Yorkville the 5th Avenue - Midtown of Toronto Has Towering Ambition
Yorkville is hitting a major growth spurt, just when everyone is saying that the Toronto condo market is doomed, there have been sales and construction success in the area to last a lifetime. Although to be honest, the sucess started small, and grew large. Very very large, I remember about 10 years ago, when things started to get rocking for the 18 Yorkville Condo. There was no render, just some rumours on the internet of a "Big Project" Starting. Trust me, at that time 36 Floors was considered a tall condo. Now of course a 36 tower in Toronto barely causes a fuss, unless it's at Ossington and Queen, but that's another storey. Here is my rundown of the last 10 years in Yorkville and the 10 Years to follow......
Older Towers - Yorkville :
150 Bloor Street
2 Bloor Street West
2 Bloor Street East
1001 Bay Street
44 Charles - Manulife Centre
1166 Bay Street
Completed Yorkville Towers:
1 St. Thomas
Four Seasons Hotel and Residence
The Prince Arthur
Bloor Street Redevelopment
Museum House - 206 Bloor Street
1121 / Eleven 21 Bay Street
Under Construction Towers (Yorkville)
Proposed Towers - Yorkville
50 Bloor West - Holt Renfrew Tower - 277 meters
1000 Bay Street
37 Yorkville I (Toronto): 237.8m / 780ft
New Trends in Condo Buying Emerging in the Toronto Area
A few new trends to watch out for in the Toronto area when it comes to buying homes as well as buying condos. When it comes to buying homes, the latest tactic is to put a property which had previously been listed on the MLS system, on a bidding site, or list through an auction house to get buyers, sending the price of single detached homes soaring.
As for condos the latest buying technique is the new trend with regards to micro housing, or micro condo living. And we’re seeing now, specifically designed condos to meet that purpose. Another new trend to look out for is the lack of supply in the purpose built rental housing market in Toronto. Even as new condos come online there remains a shortage of apartments built specific to that purpose, so condo rentals have increased even as vacancy climbs, rentals rates do as well.
Busy Condo Market Boosts Toronto Home Sales
With fewer homes in the detached category available in Toronto, new home buyers seem to be opting for new condos, with sales heading forward at a rocket pace last month. Sales of Existing Homes in the Toronto area moved up by a whopping 2.1% in February 2014, and that is compared to the same time period last year. That was mainly due to a 12.5% increase in the sales of condos within the city so stated by the Toronto Real Estate Board. That will contrasts with the sales declines that occurred in townhomes, detached and semi-detached housing during the month, which was mainly due to a constrained supply of those housing types.