It was half a century ago – in 1967 – that the first condo was constructed in the city. It was a fairly unknown idea then, but the government at the time encouraged the development, seeing it as a solution to the crisis in affordable housing.
The concept did not click. Yet, spurred by government subsidies, many condo projects came into being in the 1970s. An optimism around the market grew as condo units started being viewed as the ideal affordable housing option for young couples. However, once complaints regarding shoddy construction started to come in, the condo market’s reputation took a beating, and sales nosedived.
Condos then returned with a bang in 1980 in a changed, much more glamorous avatar. The craze for condos was consistent in this decade with young people, businesses and investors taking to these luxurious residential buildings in a big way.
The recession of the 90s again saw a dip in condo fortunes, with prices sinking by more than 30 percent. However, the condo market bounced right back by the end of 1997 and has only seen exponential growth ever since. Condo units doubled in the 2000s compared to the 1990s, and since then, except for occasional blips, it has been a boom time for the market, with many young couples embracing the condo lifestyle of living downtown and cycling or walking to work.
Why the Condo Growth Story Continues
Many of the reasons that prompted people in Toronto to consider condo living half a century ago still hold true. However, affordability is not the only reason why condos are becoming a preferred housing option. Ease of travel, proximity to downtown areas, building amenities, and low maintenance costs are also factors driving up sales. Here’s why condos are getting more popular than ever:
- Lack of low-rise options: Realtors note how a decade ago, real estate sales were 70 percent low-rise to 30 percent condo, but now these numbers have flipped. Single-detached homes have always been a favourite housing option, but the truth is, the supply is limited, causing prices to constantly move up to unimaginable levels. Many people are of the view that it is simply not worth investing such huge amounts on a buying a house.
- Affordability: Condos are now becoming popular not only with young couples but also with young families, especially immigrants, who feel condos are the best option when you are starting life afresh.
- Investment opportunity: With low-rise options going beyond reach, young people who want to make an investment are opting for condo units. Toronto’s eminence as a world-class city is reaffirmed each year, and the housing demand is unlikely to go down.
- Downtown Living: Many people appreciate the ease of travel. Also, downtown living comes with its own charm and greater opportunities to enjoy the best of the city.
Don’t Miss Out the Chance to Own a Luxury Condo in Downtown Toronto
With Toronto becoming the epicenter of Canada’s business activity, the city is only expected to expand and grow in the days to come. Investing in a condo is a wise and secure option. Also, if you are looking at downsizing and are considering another attractive housing option, a well-located luxury condo is your best bet. One of the foremost luxury condo developments in Yorkville is The Davies. Elegant and sophisticated, the tastefully designed building is only nine floors tall, lending the place both a charm and intimacy difficult to find in a condo. Only a ten-minute walk from Yorkville downtown and the TTC subway, your location at Avenue Rd and Cottingham gives you access to the city’s finest restaurants, hotels, spas, art galleries, specialty shops, hospitals, and schools. Overlooking the Robertson Davies Park, The Davies condo blends the bustle of downtown living with the serene lush surroundings.
To find out more about our new condos contact The Davies at 647-360-9588 to book an appointment or register online for more details. Check these floor plans and work with our team to find the best option for your new home.