Affordable Condos In Toronto
In 10 short years, Toronto home prices have climbed 119%. That’s an increase of over 10% per year.
Back in 2007, the average GTA home had a price tag of around $376,000. Today, it’s about $823,000!
So does this mean Toronto is simply unaffordable? Or that the real estate market is unstable?
No. The fact is, real estate is a far more stable investment than stocks. And we can see this in the very recent, record-shattering stock market plunge.
Then what’s behind Toronto’s soaring home prices? According to Yahoo Finance, Toronto is a very attractive destination for families, immigrants and, due to the low Canadian dollar, investors.
(For more information on Tax Rebates for Chinese and Hong Kong home buyers, check out this previous post).
So where can you find affordable housing in Toronto?
The Canary District
The Canary District is a mixed-use community in Toronto’s West Don Lands.
Located on Front and Cherry Street, the project originally served as an athlete’s village during the Pan Am Games. In other words: it’s a part of Canadian history.
Since 2015, the village has undergone an amazing transformation, adding condos, townhouses, retailers, parks and restaurants.
In fact, 20% of the Canary District consists of affordable rental housing. The community is also home to different family sizes, income levels, and age groups, highlighting its diversity and affordability.
Housing ranges from single condo units for individuals and couples to 3-4 bedroom homes for families. And to keep prices low for first-time homeowners, 5% of residences are earmarked as “affordable ownership units.”
(For more information on tax credits for first-time home buyers, check out this earlier post).
In addition to condos, the Canary District also has student housing for those attending nearby George Brown College.
As you can see, the neighborhood is all about affordability.
The Canary District: Homes & Lifestyle
While most of the Canary District is sold out, there’s good news for anyone looking to buy.
The developer (Dundee Kilmer) is adding thousands of new homes to the area.
This includes Canary Block, a 12-storey condominium with 187 residential units, and Canary Commons, which consists of 43 townhouses and 387 condo units spread out over two towers.
Since the Canary District has its roots in sports, there’s a strong emphasis on fitness and exercise.
The 82,000 sq. ft. YMCA centre is just one example. Others include green-spaces like the 180-acre Don River Park, and the 18-acre Corktown Commons, a community park and children’s playground.
But that’s not all….
Just because the Canary District is affordable doesn’t mean it lacks the finer things in life. In fact, you’ll find amenities that rival those of more expensive condos, including gyms, lounges, party rooms, outdoor pools, rooftop terraces, pet-cleaning stations, and more.
The Canary District: Location
The Canary District and West Don Lands development has been called “a tour de force…intelligently planned.”
In fact, America’s Urban Land Institute recently awarded it their medal of excellence.
They point to such features as its green-spaces, pedestrian-friendly streets, housing for all ages and income levels, amazing transit, and sustainability.
The West Don Lands is also home to the city’s first woonerf (or “complete street”) seamlessly blending car, cyclist and pedestrian traffic.
And unlike most of Toronto, streetcars run along the roadside rather than cut through the middle.
Other Location Highlights:
- Minutes from Distillery District, Toronto Harbourfront & downtown core
- Home to Beanfield Metroconnect, Canada’s first open-access, ultra-high-speed broadband network
- Over 30,000 sq. ft. of community shops and restaurants
- Amazing public transit, including TTC buses & streetcars
- Easy access to Gardiner Expressway & Don Valley Parkway
While Toronto home prices have jumped 119% in 10 years, many neighborhoods are still affordable.
However, the supply of homes continues to outpace demand, including in the Canary District. Phases 1-3 of residences in the Canary District are already sold out, and Phase 4 is currently underway.
So if you’re looking to buy, it’s better to act now before it’s too late.
Real Estate Broker
Living Realty Inc., Brokerage
a: 7 Hayden Street Toronto, M4Y 2P2
w: www.winslai.com e: [email protected]
*Top Producer, President’s Award and New Home Sales Silver – 2017