Toronto is booming and so are the prices of any real estate in the core. The increase has been dramatic and seems to have run beyond most peoples means with respect to affordability. Low interest rates,vibrant immigration and international demand for investment properties have all fueled the fire..Previously attainable neighborhoods such as Trinity Bellwoods, Dovercourt Village, Dufferin Grove, Parkdale, Roncesvalles, and Cabbagetown have all become gentrified and the prices have risen by roughly 50% in the last few years.
With Toronto's Real Estate Boom never-ending and how will the next generation live?
The condo boom we have experienced and will continue to witness will continue at a rapid pace. The intensification of our city is the only way to accomodate the demand for our city locally,nationally and internationally. Every possible parking lot,underutilized piece of land and older building will be redeveloped to create more housing. So, one alternative will be to live in smaller spaces in convenient locations.
The second option is to move out of the city limits into the suburbs and satellite towns such as Barrie, Peterborough, Hamilton, St. Catherine s and Niagara and surrounds. Prices are still affordable but are experiencing increases due to the demand from young families who need more space.
The new generation will also become part of a house sharing community that will split /share what were once single family homes. Houses will be divided into 2-3 separate living areas with common laundry,kitchen areas and yards. This will enable them to live in areas that would otherwise be unattainable.
Toronto will probably be a city of 8-10 million people by 2050 and hopefully our infrastructure development and transportation systems will accommodate our great city and its multi-cultural communities.
A new project that has just been released is the Icona condos on highway 7 and the 400.This development of around 1200 condo units would previously never have been proposed but by the time it is complete,it will have direct access to the Vaughan subway extension and owners will be able to commute to the city in 35 minutes.Many of my clients are purchasing units here with an eye to the future.
We have been spoilt having grown up in a city that was able to provide single family accommodation at way under the going wold wide rate,but that has all changed now and the New Toronto will offer many diverse and interesting accommodation options for our children.