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City Suites By Greenpark
Transcript of City Suites By Greenpark
Why More Toronto Residents Are Starting Families In Condo Towers
Many families are opting to live with less space in the city due to the growing cost of owning a single-family home. In the City of Toronto, the average sale price for an existing detached house as of May 2015 was $1,115,120. A semi isn’t exactly a bargain either, with an average sale price at $779,523.
Why Are They Coming To Toronto?
Just how expensive—or not—is it to buy a condo in Toronto? The city sits at No. 15 out of 94 on the Global Property Guide’s ranking of the World’s Most Expensive Cities, based on average U.S.-dollar prices per square foot of centrally located condominiums (assuming a 550 square feet—one-bedroom unit)
Price in Toronto: $416,000
CHEAP compared to…
Hong Kong $839,000
New York $615,000
The "Manhattanization" of Toronto
83.4% of people in New York City live in Condos or Apartment Buildings.
70% of people in Toronto and surrounding areas live in Condos or Apartment Buildings.
In Toronto, prices for single detached homes and townhomes are projected to go up 30% to 50% in the next decade.
Condo living is sure to be the default housing option for those wanted to live in the city.
The Globe and Mail:
Thursday October 15th 2015
The city’s rental vacancy rate sank to 1.3 per cent last year and shows little sign of easing up this year. The data suggest that as soaring home prices push people out of the housing market, more residents are opting to rent.
The strength of the condo rental market, coupled with record-low interest rates and land and construction costs that are rising faster than prices for new condos, has prompted many developers and institutional investors to make bets on the rental market.
Population of Toronto Area Over 6 Million For First Time: Stats Canada
The population of Toronto has smashed the six-million mark - 6,055,724 people. That's up 8.4% from 2011's tally of 5,583,064. The Toronto census metropolitan area (which includes a number of surrounding towns) now holds more people than all of British Columbia, twice as many residents as the Atlantic provinces combined, and 55 times the population of Canada's northern territories.
Toronto Condo Prices Keep Climbing:
Sales in the City of Toronto account for more than 70 per cent of all GTA condo sales.
The price of downtown Toronto condos kept climbing in the first half of 2015, with the average price of a condo now set at $416,728, according to a new report by the real estate board.
The Toronto Real Estate Board said there were 7,656 condo transactions in the second quarter of 2015 — representing a growth rate of 17 per cent over the same period last year.
Condos within Toronto made up more than 70 per cent of sales in the GTA, with the average sale price of a condo in the city up 6.1 per cent over this time last year.
Source: CBC News Posted July 15th 2015
About The Building
TTC Streetcar Only
2 Minutes Away
Short 8 Minute Walk To The Subway
City Suites by Greenpark has a WalkScore of 100 meaning it is a Walker’s Paradise and daily errands do not require a car.