Toronto Real Estate Info

[Almenac-SS]

Hello. My family is considering moving into downtown toronto within the next 1 or 2 years and I was wondering if real estate prices are going to increase and if so, how fast it will increase in downtown toronto.
We currently hold residence in Mississauga (a house) and we are looking to move into a condominium (2 bed) in harbourfront, bloor-yorkville, king street, or anywhere else that is close to the core of downtown toronto (preferably upscale neighbourhoods). We are looking to move into a brand new condo (one that isn't built yet) costing between $350k-500k.

So, please inform me about the real estate situation in toronto right now. Also, if you have any articles about the future prospects of buying and selling real estate in toronto, please post them here too please. Is it better to keep our house in mississauga (selling price of house has doubled since it was bought 9 years ago) or move into a new condo in downtown toronto where its easier to work and go to school? Will real estate prices for condominiums continue to increase in toronto? please help me out! thanks.

[rbt]

Originally Posted by Almenac-SS

Hello. My family is considering moving into downtown toronto within the next 1 or 2 years ... into a brand new condo (one that isn't built yet) costing between $350k-500k.

Buy now at a building that hasn't started construction. Prices will increase up to 20% between the time construction starts and the building is registered simply because lots of people don't want to wait to move. You know you're moving in the future.

If you buy pre-construction today it will be ready for you in 2 to 3 years.

Prices of built 2 bedrooms won't increase that much. The price of the 2 bedroom at a specific building over 2 years will increase quite a bit as it gets closer to being ready.

[fdl1313]

You wont get onto yorkville for less that a couple million.

[rbt]

Originally Posted by fdl1313

You wont get onto yorkville for less that a couple million.

That certainly is not true. Lots of stuff available for under $600 a sqft. You can get nice new two bedrooms for under $500k within a stones throw of Yorkville, well within the Bloor BIA borders.

[zachus22]

Well it does depend on your definition of an upscale neighbourhood, but with regards to mine, I think you'll have a tough time finding a condo in one of Toronto's many with a 300-500k budget.

[bar1967]

Originally Posted by rbt

That certainly is not true. Lots of stuff available for under $600 a sqft. You can get nice new two bedrooms for under $500k within a stones throw of Yorkville, well within the Bloor BIA borders.

Check out the Minto in midtown. You can get a decent 2 bedroom (1034 sq feet) for 398,000 (starting price).

http://www.mintomidtown.com/north/pd...GoldenGate.pdf

www.mintomidtown.com

[leaf345]

The Uptown Residences has some 2 bedroom units for under 500k, and that is close to Yorkeville. They are sub 1000 square feet though.

The Minto Midtown buildings are probably my favourite looking condos u/c right now, but they are not exactly downtown.

[bar1967]

Originally Posted by leaf345

The Uptown Residences has some 2 bedroom units for under 500k, and that is close to Yorkeville. They are sub 1000 square feet though.

The Minto Midtown buildings are probably my favourite looking condos u/c right now, but they are not exactly downtown.

But easily accesible via subway - 3 stops to bloor st.

[fdl1313]

Originally Posted by rbt

That certainly is not true. Lots of stuff available for under $600 a sqft. You can get nice new two bedrooms for under $500k within a stones throw of Yorkville, well within the Bloor BIA borders.

I said "onto" Yorkville, and I stand by my statement.

[rbt]

I said "onto" Yorkville, and I stand by my statement.

Shrug. What does the term YorkVille represent; Toronto luxury mostly. Where is Yorkville today? Where is Yorkville in 2010 when the "new buildings" are finished? Funny thing about neighbourhoods is they don't have firm borders.

Lots of tourist guides already include Bloor street as a part of Yorkville. After Bloor is rebuilt and rebranded by the Bloor-Yorkville BIA, in all likely hood Avenue to Church along Bloor will be considered a part of Yorkville.

Yorkville news already regularly covers ROM, Gardiner Museum and Royal Conservatory of Music events as being in Yorkville. Pretty easy to argue One Saint Thomas drags luxury south of Bloor if you didn't believe it was before.

Anyway, I'll put $80,000 on Yonge and Bloor being a part of high end Toronto in 2010 when Crystal Blu and Uptown are complete. In fact, I already have.


Not that it really matters; you can be right if you want. Good idea to define what Yorkville is to you though. Very few Toronto neighbourhoods have static and well defined borders. In fact, determining where Yorkville starts and the Annex ends is darn tricky.

[poppajojo]

found a few in Yorkville on mls here, here and here.

[Almenac-SS]

Wow, thanks for the great info and links guys. You've been very helpful.
I would just like to ask a question. How much do you think the price of a decent sized 2-bedroom condo located somewhere close to yorkville (i guess that would be around Bloor) or Harbourfront will rise in the next... say 4 or 5 years?

btw, rbt, are you also planning to move? you invested $80k in Crystal Blu and Uptown? Can I have links to those condos? Thanks.

[monkeyronin]

Quite a bit I'd say.

But i hjust asked this in another thread but maybe this one is better, anyone knwo what the mos texpensive peice of real estate in the city is?

Or [erhaps a list of most expensive homes (of any variety, not just condos).

[rbt]

btw, rbt, are you also planning to move? you invested $80k in Crystal Blu and Uptown? Can I have links to those condos?

Yes I am planning to move though mostly just to make it my primary residence for a year or so. $80k only gets you a downpayment on one unit at those prices, so no, I did not invest in Crystal Blu and Uptown. X-condos is another favourite that is within walking distance of the money strip (Jarvis and Bloor).

Of course, I have no idea what units are available at this time.

http://crystalblucondos.com/
http://www.pembertongroup.com/content/uptown_home.htm

How much do you think the price of a decent sized 2-bedroom condo located somewhere close to yorkville (i guess that would be around Bloor) or Harbourfront will rise in the next... say 4 or 5 years?

Very little. First of all, 2 bedrooms don't get the same price increases that 1 bedrooms do. 1 bedroom units are easier to rent and better for investors that way. Secondly, I personally think resale prices are going to peak soon. In fact, in some areas of the city they already have.

You will get some gain for buying a "condo future" and selling a finished unit. Can't say how much until we find out what you bought (quality of construction, etc. at completion).

[realestatejunkie]

Originally Posted by rbt

Shrug. What does the term YorkVille represent; Toronto luxury mostly. Where is Yorkville today? Where is Yorkville in 2010 when the "new buildings" are finished? Funny thing about neighbourhoods is they don't have firm borders.

Lots of tourist guides already include Bloor street as a part of Yorkville. After Bloor is rebuilt and rebranded by the Bloor-Yorkville BIA, in all likely hood Avenue to Church along Bloor will be considered a part of Yorkville.

Yorkville news already regularly covers ROM, Gardiner Museum and Royal Conservatory of Music events as being in Yorkville. Pretty easy to argue One Saint Thomas drags luxury south of Bloor if you didn't believe it was before.

Anyway, I'll put $80,000 on Yonge and Bloor being a part of high end Toronto in 2010 when Crystal Blu and Uptown are complete. In fact, I already have.


Not that it really matters; you can be right if you want. Good idea to define what Yorkville is to you though. Very few Toronto neighbourhoods have static and well defined borders. In fact, determining where Yorkville starts and the Annex ends is darn tricky.

Yorkville DOES NOT extend east of Yonge. That's for certain.