Discovering Downtown Toronto : A Guide to Living in One of Toronto’s Most Charming Neighbourhoods
Downtown Toronto, also known as the “Garden District,” is a bustling neighbourhood in the heart of Toronto, Ontario, Canada. It is bounded by Grosvenor and Alexander Streets to the north, portions of Church Street, Victoria Street, and Bond Street to the east, Richmond Street to the south and Bay Street to the west. The area is home to a diverse population, including young professionals, families, and students, all drawn to its vibrant energy, proximity to top attractions, and easy access to public transportation.
Real Estate Market in Downtown Toronto
Downtown Toronto’s real estate market has undergone significant changes in recent years, with the development of numerous high-rise condominium buildings and an influx of young professionals seeking a dynamic urban lifestyle. In this section, we will provide an overview of the current real estate market in Downtown Toronto, including average housing prices and trends, as well as the types of properties available for those looking to invest in this vibrant neighbourhood.
1. Overview of the current real estate market in Downtown Toronto:
Downtown Toronto remains one of the most sought-after neighbourhoods for real estate investment in the city. It’s a vibrant cosmopolitan hub, popular with executives, arts and culture enthusiasts, students, and urban dwellers who thrive in high-energy environments. The region is generally bound by Grosvenor and Alexander Streets to the north, portions of Church Street, Victoria Street, and Bond Street to the east, Richmond Street to the south and Bay Street to the west. It’s an area easy to get around in, and many residents choose to walk, cycle, or take public transit when commuting to work.
2. Average housing prices and trends:
The Downtown Toronto real estate market saw a decline in the average housing price in 2021 due to the COVID-19 pandemic. However, the market has since rebounded, and the average price for condos in Downtown Toronto is now $665,000. In contrast, the average price for freehold properties, such as townhomes and detached homes, is $1.7 million.
It’s worth noting that while Downtown Toronto has traditionally been a market dominated by condominiums, there has been a surge in the popularity of townhomes and other freehold properties in recent years. This trend is due to a combination of factors, including the desire for more space, the pandemic-induced work from home trend, and the increasing availability of these properties in the area.
3. Types of properties available:
Downtown Toronto offers a range of properties, including condominiums, townhomes, and freehold properties. Condominiums continue to be the most prevalent property type, accounting for 93% of sales, while townhomes represent 4%, and other buildings make up 2%.
Most of the condos in Downtown Toronto have one bedroom, but there has been a recent increase in two and three-bedroom units. The average size of a condo in the area is approximately 700-800 square feet.
In terms of styles, Downtown Toronto offers a range of building types, from art-deco towers to converted factories, high-rise buildings from the 1950s, and newer luxury condominiums. There has been an increase in the number of luxury condominiums in recent years, with towers of glass and prestige appearing throughout the neighbourhood.
In terms of ownership, Downtown Toronto has a split of 66% renting and 34% owning. The average household income for this neighbourhood is approximately $92,055.
Frequently Asked Questions (FAQ) About Living in Downtown Toronto, Toronto
- Unlike other cities with a large urban population, Toronto is not a dangerous city. Sticking to the safer neighborhoods and Downtown Toronto is a good way to ensure you’ll not fall victim to a petty crime. With a Global Peace Index of 1o in 2021, Canada is not a risky place for travelers.
There are about 35 corporations involved. It is possible to walk through the PATH from the waterfront to Downtown Yonge, and from the Entertainment District to Yonge St. all of which connect through Toronto’s world class Financial District.