New Condos For Sale In Toronto

Downtown Toronto Skyline

Consistently, various worldwide publications consider Toronto as one of the best places to live in. No wonder why the condo market and new condo developments in Toronto have been on the rise. The growth of existing and new condo developments since the early 2000’s can only be considered fast and furious. Currently, Toronto has more construction cranes in the sky then Chicago, New York and Seattle put together. You would be hard-pressed to recognize Toronto if you saw pictures of it from the early 1990s and compared it to today. Most of the skyline has changed because of the great demand for condo living in the city and for the next few years that Skyline is set to evolve even further. The demand for new condo developments in Toronto has never been higher.

Whether you searched google for New Condos for sale Toronto or new townhomes Toronto we have you covered.

But before we get into the Toronto new condos for sale, it’s worth noting that pre-construction condos sometimes go by new build, new condo construction, Pre build and Presale condo. 

Toronto is on various different top 10 list for best cities to live in which includes

All of which praise its economy, stability, education, health care and low levels of crime.

Toronto is the largest by population city in Canada and only Mexico City, New York and Los Angles are larger in North America. Over the next few years with the additional housing and immigration Toronto will start catching up to Los Angeles.

 

Toronto skyline condos

New Condos in Toronto investment opportunities

If you are one of the lucky or smart ones that invested in the condo market right before its sales boom in 2009 you would be looking at a development return of over 100%. The average one-bed condo in 2010 was 280,000. Now, that same condo in 2020 is 580,000.

1 year 7.36%
5 year 68.9%
10 year +104%

These numbers are roughly the same 2 bedroom and 3 bedroom condo units. If you invested early in the development stage, you would’ve made a great return from pre-construction developments and condos. But don’t worry, there are still great development opportunities to invest in Toronto with new or pre-construction condos.

Real Estate Growth – New Condos Toronto

Over the past 20 years, the desire to live in downtown Toronto has grown immensely. With that, the density of real estate and development projects is growing. It was common to see condos with a $300-dollar price per square foot in the early 2000s. That number has ballooned with condos and development sales averaging at $1,000 price per square foot. There are even some sales in the city seeking as much as $2,000 in price per square foot. The sale of condos and pre-construction  property developments have also risen.

Before 1967, condominiums were not even legal in the city. However in the last few years, condos are seen as the only option for affordable living in the hot Toronto real estate market, so sales of development condominiums have gone up. Many millennials prefer new condo developments because they require less time and maintenance than a standard home. Growth and sales over the decades has been consistent. In the 1990s, roughly 50,000 condos where added in the greater Toronto area. A majority of those were purchased to be rented out as their desirability wasn’t quite so high. 

In the late 90’s, boomers downsizing and younger couples looking for condos and pre-construction developments escalated sales. Once considered a bit of a novelty in Toronto’s real estate market, new condo growth and development sales in the early 2000s was growing full force. It added roughly 105,000 condos, double the amount in the 90’s. In 2008 when the global financial crisis was in full swing due to the US housing crash, Toronto stayed relatively strong. There were several projects back by American investment companies, but those new condo developments would eventually be sold off to Canadian investors and builders. Growth and pre-construction  sales were even stronger in the 2010s as of 2018 Toronto has added an additional 110,000 condos with many of those Toronto condos being purchased by millennials, investors and first-time home buyers. Along with the growth came the increase in price per square foot. In an effort to slow down the market, the government issued brand-new mortgage rules, which seemed to have little effect on price. Toronto’s desirability, stemming from its strong economy and urban lifestyle, will continue to drive sales and price per square foot for the foreseeable future.

Neighbourhoods that you can find New Condos

Toronto, Ontario is unofficially broken up into four separate sections: Toronto, Etobicoke, North York and Scarborough. These were all individual cities, but in 1999 the regions were amalgamated into what’s known today as Toronto. However, locals still commonly use these names to differentiate the areas within the city. Some of the more popular an exciting areas are listed below.

Downtown
North York
King West
Park Lawn
Liberty Village
Yorkville

It doesn’t matter which neighbourhood you prefer. All of them have new condo developments and pre-construction condos for sale that will meet your needs. The price per square foot varies the more condos are away from downtown.

toronto neighbourhoods
new toronto condos

Economy

Economy is another factor for choosing development properties or condos. Toronto’s main economy is centered around Canada’s Big 5 Banks, all of which have its head offices in the city. Not only are they the major economy contributors, but also the employment and businesses that interact with them. Unlike the United States, the majority of the Canadian Financial system is heavily regulated. When the economic crisis that hit the United States and many parts of the world in 2008 because of toxic mortgage funds, the Canadian banks were in a far better financial position. Canada was able to weather the storm. Its real estate market stayed strong, unlike the majority of places in the United States. Some areas such as parts of Florida saw the price of real estate plummet as much as 40% or Atlanta where a majority of lawns had foreclosure signs on them. Even the desirable places in California couldn’t overcome the economic hardships of the financial crisis, unlike Toronto.

