Toronto, Ontario is one of the most loved and admired cities of Canada. Many people keep eyes on residences in Toronto because it is economically the soundest and a well-maintained city of the country.
Why Reside in Toronto?
Toronto is an amazing city. There are numerous compelling reasons that will explain why the condos in Toronto today are high in demand.
- Multicultural:
Toronto is a city that comprises of people from all over the globe. Even the motto of the city is “Diversity is our strength”, which clearly shows how open the city is towards diverse cultures, religions, traditions, cuisines and much more.
- Biggest City in Canada:
Toronto is Canada’s largest city so there are some perks of living here. It is not only the largest city in terms of land, it also is the most populous city in the country. Being the largest city, it has shopping, eating, entertainment options of all kinds.
- Economical and Secure:
This amazing city was named as the best place in the world to live in by the Economist Magazine. The cost of living, security, business environment, food etc are the reasons why Toronto is one of the most economical cities to reside in.
The above-mentioned features of Toronto are what makes the condos in the city so high in demand. If you are looking for a condominium in Toronto, you better hurry.
The Top Five Most Desirable Condos in Toronto:
All the condominiums in Toronto are high in demand but there are some highlighted residential buildings that are the most sought-after. To make up the list of the top five most-sought after condos in the city, D.O.M was used as the measuring unit. D.O.M stands for days on market. This measuring unit tells the average number of days that the condominium will stay on the market for sale before its bought. Through this unit, we can find out about how much the demand for a specific condominium is. People look at D.O.M for a place they wish to buy, this gives them an estimated number of days they have to finalize their decision. Another unit that tells us about the demand of a place, condominium or a building is the average market absorption. This unit tells us about the focus of the market demand.
Using these demand-measuring units, the following demand trends were observed;
- High demand for condos in the range of $500,000 – $900,000.
- Below average maintenance fee
- Building with 25 or fewer stories.
- Building with 300 or fewer condos.
- 12 years or older buildings.
According to these demands here are the top five most desired condos in Toronto:
- Parliament Square:
Located in 39 Parliament St in Distillery District, Downtown, Toronto, Parliament Square is a 13-story building that houses 181 units. The sizes in which the condos are available in this residential building range in size from 402 square feet to 1779 square feet. The amenities provided to the residents of Parliament Square include common rooftop deck, party room, elevator, meeting room, function room, parking garage and the entry phone system facility. The facilities covered under the maintenance fee include; air conditioning, common element maintenance, heat, hydro, building insurance, parking, and water. The building is located near some of the most highlighted destinations such as the Café Furbo, Tappo Wine Bar and Restaurant, parliament square park and much more. The average DOM is 9.8.
- The King’s Lofts:
The 5-story residential building, the Kings Lofts is located in 800 King St W in King West, Downtown, Toronto. It houses 76 units that range in size from 700 square feet to 1076 square feet. Triloft Developments constructed this project in the year 2000. The amenities provided to the people living the Kings Lofts include; gym, party room, visitor parking, BBQs, elevator, meeting room, function room, parking garage, sauna and facilities of a security guard and an enter Phone System. The maintenance fee covers the following facilities; air conditioning, common element maintenance, heat, hydro, building insurance, parking, and water. Some great eating out and entertainment destinations include; Ripley’s Aquarium of Canada, Beast Restaurant, Foggy Drew Irish Pub and many more. The average DOM is 9.8.
- Trinity Park Lofts:
Trinity Park Lofts is one of the most desirable buildings to reside in the Queen West neighborhood. It is located at 901 Queen St W in Queen West, Downtown, Toronto. The building comprises of only 4-stories and houses 98 suites altogether. The sizes in which these 98 suites are available range from 401 square feet to 1560 square feet. The amenities provided to the people living in the Trinity Park Lofts include; gym, party room, elevator, meeting room, function room, garage and a Security Guard along with an Enter Phone System. The maintenance fee covers the following facilities; common element maintenance, heat, building insurance, parking, and water. There are some nearby eating and entertainment destinations such as the Dog’s Bollocks, Swan Restaurant, Tealish, Terroni, Oyster Boy Artscape Youngplace and many more. The average DOM is 9.
- The Hudson:
Located in 438 King St W in King West, Downtown, Toronto, The Hudson is 21-storey residential building. This project was constructed in the year 2006 and it houses 281 units. The suites that are available here, range in size from 509 square feet to 2181 square feet. the amenities provided to the people living here include; gym common rooftop deck, party room, visitor parking, elevator, media room, cinema, meeting room, function room, garage, sauna, security guard, enter phone system and Beanfield Fibre. The average DOM value of this residential building is 8.8.
- Lennox Mews Towns:
Located in 230-234 St George St in Annex, U of T, Downtown, Toronto, Lennox Mews Towns is a 3-story residential building that comprises of 35 suites. The amenities that are provided to the residents here include; visitor parking, BBQ area, and the maintenance fee cover the following facilities; common element maintenance, building insurance, parking, and water. The average DOM is 7.2 making this the most desirable and sought-after buildings in Toronto
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