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Home to Universities and Colleges and hubs such as the Entertainment and Financial Districts, Toronto offers countless educational and employment opportunities and the perfect environment to live and play.
Business and Finance are some of the most prominent industries in Toronto, with areas dedicated to each. As such, condos for sale Toronto are ideal for students, Lawyers, Doctors and those in the Financial industry alike due to their proximity to subways, shoppingmalls, hospitals,The University of Toronto, Ryerson Universityand theFinancial District.
With its own Entertainment District and annual events such as the Toronto International Film Festival, residents of Toronto will find countless places to work, create and entertain year-round. Other significant industries in Toronto include Television and Film Production, Publishing, Information Technology, Media and Telecommunications.
Today, condos in Toronto are the first-choice residence amongst immigrants, primarily due to their affordability. Condominium developers are not constructing many freehold houses but focus on condos as the ROI on these is much better.
Popular Toronto Neighbourhoods
As the metropolitan city of Canada, Toronto has vast and beautiful cultural diversity, which is a sense of pride for us Canadians. Toronto is a melting pot of cultures with a mix of old and new buildings with a vibrant mix of high-end modern high-rise condos, landmark loft conversions and boutique lofts. Every neighbourhood is unique and has its own character, all equally beautiful to live in.
The King West area is the city's premier entertainment centre, home to the ﬁnest restaurants and historic theatres. The Entertainment District is a vibrant hub with an array of theatres, performing art centres and cultural landmarks. Yorkville is the ultimate location in the heart of Toronto for individuals looking for the perfect combination of Downtown hustle-and-bustle and high-class living. St Lawrence and the Distillery District allow residents the feel of a community while living within the hustle and bustle of downtown.
Transportation in Toronto
As the largest city in Ontario, Torontohas a wide variety of transportation available to residents. The Toronto Transit Commission is the public transport agency that operates bus, subway lines, streetcar, and paratransit services in Toronto. Major highways such as the Don Valley Parkway, Gardiner Express, 401 and 427 provide access to all downtown attractions and core businesses such as Bloor-Yorkville and Yonge Street Shopping District.
TTC has had a major impact on condos
The Toronto Transit System (TTC) has had a major impact on condos in Toronto. The TTC is one of the largest and most comprehensive public transit systems in North America. It consists of subways, buses, streetcars, and trains that criss-cross the city, making it easy for residents to get around.
The condo market in Toronto has seen explosive growth over the last 10 years. In 2008, there were an estimated 4,000 condos in the city. By 2018, this number had more than doubled to 8,000 condos. This represents a compound annual growth rate of 7%. The majority of this growth has been concentrated in the downtown core, which has seen a boom in new condos and apartment buildings in recent years.
The TTC has played a major role in this growth. The transit system makes it easy for residents to get around the city, which has made condos more attractive to buyers. The TTS has also helped to drive population growth in Toronto. As more people move to the city, the demand for condos increases. This has led to further price increases and more new construction.
Toronto Land Transfer Tax
When buying a property in Toronto, you will need to pay both Provincial Land Transfer Tax and Toronto Municipal Land Transfer Tax at closing time. Toronto’s land transfer tax (LTT) is a tax that is paid when purchasing property in the city. The tax is calculated based on the value of the property being purchased. The LTT is used to help fund a variety of city services, such as public transit and infrastructure.
The Land transfer tax is paid by the buyer of the property not the seller. The amount of tax that is due is based on the value of the property being purchased. The tax is calculated as a percentage of the purchase price, and the rate increases as the value of the property increases. For example, the tax on a property worth $500,000 would be 1.5%, while the tax on a property worth $1 million would be 2%.
First-time buyersof new and re-sale homes are eligible for rebates on provincial and Toronto land transfer taxes. The maximum that first-time home buyers can receive for provincial land transfer tax (LTT) is $2,000, and for the Toronto LTT it is $3,725. See Land Transfer Tax Rebates for more information on first time buyer rebates and what is eligible to qualify.
The City of Toronto requires residents to pay property taxes on all residences that they own. The estimated property tax for 2022 is 0.66% per year.