The Toronto housing market is hot even if the winter temperatures are below freezing. With construction going on in neighbourhoods across the city, some may be left wondering if all of the new condo projects could ever really be filled with tenants. How will demand keep up with the supply? Or will there still be an excess of supply with all these new condos in Toronto?
There are some interesting qualities that make this real estate boom very different from previous periods of growth and value increases in the city. The common goal for buyers and renters remains the same, though: find a beautiful living space that they can turn into a home.
The Davies is a new condo project in Toronto’s hip and trendy Yorkville area. With luxury finishes and a location that combines urban excitement with the tranquility of nature at Robertson Davies Park, it is the perfect place to settle in and call home.
How Supply and Demand is Fuelling Toronto’s New Condo Projects
In 2016, it has been reported that developers applied to build 10,000 new units all within the GTA. Why so many? Where are all these people living now?
The boom is being motivated by multiple factors. Aging millennials are looking to find a place of their own and low interest rates are appealing, while detached homes are very expensive. International immigration also continues to play a big role in the city’s growing population. Many Canadians are also moving to Toronto from across the country to find work opportunities in Canada’s biggest city.
In addition, ballooning rental prices, that have risen about 20 percent over the last four years, are contributing to an economic climate and real estate market where ownership is a viable, long-term investment that will have benefits going forward. Instead of temporary living space, record low interest rates are driving many to seek a permanent residence in new condo developments.
With so many new faces and born-and-raised Torontonians looking for a comfortable, affordable, and convenient place to live, condos have become the perfect solution. New condo projects offer residents a realistic option for home ownership, fantastic amenities, and a great location within the downtown area. Financial security and ownership control make condo demand very high and this trend shows no sign of slowing, even as supply rises to meet the needs of the city.
Interested in finding a new condo project in downtown Toronto that fits your lifestyle and budget? If you want a unit with beautiful interiors, a functional floorplan, and a great location, look no further than The Davies. Located in a safe neighbourhood and nearby great schools, shopping, and cultural centres in the city, you will enjoy living within walking distance of transportation and everything you need. Unwind in Robertson Davies Park and the respite of your luxury condo as you get the experience and convenience of living downtown.