates the latest in building design, mobility, sustainability, and inclusivity all aiming to improve the way we live and work. The new complex is set to be built along Toronto’s eastern waterfront.
BOOMING COMMERCIAL REAL ESTATE IN TORONTO
The Globe reports, with the rise in tech, 10 million square feet of new office space is targeted to become available by 2024. Much of the new construction and renovations in the King-Spadina warehouse area are slotted to provide workspace for tech companies and their workers.
However, these spaces must be state of the art to attract Toronto’s top talent. First, people don’t plan to travel any further north than St. Clair Avenue which is now the unofficial border marking downtown Toronto’s limits. Second, downtown office space no longer consists of cubicle sprawl and harsh fluorescent lighting. Instead, today’s tech worker expects perks like open workspaces, lots of natural light, patios, and showers. It’s all about creating a desirable Toronto lifestyle.
CONDO DWELLERS LOVE THE TORONTO LIFESTYLE
Toronto is not just bursting with career opportunities. People are attracted to its diverse culture which keeps the city vibrating with life. The Toronto condos that attract younger homeowners and renters are within walking distance of either workplaces or the TTC. Although people complain about Toronto Transit, the truth is, if you are getting around in the city, you always have a streetcar, bus or subway handy. Bike lanes have made the city more accessible, and with everything close by, walking is an easy option.
People can enjoy the multicultural vibe of the city with diverse communities offering authentic glimpses into communities like Chinatown, Little Italy, and Greektown. Diversity is the driving force behind trendy, up and coming neighborhoods in Toronto each offering its own unique amenities and sense of community.
The dining scene includes everything from pop up fast food trucks to world-class dining experiences. With ethnic neighborhoods enhancing the endless choices of meal options, and a growing list of Toronto’s celebrated chefs, dining experiences keep things interesting when living downtown.
Despite the thriving metropolis, Toronto has become, it also keeps you surprisingly close to nature. Located right on the lake, parks, beaches and the charm of the Toronto Islands keep Torontonians in tune with calming parkland. Bike and hiking trails run rampant throughout the city taking you to all the hottest green spaces in town.
As with any world-class city, the entertainment scene never sleeps in Toronto. With hundreds of bars and clubs, live music venues, top-notch musicals and local theatre productions, there is never a shortage of things to do. Toronto has become the destination spot for many events and festivals including the world-famous TIFF and the very colorful Caribana.
And of course, the shopping experience ranges from local boutiques to high-end international retailers.
WHY LIVE IN A TORONTO CONDO?
Condo living appeals to people of all ages because they offer a low maintenance option. Since someone else is there to worry about shoveling snow and mowing the lawn, you never waste time with upkeep. For older tenants, one-floor living is ideal as there are no stairs to worry about. The lifestyle provided by Toronto condos keeps you in the heart of things and you are always within walking distance of food, drinks, shops, and entertainment.
Many condos offer amenities ranging from pools to gyms and yoga rooms to party/theatre spaces. Security is much better than a house or designated rental building, with many condos having security guards on the premises.
TORONTO CONDOS ARE STILL AN AFFORDABLE OPTION
Although Toronto condo prices continue to rise, they still present a more affordable option than a detached home. According to the Toronto Real Estate Board, the average price of a detached home in Toronto in November 2019 was $1.04 million compared to condos at just $617,658. Since this is an average price, those interested in owning a condo might still find some bargains below $600,000. In fact, it is an excellent opportunity for investors who might be considering becoming a landlord. With demand on the rise, finding tenants will be easy.
If you are looking for a Toronto condo, we’ve got you covered. The experts at OnlyWith.ca have helped thousands of Torontonians find their dream condo and enjoy the exciting life Toronto has to offer. Reach out to our team today.