Located in the southwest of Toronto, this idyllic coastline suburb is a fast growing center for commerce and living.
Etobicoke is one of Toronto’s five urban growth centers. It is the fastest growing of the five, and it encompasses about 0,7% of Toronto’s employment capacity. With an average growth rate of about 3.1% per year, Etobicoke is a center of interest for people looking for investment opportunities.
Most of the real estate options are detached or semi-detached single-family homes, with condominium and apartment buildings built near Humber River and the waterfront.
Etobicoke was used to describe the area spanning between Etobicoke Creek and Humber River and it was adopted as an official name in the late 1700s. The first road was built along the shore of Lake Ontario in 1791, and it is still there in the present day - Lake Shore Boulevard.
After World War II, the local economy skyrocketed along with its population, which grew from 19,000 in 1941 to 54,000 in 1951. By 1971 Etobicoke had a number of 283,000 residents. In 1983, the Borough of Etobicoke became the City of Etobicoke. In 1998, Etobicoke, North York, East York, York and Scarborough became a part of the City of Toronto.
Present day Etobicoke has a population of over 365,000, and is mostly known for its parks and lush landscape. It also boasts one of the world’s top golf clubs.
The average price of sale for properties is between $982,000 and $1,164,000, with an annual change of 29% in 2021. This is a slightly higher price than what you would find in other municipalities in the GTA.
Despite that, condo prices are still on the rise. With a 3 year growth rate of 33.51%, it is a good time to be a property seller in the GTA. In 2019, the average selling price for pre-constructed condos was around $405,000. The price per square foot was $647, with a yearly increase of 6,1%.
Renting costs have also seen a steady rise over the years, with an average rate of $2,300.
About 70% of employment in Etobicoke is in the Office category, followed by 12% Services, 10% Institutional and 6% Retail, with only a small percentage, under 3% of jobs in Community, Entertainment, Manufacturing and warehousing.
The unemployment rate is around the margin of 6.3% from a local population of around 365,000 residents, which is slightly higher than what you would find in other municipalities within the GTA.
There are several major highways, such as 401, 27, 407, 427, the Queen Elisabeth Way and Gardiner Expressway passing through the area. Etobicoke is located at a mere 20 minute drive away from downtown Toronto and the major roads make it an easy commute by car.
Alternative commute routes are possible by bus or subway. Line 2 Bloor-Danforth run by the Toronto Transit Commission provides easy access and ends at Kipling. The light rail line that is currently under construction will connect the northern part of Etobicoke to Finch West station. Construction for the rail line is expected to be finished in 2023.
Another option for transportation are the GO strations, with four available in the area. Commuters can head to Etobicoke North, Kipling station, Long Branch station or Mimico station.
With local industry booming, the area has seen an increase in construction of new condominium towers, especially in places such as Bloor Street, as well as near Humber Bay. Condos are still on demand in the area, with a rent vacancy of 0,7%.
South Etobicoke is fast becoming a center of attention for young buyers. New condominiums, a vast selection of restaurants, cafes, and shopping areas have led to a rise in demand and popularity of the area around Parklawn Road and Lake Shore Boulevard West.
The beautiful waterfront and the wide, tree-lined boulevards offer plenty of opportunities for relaxation and have new owners flocking to buy. The area is perfect for young adults looking for a short commute or a quieter lifestyle.
The local real estate market is competitive and prices are slowly but surely going up. This is why it’s always good to invest early in condominium developments. The earlier you buy in, the more profit you can make. Plus, pre-construction developments are sold in different stages, each of them with different advantages and disadvantages.