North York is one of the most appealing regions of the Greater Toronto Area, known for the urban charm of its condo developments that have a distinguishable, unique architecture. Its fast developing economic center and close proximity to Old Toronto make it one of the first places on a homebuyer’s list, and a great place to invest in real estate.
Over 130 new housing developments, out of which 94 are condominiums, are currently under construction, already finished, and in the planning stages. The 7558 units currently under construction have a median price per square foot of $1,062.
As one of the six administrative districts of Toronto, North York is bordered by Etobicoke to the west and Scarborough to the east. It is located in the central northern area of the City of Toronto and it is known for its multiculturalism, wide selection of venues and attractions, as well as it’s rapidly developing business district.
The local motto is: “The City with Heart”, and it is renowned to have something for everyone. Spanning 33 neighbourhoods, with many wide-open spaces, rivers and lakes, the city is rapidly growing and adapting to its residents’ needs. It offers anything from stunning nature trails and historical sites, to malls and centers for recreation and sports. The city caters to all tastes and preferences, with notable mentions like Earl Bales Park, Edithvale Community Center, Toronto Center for the Performing Arts, Black Creek Pioneer Village, and Fairview Mall.
North York also hosts one of Toronto’s largest universities, and its annual Du Maurier tennis Tournament. The university’s campus is home to the largest hockey arena in Toronto, The Beatrice Ice Gardens. North York offers something for nature enthusiasts, sports fans, and art lovers.
The average resale prices for homes, including condos is around $910,000. Rental rates are set at around $2,200, but with a continuous increase over the last years, reflected in the vacancy rate of 1.7%. In 2021, rent prices for one-bedroom apartments have slipped under the $2,000 threshold, with a significant decrease compared to 2020. Also compared to the same period in 2020, the number of rented condo units has almost doubled in 2021.
The average price per square foot in the City of North York is $950, and can reach as high as $1,400 in some areas. According to the Condo Market Statistics report by Toronto Regional Real Estate Board, in the second quarter of 2021, the most condo apartment sales were of two bedroom apartments (138), with an average price around $700,000. The most popular price range for apartments in the area was situated between $600,000 and $700,000.
The sale price and number of sales in North York is similar to what can be seen in the GTA as a whole, with an increase in condo apartment sales of 155% in 2021, compared to 2020, and a 10.8% increase of the average selling price.
The City of North York is home to a vibrant business center that also houses a good number of national corporations, and considered a secondary economy hub next to downtown Toronto.
Around 72% of jobs are in the white collar sector, with 73% of workers employed by private companies, 11,5% activating as government workers, 10% in non-profit companies, and around 5% self-employed.
The average household income in North York is around $76,000, with a median income of just over $80,000 for 45 to 64 year-olds, and over $70,000 for 25 to 44 year-olds. The top employers in the area are Mcmaster University, University of Toronto, Hydro One, Ontario Power Generation, and TD. The local employment opportunities are centered around the corporate, manufacturing, and product distribution sectors.
The unemployment rate in North York city center is 5.9%, slightly higher than the average for Toronto, which is 4.8%. The in labor force is 59.7%, also a bit lower than average compared to the Greater Toronto Area.
The city of North York houses a rather large population of over 869,000 people and has adapted to supply its residents with a good public transport system serviced by the Toronto Transit Commission, GO Transit, and Metrolink.
The city center is connected to downtown Toronto by the subway system Yonge, Shepperd, and Spadina lines, and stops at Sheppard, North York Center, Finch, and Yonge stations in the city center.
Bus services are also good, with an average waiting time of 5 minutes, so commuting without a car is still convenient and easy even for people residing outside the area of the subway systems. Commuting by car is also an option because North York is connected to the 401, 407, 404, and 400 highways and DVP municipal expressway.
Also available and just a 20 minute drive from the city center is Toronto Pearson International Airport, the busiest airport in Canada. Other options for getting around are taxi services like Beck Taxi, CO-OP Cabs, Uber, and Lyft.
With Toronto’s housing market still on the rise, investing in new pre-construction condos may be a wise investment. Prices in North York are still lower than in the downtown Toronto core, with price differences for an average condo apartment being $150,000, and the price difference per square foot of about $400.
North York is an attractive place for interested buyers, and that keeps prices on the rise. It has everything to offer to its multicultural residents. From beautiful natural landscapes that blend seamlessly with the urban architecture, to great job opportunities, good schools, and many entertainment places, North York is one of the hottest spots on the real estate map.
Pre-construction condos are usually sold in multiple stages, each with different prices and incentives.
