What was once a fail-safe move north to save on real estate investments and homes for first-time buyers has become a fierce competition and pricey endeavour: property listings in the Greater Toronto Area are now exceeding the million dollar mark. What was once a suburban refuge from the city of Toronto’s ballooning real estate prices is now a competitive housing market where distance to the city centre does not necessarily equate with dollars.
It is no secret that real estate prices have been on the rise. Even those with no interest in owning property are well aware of the dramatic upswing and momentum of the real estate market. The number of home sales in Toronto exceeding the million dollar mark has risen by 44 percent in 2016 when compared to sales in 2015. The real estate market in the Greater Toronto Area exceeded that growth, with a whopping 77 percent increase when measured against the sale of homes from the previous year.
Multiple factors have been taking shape simultaneously to drive prices up and strengthen the market as a whole. Canada’s housing market has been on the rise overall, with major hubs like Vancouver and Toronto offsetting the hard times of decline and development that many smaller cities are facing. Consumer demand, confidence, security, and ongoing supply shortages due to the plethora of local and foreign interest and investment has made for a real estate market boom of multi-million dollar proportions.
Some professionals are pointing directly at those foreign buyers when it comes to isolating the cause of the surge. Some speculate that supply would have been able to meet local demand, maintaining and balancing out pricing for semi-detached homes and other property types. Such high speculative interest and investment from around the world, however, was not anticipated by developers. Space restrictions and construction timelines have made it impossible to keep up and are helping to drive more people outside the downtown area.
Luxury Condos Suited to those Looking to Enter the City of Toronto’s Hot Real Estate Market
Getting into the market is still possible for many young professionals. Luxury condos are available within the downtown core that eliminate the cost of driving, time wasted commuting, and also promise a very different lifestyle than the Greater Toronto Area. Similar price points for condos in the city can grant you access to luxury finishes, a building community, trendy neighbourhoods to explore, and accessible transit to work and play. The Davies new condo project is right by Robertson Davies Park, offering tenants green space and respite from the urban hustle without dealing with inconveniences caused by distance. Yorkville’s trendy restaurants and bars, local schools, building amenities, and proximity to multiple TTC routes make for a new property that extends beyond the living space and creates a desirable lifestyle of ease and luxury.
Enter Canada’s real estate market with a sound investment in a luxury condo. Contact the team behind The Davies at 647-360-9588 to schedule an appointment or sign up online to learn more. Check out our new condominiums in downtown Toronto and work with our team to find the best option for your new home.