One of the most exciting trends to watch in real estate markets across Canada is the growth of the high-rise condominium apartment market. Condominium apartments are a great option for those who want to enjoy the amenities of the city but live in a more private setting. With new developments, condos are located close to the city's business core and entertainment areas. Some of the developments include the new Lake Ontario condo building, which will be built near one of the most popular waterfront areas in Toronto.
High-rise living has become a popular choice for empty-nesters looking for a new home. Compared to the traditional resale condo market, these developments offer premium amenities and are located close to parks, schools, entertainment venues, and more. The prices are also more affordable.
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The condo housing market in Etobicoke is a complex mix of both pre-construction and resale units. As a result, it's not uncommon to find a building that's either under construction or has been converted into a multi-family townhouse. There are also several new developments in the pipeline, including the 327 Royal York Condos, which is located in a neighborhood known for its shopping and dining options.
These buildings are ideal for those who love the city's waterfront. They offer residents a glimpse of Lake Ontario and the surrounding New Toronto. Located in an area once filled with almost no residential space, developers have transformed the area into a great place to live.
Those who are looking for a new place to call home should consider condos, especially in Etobicoke. Currently, there are more than 11,600 units in the market. In fact, the average condo price in the area reached $627,000. The total number of units sold in June was more than 5,495 apartments, which is more than double the number sold in March.
Condo prices have increased for the past year. The rise in rents, which has been the fastest in the Greater Toronto Area, has been driven by demand. For instance, in Kitchener, the two-bedroom rent has risen 27.9%, while the three-bedroom rent has climbed 5.6%.
Rents have also jumped in several of the other cities in the area, including Scarborough and Mississauga. Increasing material and labour costs have created a need for a greater supply of housing, which has led to higher rental prices.
As the population of the downtown area continues to grow, the number of condo units being built is also increasing. In the 201 project, which is currently in the pre-construction phase, there will be one-, two-, and three-bedroom condominium units. This development is expected to be finished in late 2023.
Many of the condos in the 201 project have a modern design. The development is targeted at urban professionals who are interested in a convenient location. Its proximity to the Mimico GO Station is also a selling point. However, Levitan and an investor group have plans to demolish a section of the complex, which will then be replaced by a single tower.
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