Commercial Real Estate Toronto, Ontario
Toronto, ON Real Estate Market & Guide
As Canada’s largest city, Toronto has a population of 2.8 million people. It is a world-class city offering interesting neighbourhoods each boasting its own unique charms and attractions. The real estate market offers options both in the city’s downtown, as well as outlying neighbourhoods throughout the Greater Toronto Area (GTA).
Toronto: Diversity Our Strength
Toronto’s motto, “Diversity our Strength” offers a quick glimpse into what the city represents. You will never be bored when living in Toronto, not only because of the strong multi-cultural influences, but also its authentic attempts to be completely inclusive. This is a city that embraces the right to be unique, supporting individual expression and all that comes with it.
Although Toronto’s air quality is not great, it did still rank 21st in the Top 50 cleanest cities reported by Forbes Magazine. This is quite respectable considering the number of vehicles crammed into the city and surrounding highways every day. It also has a very respectable Green Bin program which has been heralded for its approach to waste management. There is a strong eco-friendly element in the city, with many businesses catering to the needs of those looking for sustainable products, food and services.
Despite its rampant growth, the city still manages to keep a small-town feel thanks to its many micro neighbourhoods which are very good at creating a strong sense of community and social responsibility.
Toronto has a thriving arts scene, endless dining possibilities, a pulsing nightlife, major musical and theatrical productions and enough sporting events to please its avid fans. Its diverse culture nurtures the arts scene and allows the city to attract world-class conferences, festivals and events throughout the year.
The Art Gallery of Ontario is the largest collection of art in the city, but Toronto is also home to dozens of galleries and museums including the Royal Ontario Museum. Toronto is a large performing arts centre, hosting major productions and performances from world-renowned bands and musical artists.
Boredom is impossible whether you are a foodie, sports enthusiast, patron of the arts or even a nature lover. Parkland is found throughout the city with kilometres of biking and hiking trails in hand with neighbourhood parks ideal for spending downtime.
Toronto boasts every possible amenity from community centres to malls and movie theatres to exceptional healthcare.
Over 96,000 net jobs were created in the Toronto region in 2018. Toronto has become a technology mecca attracting the likes of some of the industry’s most prominent players. It has the third-largest concentration of private IT companies in North America, joining the ranks of San Francisco and New York. As a result, it is creating jobs at a remarkable pace, with companies like Amazon planning to expand its presence. In fact, the city estimates it will be adding 10 million square feet of commercial space to accommodate the demand for businesses.
Toronto is also Canada’s banking/financial capital with the Toronto Stock Exchange anchoring the very prominent, high-end downtown Financial District. But there is more to Toronto than high finance and driving tech businesses. It is also resource-rich, providing hydroelectricity and raw materials that have kept the GTA a thriving industrial centre. It produces over 50 percent of Canada’s manufactured products.
Another indicator of a healthy economy, Toronto is currently experiencing a construction boom made evident by a skyline dotted with cranes. As mentioned, there are many commercial projects underway, but condo development is what truly dominates the skyline. Growth forecasts are highly favourable with the Conference Board of Canada and Oxford Economics predicting Toronto’s economy will grow by about 2% annually over the next few years.
In Toronto, its diversity is not only apparent in the people who live here, but also in the neighbourhoods it offers. As mentioned, Toronto’s skyline is condo dense which is attracting young people to the city. Singles and couples love the idea of low maintenance condo life, not to mention they offer a more affordable option when compared to detached homes in the city. In the downtown core neighbourhoods like Libertyville at King and Strachan, Leslieville on Queen East and some higher-end luxury buildings bordering the Financial District are very popular for the condo crowd. All of these areas keep locals in the heart of it all, although schools are harder to find, especially in the Financial District. That is why downtown condos tend to attract young singles and couples without kids.
However, there are many very family-friendly areas throughout the city including East York and The Beaches to the east, The Junction and Bloor West Village to the west and Davisville Village and Leaside heading upwards towards North York. Many of these areas have a small-town feel with local boutique shops and restaurants that add to their charm.
This is of course just scraping the surface. City streets offer mature trees and an assortment in the types of homes including detached, row houses and semi-detached homes, and areas a little further out from the downtown core offer an assortment of bungalows. It really boils down to budget when it comes to choosing a Toronto neighbourhood.
Both elementary and secondary Toronto schools fall under either public or Catholic boards both of which take their curricular mandate from the Ontario Ministry of Education. You will also find a wide selection of highly reputable private schools. The standard of education in Toronto is considered quite high.
Toronto is also home to Canada’s top-ranked university, the University of Toronto. U of T is also lauded as one of the world’s most prestigious post-secondary institutions coming in 23rd in the Academic Ranking of World Universities. Ryerson is also located in downtown Toronto, while York is located further west of the city. Toronto also offers many impressive colleges specializing in the arts, culinary, design and film.
Getting Around Toronto
Although many people complain about the Toronto Transit System, it provides accessible transportation throughout the GTA. Most neighbourhoods have a bus or streetcar stop within easy walking distance which will provide a quick ride to one of the city’s subway lines. Driving in Toronto can be a challenge, so many people opt to walk, Uber it or bike when weather permits. Bike lanes make it a little safer for cyclists and some outlying neighbourhoods even offer the option to take the GO train like Mimico and Guildwood. The GO train runs east/west routes from Union Station.
The downtown Toronto area has access to highways leading in and out of the city including the Gardiner Expressway which turns into the QEW in the west and provides access to the Don Valley Parkway in the east which heads north. From there you can continue north on the 404 or head east or west on the 401.
Toronto Real Estate
The Toronto Real Estate Board reported Toronto home sales in November rose 14.2 percent from the year before. There were 7,090 home sales in the month. Sales rose while listings decreased by 17.9 percent year-over-year and active listings were down 27.2 percent.
Due to fewer listings, the Toronto housing market continued to see an increase in the average selling prices rise 7.1 percent from last year to $843,637. The average house price in Toronto for November 2018 sits at $1.04 million with condos at $617,658.
If you would like more information about buying or selling a home in Toronto reach out to our team today.