Toronto's waterfront view makes the district one of the most sought-after in the world. The transition the area made from being industrial docks into being luxurious homes began in the 1970's. On the day that the CN Tower was complete, the modernized area had suddenly opened itself up to the city as well, changing the landscape's purpose forever.
Over the years thereafter, the area continued to turn into what it is today. It's now home to the Convention Center, the Rogers Center, the boardwalk, private docking and water sports. In terms of it's residences, the waterfront area's properties span the distance of the shoreline, including Toronto Beaches and the Toronto Islands. Toronto's booming sales of new condominiums outnumber sales of family homes 3:1.
The waterfront condo district is a 46 kilometer span and includes beaches, harbor facilities, the beautiful condo developments and numerous attractions. From the west, it runs from Etobicoke Creek to the Rouge River. The district has grown to include numerous top quality restaurants and stores. As for culture, the waterfront also includes the Harbourfront Centre with access to theatre and music performances.
Toronto's waterfront revitalization project is the largest underway in all of North America. Some projects that are underway now are expected to take up to thirty years to complete. Over the next three decades, the city will spend approximately $17 billion to upgrade any areas that are remaining. On-going and increased residential development will allow you to chose from a number of different condo opportunities.
The city's average condo sells for $350 per square foot or under; downtown and waterfront condos can cost as much as $2,500 per square foot. A new waterfront condo will sell from $180,000 (usually for a bachelor suite) to about two or three times more for two bedroom units with dens and balconies. In the area, prices for some of the best luxury units cost into the tens of millions of dollars
Some of Toronto's most expensive and luxurious condos are appearing in old industrial spaces near Exhibition Place. And, some of Toronto's landmarks, such as the Queen's Quay Terminal and the Tip Top Tailor building, have been turned into top-end condominiums. This neighbourhood is also filled with some great historic, industrial spaces in the area. The charm of the history, the mix of old and new, attracts many people.
The average price of a condo in Toronto in June 2009 was $$340,895. There were 13,357 new listings and 18,704 active listings that month. Central Toronto real estate is being built, bought and sold very rapidly: a condo stays on the market for an average of 33 days. Prices are on the increase as a result of the increased activity in the area, which causes a seller's market.
Home sales were up overall throughout Canada, up almost 20% over the previous year. The condos there are in demand for their quality, design, the view and the atmosphere of the area. Toronto's waterfront is an excellent area one should consider when looking at a real estate investment in Toronto.
If you found this article about harbourfront properties in Toronto interesting, you may also enjoy reading "Typical Condo Pricing".