Toronto evolving into a dynamic metropolis

Shelter is a fundamental requirement for human survival, except if you’re lucky enough to live in a place where the temperature never varies much from 80 degrees and there are palm trees to escape the rain. Otherwise, we seek basic shelter and, from there, we acquire accoutrements and amenities to enhance the usability, attractiveness and convenience of our abode. And then, there are a class of shelter-seeking homo sapiens deigned “condo dwellers” – people who have a particular taste for the condominium experience, and seek out accommodations which meet their specific needs and wants. Who are these people and why do they choose to live in Toronto condominiums?

It is comforting to know that the urban Toronto condo dweller (condominius comfortabilitis) is no way endangered or threatened. They are prolific, easily sighted along the pathways, sidewalks, subways and pavilions in downtown Toronto and the waterfront. They occupy large buildings of glass, brick, steel and greenery, and tend to gather in up-scale shops, restaurants and, in the evening, large congregations can be spotted at stage and sporting events. Occasionally, they migrate south, but most of the time, tend to occupy their condo year-round, venturing out frequently to satisfy some urge to partake of environmental opportunities in their immediate neighborhood. Why this behavior?

Toronto is a unique environment that attracts the condo dweller. In fact, in contrast to other Canadian and American cities, it boasts large residential neighborhoods where a closely related species, detachedhouse comfortabilitis, tend to occupy. Toronto has a mix of both residential and downtown living areas in close proximity to one another. However, the condo dweller likes the more concentrated and convenient environment of the urban setting, with feeding and resting places in close proximity, and the attraction of bright lights and activity. In fact, the condo dweller’s main nesting places, in the central downtown and waterfront areas (bordered by Eglinton, DVP, Dufferin and the Lakefront) are becoming scarcer as more development opportunities are being exhausted, and new condo dwellers will have more difficulty finding suitable nesting areas, unless they are willing to pay large premiums in a much tighter market.

What is Toronto’s attraction? Why is Toronto’s population six times the population of all the other Canadian provinces combined? Some of the reasons are:

Toronto is a “gateway” city to the rest of Canada and the U.S. cities on the Great Lakes.

Toronto is Canada’s financial centre, accounting for 11% of Canada’s GDP; home to Canada’s six largest insurance companies and its five largest banks.
180 million potential customers live in, or are within a day’s drive of, Toronto, from both the Canadian and U.S. side of the border.
Toronto has the third largest English-language theatre centre in the world behind London and New York.
There are five professional sports franchises located in Toronto, including hockey, baseball and basketball.
Toronto has 8,000 restaurants and 35,000 hotel rooms.

In terms of livability, nothing exemplifies Toronto as the PATH development which links residential, business and entertainment venues together in a people-friendly system of access and transportation. PATH is a 28-kilometer network of below-ground urban walking trails and subways, enclosing the world’s largest underground shopping area of approximately 1,200 shops and service providers. More than 50 residential and commercial buildings are connected through PATH, as well as Toronto’s major tourist and entertainment venues. Above all, PATH was developed as an enhancement to the quality of living available to the downtown condo dweller, with every service and product available within a short walk or ride. Since it is underground, inclement weather does not affect the downtown residents’ accessibility to anything they want, any time of day.

Toronto is an upwards growing city. As you can see from the other pages on my website, many condo developments have been opened over the last several years, and there are hundreds of units coming available on the market right now. Given the restrictions on available land in the downtown area, the logical approach is to build higher rather than broader, and that’s exactly what’s happening. As time marches on, the condo developers are incorporating the newest, most environmentally friendly design features into their projects. The easy lifestyle, a primary attraction for the condo dweller, is foremost in the minds of the architects and developers – access to downtown jobs, convenience and entertainment rule the day! Developers from all over North America are coming to Toronto to learn how we have done it. They are hiring our consultants and designers to help them start or replicate what we are doing in Toronto. Toronto is the epicenter of condo development in the world.

Toronto will never go backwards. With all the incredible residential development, commercial development includes new 5-star hotels (Four Seasons, Shangri-la, Ritz Carlton, Trump, 550 Wellington, Maple Leaf Square Hotel, The Hazelton and more coming), new Opera House, updated ROM, renovated and expanded AGO, new National Ballet School, and an updated Royal Conservatory of Music. We have seen 30 years of development in just a few years. Toronto has arrived as a world city.

I have lived in Toronto for over 10 years, employed as a real estate sales representative, working for HomeLife Response Realty Inc., specializing in Toronto’s condominium market since 2000. I have enjoyed fantastic success in developing a large following of buyers and sellers looking for that great condominium deal in Toronto. Over time, smart real estate investors held on and bought more. Short-term speculators and investors dumped their property. In real estate, time heals all wounds. Right now, the real estate market is slightly depressed from the mid-2000s, but what isn’t? The fact is that real estate is bouncing back, and rising prices will be the rule for the foreseeable future. Buying a home is about lifestyle, family, security and long-term investment returns. If, at some point, your home declines in value, don’t sell it. Wait, live and enjoy the fact that it is your home. However, if you are in the Toronto real estate market, and you want to cash out the equity in your home, experience a different kind of lifestyle, or join or escape the rat race, a downtown or waterfront condo unit can be among your best choices.

Condominius comfortabilitis will proliferate and continue to compete for the most favorable nesting sites in the downtown condominium developments. As a livable location, Toronto will continue to absorb new immigrants and demand for condos will steadily grow, while the availability of new units may or may not keep up. Eventually, the mega-complex of downtown Toronto will reach some sort of saturation equilibrium, but at higher price levels than exist now. The question is, where will you be?

Successfully yours!

Andrew Dawid

HomeLife/Response
Realty Inc. Brokerage
Independently Owned and Operated

Andrew Dawid

Sales Representative

(416) 917-0653

info@condosdowntowntoronto.net

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