Toronto Neighbourhood Guide

Downtown

Downtown West

Homes in Downtown West

New condominium projects have recently been built or are underway on Richmond, Queen and Wellington streets and in the King-Spadina area. Many of these projects are midrise loft-style buildings. The glitzier high-rise buildings feature sleek
designs with brick, glass and metal facades. By far the largest development in the area is taking place on the former railway lands next to the Rogers Centre. This new community is called CityPlace. Over the next several years 21 condominium buildings will stand on the area bounded by Rogers Centre to the east, Bathurst Street to the west, Front Street to the north, and Lake Shore Boulevard to the
south. When complete, CityPlace — a technologically advanced fibreoptic community — will consist of approximately 7,000 condominium units that will bring around 12,000 new residents to this neighbourhood.
Hertitage home fans should check out the Second Empire and Victorian-style houses on Draper Street and the Clarence Terrace townhomes on Clarence Square.

Downtown West Toronto Real Estate Update

Oct 26, 2013

 

Toronto's Downtown West neighbourhood has recently been revitalized by the addition of glamorous new condominium buildings such as Shangri - La Toronto and The Residences At The Ritz - Carlton. Suddenly it is hip and cool to have a residence in this ultra-urban neighbourhood. Oliver Baumeister Von Bretten, Broker, RE/MAX 2000 Realty Inc., Brokerage reports; "There is a huge trend of people from the suburbs moving back to the city for all the life-style perks and to avoid the commute. The variety of buyers ranges from investors, empty-nesters to young professionals, with some international buyers as well."

Toronto's Downtown West is the home of Toronto City Hall, the Financial District, the Medical and Research Science district, and the Four Seasons Opera House. The Downtown Yonge shopping area, Dundas Square, Toronto Eaton Centre, the PATH underground walkway, Queens Park, the bohemain Queen West shopping district and the TIFF building - headquarters for the Toronto Film Festival are all within walking distance. 

Baumeister Von Bretten describes the current Downtown West real estate market as "a balanced market. Low-rise property such as detached, semis and townhomes are in short supply and hence demand is high. Most people are looking to get into a condo for easy living and affordability. The average price of all home types in this neighbourhood (mostly 1 and 2 bedroom condo apartments) is currently $503,000. The average list to sale price ratio is 99%, and the average days on the market is 18 days. 

"Most buyers are looking for new or newer condos with amenities such as a fitness centre, roof-top garden and pool. Balconies and views are important to people as well." says Baumeister Von Bretten. When asked to name a hot pocket for buyers Baumeister Von Bretten says: "We like King West from University to Bathurst, for easy access to transit and entertainment value coupled with many new high-quality buildings along the way."

Downtown West Buyers can expect to pay anywhere from $250,000-$500,000 for a 1 bedroom condo and $525,000-$1,400,000 for a 2 bedroom condo. This wide range in price is determined by a number of factors such as: square footage, parking, level of finishes, building amenities, balcony, views, and age of building.
 
Baumeister Von Bretten offers the following advice for any homebuyers considering this neighbourhood. "The market is strong and steady in downtown Toronto, prices are up slightly this year and rents are skyrocketing (20% up) due to limited availability. Vacancy rates are less than 1% and falling. The bottom line says Baumeister Von Bretten is you should "Get in now if looking to buy in the downtown core. Prices are steadily rising and will eventually reach a point of unaffordability, just like major cities around the world."
 

Downtown West neighbourhood insights provided by Oliver Baumeister Von Bretten, Broker, RE/MAX 2000 Realty Inc., Brokerage. Oliver can be reached at Tel: (416) 743-2000, Direct (416) 460-1213 or email:oliver@yourtorontobroker.com and be sure to visit his websites:www.condoinvestments.cawww.yourtorontobroker.com

(C) www.TorontoNeighbourhoodGuide.com

** The information provided herein is compiled from source data obtained from the Toronto Real Estate Board. It is presented here for information purpose only. All data are subject to updates and revisions. The publisher assumes no responsibility for the accuracy of any information shown.

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