Toronto and its neighbouring city of Kitchener are considered to be Silicon Valley North with a great deal of startups in development plus existing Fortune 500 companies. Some notable companies are Wealthsimple, Borrowell and Flipp.

Most large Canadian corporations have their place of headquarters in Toronto which includes the Woodbridge Company, Manulife Financial, Canadian Tire Corp, Sun Life Financial and Brookfield Asset Management. Along with that, most international companies have a presence in their neighbourhoods- Microsoft, Apple, Paypal, Ebay and Coca-cola.

The majority of Canada’s economy is centered around Toronto and it plays a vital role in Canada’s future. That’s why pre-construction condos and developments are filling up.

Transportation near my Toronto Condo

There are two major highways that service downtown Toronto. The Gardiner Expressway, which partially through becomes the Don Valley Parkway, is the major artery through the downtown core. Running parallel most of the way is the 401 which runs through the northern part of the city and is part of the Trans Canada highway system. Connected to the both of them is the 427 which runs north and south.

The public Toronto transit system is called the Toronto Transportation Commission or TTC for short. Toronto has a unique combination of subways, streetcars and buses that deliver users to their desired location through the neighbourhoods. Toronto has four different subway lines, line 1 will connect you From downtown Union Station all the way to the Vaughan Metropolitan Center or Finch station. Line two starts at Kipling Station and travels to Bloor-Yonge where it connects with line one, or if you choose to continue all the way, to Kennedy Station. Kennedy Station is also the starting point for line 3 which takes you to Scarborough’s McCowan station. The North York line connects at Sheppard Yonge station and has five stops going all the way to Don Mills. In total Toronto’s subway system has 75 stations that travels a total distance of 77 km.

Two transit lines are in the works – one servicing Eglinton and another traveling along Finch.

Something unique to Toronto is the PATH system. It’s a series of underground and ground level walkways that encompass many shops services and entertainment. It’s over 30 km long and is the largest shopping complex in the world according to Guinness World Records. On an average business day, PATH will have over 200,000 commuters use it as it is connected to over 50 office towers. 

Toronto public transit

Some major attractions connected to it include the Scotiabank Arena CN Tower, Rogers Centre, Hockey Hall of Fame, and Eaton Centre. The King West Condo in King Street West is near these establishments. Other condos in King Street West are Richmond Condos and Central Condos.

The Go train system Is what connects Toronto to its neighbouring cities and towns. The above-ground Toronto transit system has 8 separate lines that travel in all directions with its main hub being Toronto’s Union Station. The most used line the system is the Lakeshore West line. Lakeshore West has stops in Mississauga, Oakville, Burlington, Hamilton, St Catharines and even Niagara Falls, with plenty of stations within each community. Mirabella Condos is located in Lakeshore Boulevard West.

The GO’s other train lines also connect other communities such as Kitchener, Brampton, Newmarket, Barrie, Richmond Hill, Pickering, Markham, and Oshawa. Daily, the GO train system carries 200,000 Riders on as many as 322 trains. With your condo in downtown Toronto, you don’t have to search far for transportation.

Ironically, Toronto’s international airport, Pearson International is not located in Toronto but its neighbouring city, Mississauga, Ontario. Despite being Canada’s busiest airport and in 2018 handled over 470 300 flights. So if you’re looking for condos near the airport, you can search for sales info in Mississauga.

As such, condos, pre-construction properties, and homes nearby have great transit access for visiting other neighbourhoods for those on the search for attractions.

Sports in Toronto

Toronto sports teams logos

Toronto is home to a professional sports team for every Major League in North America (with exception to the NFL) – none more important than the Toronto Maple Leafs. Canada’s national sport is hockey and no team has the same following as the Leafs. The Maple Leafs are as important to Toronto culture as the Yankees are to New Yorkers.

The Maple Leafs share the Scotiabank arena, formally the Air Canada Centre with the Toronto Raptors, which is the only Canadian team in the NBA presently. An expansion team in 1995, the Raptors have been relatively successful in the past few years with winning their first championship in 2019.

Toronto’s professional baseball team, the Blue Jays, play out of the iconic Rogers Centre, which is among the handful of stadiums with a retractable roof. The Rogers Centre, formerly known as the Skydome, is one of the buildings making up the iconic Toronto skyline.

