The pandemic has forever changed the Canadian workplace. While some workers are heading back to the office as restrictions ease, others are now working from home permanently.
How has all of this affected the Toronto real estate market?
We were already seeing incredible growth in 2021. This fast pace isn’t slowing down anytime soon, but the demographics are changing and bringing new opportunities to homeowners.
Those working from home now have the freedom to live anywhere. As a result, many people are on the hunt for bigger houses with more space. Some are leaving Toronto altogether, while others are looking in neighbourhoods outside the downtown core.
Many condo owners are also looking for an opportunity to upgrade, and the timing couldn’t be better.
Why sell your condo now?
Prices are soaring as investors, young professionals, and new immigrants are scooping up units all over the city. If you own a condo in downtown Toronto, you may be sitting on a goldmine, especially in these areas:
Queen West
Queen West is a highly desirable neighbourhood because of its beautiful location and convenient access to transit. Everywhere you look, you’ll see gorgeous, historic buildings, cozy cafes and restaurants serving any cuisine you desire.
The Harbourfront
Toronto’s Harbourfront is the place to be for anyone working in Toronto. It offers easy access to Gardiner Expressway and public transit for commuters. Combine that with stunning views over the waterfront, and it’s easy to see why condo values are on the rise.
The Entertainment District
Full of theatres, sports and concert venues, award-winning musicals and the best nightlife in the city, it’s understandable that many people dream of life in the Entertainment District. Those with the means are flocking to the area, and they’re willing to invest in living their dream.
The Distillery District
Though relatively small, the Distillery District is in high demand for its charming, historic vibe. Modern cafes and boutiques line the beautiful cobblestone streets and are a big draw for investors and newcomers alike.
Want to know more about selling your condo and upgrading your lifestyle? Here are some other resources to help you prepare:
- Five Signs it’s Time to Upsize From Your Toronto Condo
- Four Things You Need to Know About Selling in 2022
- Five Tips for Selling Your Condo in a Hurry
What kind of buyers are interested in your condo?
Investors:
Investors of all sizes are interested in condos to turn into upscale rentals. (They will try to talk you down in price, but a skilled negotiator will get what your property is worth.)
Young professionals
Young people from all over the country dream of the excitement of the city. The more affluent among them often have no children or dependents, have high income and know the value of downtown real estate.
New Immigrants
Skilled immigrants are flocking to Toronto from all over the world. They’ve often sold everything to come to Canada and love the downtown area for its diversity.
By selling now, you can capitalize on your equity and be able to put a downpayment on a larger house either right here in Toronto, or on the outskirts.
You may be wondering what happens after you sell. Will you be able to get back into the market in an area you desire? Although prices for real estate in Toronto are soaring, there are neighbourhoods that are still affordable.
Up and Coming Neighbourhoods in the GTA
Mimico
Though not officially in Toronto, Mimico lies just west of the border in Etobicoke. You can get to Union Station in 25 minutes via the Go Train. If life on the waterfront appeals to you, then Mimico deserves your consideration. Homes range from small bungalows to large, turn-of-the-century mansions along the water.
Rockcliffe-Smythe
Parks and plenty of green space are not the first things that come to mind when you think of Toronto, but this neighbourhood is famous for them! Rockcliffe-Smythe is close to the Junction and offers the perfect combination of outdoors and big city living. Homes here include upgraded bungalows and a few fixer-uppers mixed in with some new builds.
Corso Italia
This lively neighbourhood is sometimes called “The Other Little Italy.” The homes here are older and have a definite European vibe. With clusters of restaurants and shops on every corner, you’ll never be at a loss for something to do. Downtown Toronto is only 30 minutes away by transit.
Weston
This charming historic neighbourhood is known for its Victorian-style houses. It is also home to its own annual Santa Clause Parade, which draws thousands of visitors. With tennis courts, swimming pools and playgrounds nearby, Weston is an ideal area for families.
Dorset Park
A family-friendly community, Dorset Park offers playgrounds, libraries, an ice rink and an outdoor pool. It is also a major shopping centre with massive, modern department stores. Most houses were built in the 1950s and include bungalows, two-story homes and detached houses.
Keelesdale-Eglinton West
Though home to many older residents, Keelesdale is attracting more families and young couples because of its affordability and safety. It is one of Toronto’s quieter, more peaceful areas, but still only 40 minutes from downtown by transit. Prepare to be tempted by some of the best Portuguese and Italian restaurants around.
If you’ve ever dreamed of a larger living space, a driveway and even a backyard, now is the time to take advantage of Toronto’s fast-changing market.
Want to know more about how selling is different when you live downtown? You can read our seller’s guide here.
