A decision to buy an apartment in Toronto is always a good investment decision regardless of how you are planning to use your new property. Toronto is the largest and most dynamically developing city in Canada. It attracts visitors and residents with its great balance of multiculturalism, excellent ecology and great work opportunities in banking and IT industry. Good education options, clean streets, very low crime levels regularly place Toronto into the top-5 best cities to live in the world (4th place in 2009, 2010 and 2011 by the rating compiled by The Economist).
While the U.S. and Europe are still trying to deal with the aftermath of the economic crisis of 2008-2011, Canada continues its conservative budget and loans policy, which helped the country to avoid significant unemployment rate hikes and bankruptcies. Most Canadians love to criticize the conservative party for the high taxes, but at the same time citizens value safety and comfort of city streets, achieved partially with the taxpayers' money. These conditions attract immigrants, students and professionals from the wide variety of backgrounds. Many settle here right after arrival or move their families here gradually; either way, the number of people wishing to buy an apartment in Toronto steadily increases every year.
The fast-developing downtown core of Toronto has already been nicknamed "the second Manhattan" for the quality, pricing and proximity to the business core of condos sold downtown. Harbour Square, City Place are just two of many condo complexes that are well-known to the inhabitants of the southernmost part of Toronto. Here you can find high-rises of 60 floors and older 4-storey townhouses. Buying an apartment in this area of Toronto is a great deal, as condos here are easy to rent and easy to sell.
Torontonians who like living in the downtown core prefer renting apartments in Toronto, as this way they can afford a relatively inexpensive option (starting at $1,300) close to the subway, Lake Ontario and major office buildings. This option is very popular among young professionals - childless couples usually under 35 who make good money and value the proximity of great restaurants, bars and stores of downtown Toronto.
Downtown is the most popular area for apartment rentals in Toronto, even though you can rent an apartment in any neighbourhood of the city close to the subway. Depending on the distance to the centre of the city, to transit and to stores, rent varies from $600 for a basement apartment directly from owners to $1,500 for a spacious apartment in a good building close to the subway. Those who deem downtown too noisy and busy often decide to buy an apartment in downtown Toronto to rent it to others.
In order to buy a condo right in the heart of downtown Toronto, you will need a starting budget of $270,000; reputation of the residential complex, metric area of the apartment, view of the lake all can significantly influence the price. The lake view in particular may add another $30,000 to the price; moving up one floor is another $1,500, as the higher your condo, the more impressive the view. One parking spot in an underground garage costs an additional $25,000 - $30,000. To sum it all up, a medium-sized 1-bedroom apartment in good state on the 25th floor with lake view and parking will cost approximately $350,000.
Because market supply is stably high in Toronto, it can be difficult to distinguish between a really great find and a mediocre deal. Here the buyer definitely benefits from enlisting help from a qualified registered real estate agent in Toronto. Services of real estate agents are free for buyers, because commission is paid out by the seller of the property, yet the benefits buyers get are numerous. The agent will help to find suitable mortgage options, will negotiate prices and submit an offer on your behalf, supporting you every step of the way until you get the keys from your property. If you are interested in buying an apartment in Toronto, please get in touch using our С„feedback form or call us directly.