Rounding out the major sporting leagues are the MLS and CFL. So if you’re eyeing brand-new or pre-construction condos for sale in Toronto, these are the teams you can watch.

What to do near my new Toronto condo

In terms of entertainment, Toronto is a world-class location, only falling behind New York and Los Angeles in North America. Most concert tours and attractions that have a stop in Canada will stop in Toronto, so a condo in the neighbourhood is best for entertainment-seekers. 2019 saw the likes of KISS, Ariana Grande, Queen and Adam Lambert and even Elton John. If you’re on the search for condos near this kind of entertainment, Toronto is the best choice.

As mentioned,  sports fans will love living in condos in Toronto because they have a sports team in every major North American League with the exception of the NFL – sort of. Over the years, the Buffalo Bills have been playing a few regular season games north of the border in Toronto.

Toronto, Ontario is also known as the home of the CN Tower. It’s been part of the Toronto skyline since 1973 and for the longest time it was the world’s largest free-standing structure at 553 metres. The CN Tower is an attraction, with an observation tower that patrons can visit and get a 360 view, plus the 360 restaurant. It hosts a variety of fundraisers, such as the United Way and WWF Canada. Both have a fundraising race up the stairs to get to the top of the CN tower as quickly as possible.

Relatively new to Toronto developments is the Ripley’s Aquarium that is located just feet from the CN Tower. The original development concept was to build the aquarium in Niagara Falls, however in the mid-2000s, that plan fell through and eventually Toronto was picked as the home for the aquarium which opened in August of 2011. Some of the unique exhibits include Planet Jellies which has various species of jellyfish that change colours, and the Dangerous Lagoon. It’s home to a tiger shark, sandbar shark, stingrays, and green turtles. If you’re on the search for attractions like this, browse sales info on condos near the area.

Just north of the pre-construction developments and condos in the city is Canada’s largest amusement park, Canada’s Wonderland. Built in the 1980s this park has evolved over the years to include 17 roller coasters. As for visitors it is the second most visited amusement park owned by Cedar Fair, Only knott’s Berry Farm in Buena Park has more with the Yukon Striker roller coaster as a main attraction. At the time of its opening the ride was the fastest, tallest, and longest dive roller coaster in the world. More locally there are equally fun amusement parks. Centreville amusement park, Fantasy Fair,Pladium and Casa Loma just to name a few.

Just south via the Queen Elizabeth Way is the Niagara Falls, which is by far the most powerful waterfall. Every minute, over 168,000 cubic metres of water fall making this truly a grand sight. Surrounding the falls is a Bevy of entertainment not limited to restaurants, arcades, gift shops, bars, and other amusements.

Will I be safe in a new condo in Toronto?

The simple answer is yes. If you’re looking for a safe residential place or development in Toronto, new condos in this location checks the box. Crime rates are very low compared to other major cities, so  investing in pre-construction property developments and condos is wise. The Economist ranked Toronto as the safest city in North America and fourth safest major city in the world out of 60 cities. Included in that publication from North America were Atlanta, Chicago, Boston, San Francisco, New York City, San Jose, Montreal, San Diego and Portland.

Pre-construction and New Condos in Toronto and why it’s right for you

Toronto is the financial capital of Canada

Whether you’re looking for work or starting a business opportunity, investing in a development property in Toronto is a smart move. Sales of pre-construction property developments are ongoing, so you can find condos in different neighbourhoods.

Amazing opportunities for employment

With many financial institutions and industries nearby, those living in condos in Toronto are closer to some of the highest paying and most sought-after jobs in North America. The search for homes, condos, or pre-construction developments is easy as there are tons still on sale.

Cultural diversity

Nearly 3 million people from every corner of the globe call Toronto home. Pre-construction property developments are all over the place and you can search for a condo for sale so you wouldn’t miss out.

Its Hollywood North atmosphere

Aside from calling it home, Toronto is also a popular place to be. There’s always a film or movie being shot with famous actors and actresses from around the world. Development properties and condos in the area are close to some best filming spots. 

Never a dull moment

With its collection of sports, music, festivals and amusements – you can always search for activities in the neighbourhoods because property homes and pre-construction condos for sale are nearby.

The city has seen amazing growth not only in Toronto real estate, pre-construction properties, and condos, but in opportunities and entertainment. It’s not too late to invest in condos or pre-construction property developments in one of the most livable cities in the world. A new condo or development in Toronto might be one of the best investments around.

Some of the condos that we highly recommend are listed below, but every buyer, investor, or eventual resident has their own list of needs. Using Condo Wizard’s search page, all sales info are there for you. Whether it’s pre-construction property developments or move-in ready condos, the search for your home would be easy. Happy condo hunting!

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