The concept of a condo was invented so that more people could have the opportunity
to own real estate in the most popular areas of a city. As a consequence, the
neighbourhoods with the best views, best access to amenities and best nearby
job opportunities tend to be the most condo-heavy. Unlike a home for sale, where the neighbourhoods are a little bit smaller and quieter, and there's
a chance of getting a detached home for less than the development budget of
the first space shuttle, condos downtown can be extremely expensive
and in-demand, so make sure you familiarize yourself with the advantages and
disadvantages of each of Toronto's major condo neighbourhoods for example,
make your decision.
The original city of Toronto is the district with the most expensive real estate. Toronto, Canada now consists of an enormous area containing at least six former
cities that have all been amalgamated or annexed into the whole. While these
areas are developing at an ever-increasing rate, it is the 'old city'
of Toronto that remains in highest demand for condos due to the fact that there
are more offices and infrastructure down there than in the outlying areas, given
the head start it had in terms of development.
The old city is also known as 'downtown' or the 'central
district', and sports spectacular views of Lake Ontario. Condominiums for sale are among the most expensive in the country, and not just for the views.
Downtown is also the home of the hottest clubs, coolest theaters, biggest sporting
arenas, and most expensive shopping boutiques, which means downtown condos are
not just in demand for office workers who want to live close to their jobs,
but also for film and sports enthusiasts who are planning on spending some time
in the city. There are also numerous rail connections from the TTC and the GO
train, and the nearby City Center Airport, which make it the ideal neighbourhood for traveling business people.
Moving farther away from the city, we have what are now known as the 'inner' and 'outer' ring suburbs. While not in as high demand as downtown, their lower property prices have made them popular among lower level downtown workers who have been squeezed out of downtown neighbourhoods because of the skyrocketing prices. The districts of York and East York used to be suburbs, but have become home to many new condo developments with the rise in population, especially around the transit stations.
These days, if you want to escape the high rise condo tower, you have to go
out beyond the Toronto city limits . The so-called 'outer
ring' suburbs of Toronto (Etobicoke, Scarborough, and North York), while
still retaining some suburban-style detached home neighbourhoods, are also home
to areas of rapidly developing condos. These high-rise clusters are often found
around the transit stations like in York and East York, and the farther away
from city center you get, the cheaper the prices become, which often means fewer
well-off business people as residents, and more new immigrants.
If you enjoyed our article about Condo Neighbourhoods, you may also be interested in reading about "Choosing the perfect paint colours for your new condo" by local business Larryspaintingtoronto.com.