Top Pros and Cons of Living in Downtown Toronto | Toronto Condo Team
Wednesday May 11th, 2022
Living in Downtown Toronto vs GTA
Toronto combines family living with big-city living with world-class education, healthcare, endless career opportunities, and family-friendly attractions. As the biggest city in Canada, and one of the world’s most multicultural cities, Toronto has something to offer everyone.
There are countless reasons to consider purchasing luxury condos or lofts in Downtown Toronto. Living in Toronto’s city centre gives you easy access to incredible restaurants, exciting cultural events, the convenience of public transportation via TTC buses, streetcars and subway, and the scenic waterfront of Lake Ontario.
Living outside of Downtown Toronto or the Greater Toronto Area (GTA), you may be far from shops, restaurants, medical care, grocery stores, attractions and more. While living outside of the city is the ideal lifestyle for some, those searching for a big-city feel and the convenience of nearby amenities may need to search for more central housing options.
Check out our blog post about living in Toronto and the Greater Toronto Area to help you choose the best place to live.
Advantages of Purchasing a Condo in Downtown Toronto
#1 Quick Access to Transportation and A Wide Range of Amenities
If you're planning to buy new condos within Downtown Toronto, you'll likely want to reside in neighbourhoods that comprise the city's urban core. In that case, you'll be able to access many amenities. With world-class bars and restaurants and nightclubs, easy proximity to the Entertainment District, Financial District, public transit, sporting events, airports, cultural activities like performances and festivals, ballet, opera, theatres, museums, and proximity to the beach, you'll have everything you could want just minutes away. Short travel distance to Toronto's bustling city centre means plenty to offer, regardless of the season or weather.
#2 Close Proximity To Shops, Restaurants and City Attractions Saves Time
The time you can save from not having to travel far to reach your destination in Downtown Toronto could be used for other activities, spending quality time with family members or even exploring other hobbies. If you live outside the the city core, you will have to travel for business, events, nights out, city events, etc.
Additionally, it is possible to save money simply by moving to a closer location, such as your place of employment or school. Without paying expensive fees for gas, ride-share programs or taxis, you will save money for other expenses such as your home or Toronto condo mortgage, next vacation or even your retirement savings.
#3 Affordable Tavel Throughout The City
Trips to the Downtown Toronto Core for work or recreational purposes can add up over time. However, travel solutions such as the Toronto Transit Commission (TTC), ride-share programs like Lyft and Uber, taxis, and other travel options or living in the city can significantly cut back on travel costs.
#4. Easy Access to Nearby Airports
Another benefit of buying a Downtown Toronto condo is uncomplicated access to the Billy Bishop Toronto City Airport. Located on the Toronto Islands, it helps you avoid a trip to the busy Pearson International Airport in Mississauga and offers flight connections to Montreal, Chicago and Canada's Eastern Coast. A pedestrian tunnel provides travellers direct access from the mainland, making travelling out of the city more accessible and stress-free.
Billy Bishop Airport connects you to cities outside of Canada and selected locations within cities in the United States to reach other connecting flights to countries worldwide.
#5 Receive Positive Return On Your Condo Investment
Today, luxury condos, new or pre-construction condos or lofts located in Downtown Toronto are a significant and positive investment choice with high ROI. As the property market in Toronto continues to grow, you can quickly increase the value of your investment over time. When it is time to sell your condo in Toronto, you could gain profit from your investment, especially if the real estate property market continues to grow while prices increase.
The Toronto Real Estate Market has stable and steady returns, but it is also protected from market volatility better than any other region. When considering investment properties for the long-term, it's important to note that while GTA real estate is doing well, the real estate market in Downtown Toronto is performing exponentially better.
#6 Endless Job Opportunities and Thriving Economy
Toronto is Canada's capital city for banking and finance and is the location of its principal stock exchange, the Toronto Stock Exchange. Alongside high-end finance and IT, Ontario's abundance of natural resources, including hydroelectricity and raw materials, have assisted Toronto and the municipalities around it to develop into major industrial centres that produce more than 50% of the manufactured goods in Canada.
Drawbacks of Purchasing a Home in Downtown Toronto
#1 Downtown Toronto Congestion and Traffic
Traffic is one of the significant disadvantages of living in downtown Toronto. As the third most densely populated city, there is congestion and traffic to a great extent. As such, it can be difficult to travel throughout the city and other areas of the Greater Toronto Area, even if you have a vehicle.
#2 It Is Difficult To Find Parking
Parking in Downtown Toronto is costly. Despite the various places available such as streets, public and private parking lots and garages, it can be challenging to find a spot and procure a high cost over time. If you own a car and enjoy driving, Downtown may not be the best place to live or buy a condo because you could pay thousands for parking overtime.
#3 Air Quality and Pollution
Due to the volume of people and traffic in the City of Toronto and the Greater Toronto Area (GTA), it is no surprise that pollution and air quality are significant issues in Toronto. As Toronto is also known for its mass production and exportation of materials and goods related to the industrial sector and produces a variety of metals, vehicles, chemicals and machinery, there are bound to be pollution-related issues. These include accumulations of smoke and fumes during certain times of the year.
Although its air pollution is not as harmful as those of cities with high pollution, such as Santiago, Bogota, or Mexico City, it is a concern.
#4 Light Pollution and Noise Pollution
The city of Toronto, particularly Downtown, is plagued by light pollution and noise. With extensive nightlife, numerous sporting and cultural events throughout the year, and busy streets and highways running through the core, the city has near-constant noise. It can be challenging for residents unaccustomed to city life to sleep in Downtown Toronto.
#5 Downtown Toronto is Densely Populated
Toronto is the third most populated city in Canada, following Vancouver and Montreal and is the 19th-highest density city around the globe. The city's population grows every year, with thousands of immigrants moving to Toronto, Ontario, due to the countless education and career opportunities.
Take a moment to think about this. If you are not a fan of crowds or living close to lots of people, you may want to look into living in a different section of the city or the Greater Toronto Area.
#6 Limited Access to Green Areas
Downtown Toronto does not have the same amount of parks or green spaces as other areas in the city. The majority of Toronto's property owned by the public along the shores of Lake Ontario has been given to developers to be turned into new condos, which are great when you reside there. Despite the handful of parks in the city, you will have to travel to find scenery such as rivers, streams and beaches to places like the Toronto Island, High Park, Scarborough Bluffs and many others.
If you're looking for a quieter atmosphere, it is possible to move out of Toronto's urban central area and move to neighbourhoods with tranquillity and peace, such as Etobicoke.
#7 It Is Expensive To Buy Home
Toronto has been ranked as the most expensive city globally. That means that purchasing a condo in Downtown Toronto may be quite costly and beyond the reach of many. Many people may be unable to finance an additional home in the area, so there are numerous condos available in the area for those who want to reside in the area. The cost of living in Toronto is quite significant, therefore if you don’t like living in a condo or need more space, you might want to find a house away from the downtown core.
Is Toronto A Good Place To Live?
There are pros and cons to everything, yet, the negatives must not change your mind. The city of Toronto provides endless opportunities for growth, entertainment and access to various exciting features. However, living in the surrounding Greater Toronto Area is still an excellent choice as the bustling city is a short drive away.
If you are looking for Toronto condos for sale, then Toronto Condo Team can help you explore all the new condos there and help you make a better decision.
If you are considering moving to Toronto, the we can help you explore all the new condos there and help you make a better decision. Our dedicated team of real estate experts answer your questions about city-living and the best neighbourhoods and help you find the best condo for your budget and lifestyle. Whether you are buying your first condo in Toronto or want to learn more about picking the best neighbourhood, our team works with you throughout the entire process.