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| The Financial District is getting hot for sales of new condos |
Here is my personal opinion list of the hottest, and/or best new condo neighbourhoods in Toronto. Please feel free to give me your feedback about my opinions. I'd love to hear from all those that disagree with me and why. Send me your list, and I'll post it.
1. King West
Well, based on recent sales successes and new proposals, including the Projectcore development there is no doubt the King West has the cache and the vibe to lead the Toronto new condo market. There is just no stopping this place, from the lounges, clubs, and jobs the area is one non-stop boom cycle.
2. Yorkville
Almost number one, based on sales, and it has the establishment panache. Trendy King West beats it out in my opinion. I don't ever see Yorkville being out of the top 3 new condo sales markets in Toronto for a long time. In fact it was a toss up, between King West and Yorkville, I just believe the former is slightly more innovative when it comes to its environment and culture.
3. Financial District.
If it was just about sales, then the Financial District would come in first, look at the success of projects like INDX which has sold out rapidly, and 88 Scott is nearing 60% or more sales. This area has the convience of being close to everything, and especially being close to work, for well established young professionals.
4. Harbourfront
If it's about the view, then Harbourfront would come in first, and for those looking to maintain an actively lifestyle there's no better place. With all the redevelopment happening on Queens Quay West with the brand new grand boulevard, being built. Things are going to get better for the residents there now, and those yet to come.
5. Liberty Village
Think King Street West, but just a little bit further out of the way, has the earmarks of a neighbourhood on it's way to becoming and as trendsetting as the King West. The one drawback of this area, if there is any, is that it seems a little disconnected from the larger community. Sales here have been falling faster than those in the top 3 on my list.
6. Etobicoke Shores
Being right on the Gardiner and commuting into downtown in a flash, has it's benefits. That's probably why Humber Bay Shores, seems to be absorbing the blow of falling condo sales in the Toronto region better than other areas. Big projects set to launch include Eau Du Soliel, and IQ Towers.
7. North York Centre
If being right on the Gardiner is an advantage, what about the advantage of being right on the Yonge Subway Line, a quick commute into the downtown core. This area is remaking itself with landmark projects such as Hullmark Centre, and Emerald Park Towers. Oh yes, and if you're into highways there's one running right through this hood as well; you might have heard of it.
8. Yonge and Eglinton
The epicentre of the epic Toronto Condo Bubble Meltdown, well ok, maybe not. But the word is there might be some sales trouble at the massive E Condos Development by Bazis/ Plaza Corp. Others though disagree, but even the whisper of bad news can kill a condo hood, just ask number 10 on my list.
9. Distillery District
I would have ranked this 'hood, higher, but there seems to be tight supply, which means it can't get really hot, as there is not enough product to go around. There were some rumoured projects, but they got scaled back and or cancelled because of community opposition, namely the First Parliment Site, which got handed back to the city, when the developer tried to a build a 200 meter tower at King and Sherbourne.
10. Southcore-Bremner
Oh boy, last on my list. Heard the International Investors were leaving town, and leaving Southcore-Bremner and Cityplace in the hole. Is it true? I don't know but judging by the developments here that are scaling back big time, things don't look so good. Tridel downsized 10 York, it's massive project at York and Bremner and blamed 10 little sweet grannies in a knitting club. Com'on, we know they were likely just covering for what they realize is going to be a tough sell. Also, Menkes followed suit and downsized their massive Harbour Plaza development by a total of 8 floors.
Getting a Mortgage and Mortgage Insurance through The Co-operators for financing a loan to purchase at FIVE Condos is actually a relatively easy process, and new rules from the federal government has required that company include new regulations, which have made the home loan and mortgage process a bit more difficult. Those changes at The Co-operators include shortening the amortization period for which the loan can be held by the consumer, and the degree to which the property is financed by the mortgage. They have also increased deposit requirements to lift the loan insurance amount. Mortgage insurance from The Co-operators is actually one of the major financing costs on home loans. Investment Trusts have no taken to looking to purchase rental properties and acquiring mortgages through financing auctions by the banks looking to shore up their balances sheets in light of stricter government regulation. These regulations have actually made holding residential mortgages by the large financial institutions harder to hold.
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