Toronto – in demand and on the rise
Largely considered the pinnacle of the condo boom we’re seeing these days, Toronto still does boast some good lowrise home options. Supply and pricing of those homes, however, is another matter.
That’s what happens when you combine a strong economy and rising population with limited new and resale home supply.
Indeed, the Toronto Regional Real Estate Board (TRREB) is forecasting at least 10-per-cent price growth in the GTA this year to $900,000, up from $819,319 in 2019. And on the new home side, 2020 began on a strong note, with 2,106 total new home sales in January, up 65 per cent from January 2019 and 14 per cent above the 10-year average, according to the Building Industry and Land Development Association (BILD). The benchmark price for new single-family homes was $1.09 million.
“Toronto’s booming economy has brought with it housing affordability challenges that will continue throughout the next decade,” says Frank Clayton, senior research fellow, Ryerson University’s Centre for Urban Research & Land Development.
“Both the provincial and municipal governments must support a massive increase in the supply of all types of housing and tenures as priority number one and quickly transform the land use planning system to make this happen.”
Long considered one of the most multicultural cities in the world, Toronto boasts a collection of distinct communities, including East York, North York, Scarborough and Etobicoke.
Some of these areas, in fact, now represent areas of growth for new lowrise housing, given that larger master-planned communities of single-detached homes are fewer and farther between. Much of the focus now is on the socalled missing middle, those smaller developments such as townhomes that represent a real opportunity for new ground-oriented homes in the city.
Culture and entertainment
Find a way to buy and live in Toronto, however, and you likely will love it.
Toronto offers a vast array of culture and entertainment options, from the National Ballet of Canada, Toronto Symphony Orchestra, to the Art Gallery of Ontario, Royal Ontario Museum and more.
For the sporting sort, Toronto has a handful of pro sports teams – the Toronto Maple Leafs, Toronto Raptors, Toronto Blue Jays, Toronto FC and Toronto Argonauts – and is home to the Hockey Hall of Fame.
The Toronto International Film Festival (TIFF) is an annual event celebrating the film industry and attracts many movie stars and a-list players. And the Toronto Caribbean Carnival, formerly known as Caribana, attracts more than one million people every summer.
Other points of interest include the Toronto Zoo, the Ontario Science Centre, Harbourfront, Fort York, the Distillery District, Ripley’s Aquarium, the CN Tower and the Canadian National Exhibition.
And of course, as a large metropolitan city, great shopping areas include the St. Lawrence Market, Kensington Market, the Toronto Eaton Centre, Sherway Gardens and Yorkdale Mall.
Though a subject of some debate due to the challenges with keeping up with all the growth, transit and highway infrastructure is undergoing major expansion all over the city. The TTC moves almost two million people throughout the city every day on subway, buses, streetcars and LRT lines, while GO Transit links Toronto with the surrounding regions of the GTA. Highways include the 400 series (401, 403, 404, 407 and 427), the Don Valley Parkway and the Queen Elizabeth Highway.
Location, location, location
This provincial capital of Ontario and the most populated city in Canada is located on the shores of Lake Ontario; Population 2,954,024
- CN Tower
- High Park
- Ontario Science Centre
- Ripley’s Aquarium
- Toronto Eaton Centre