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Home > Mortgage News in Canada > Toronto Real Estate - Affordable Prices, Great lifestyle Create Boom in Downtown West Condo Market

Toronto Real Estate - Affordable Prices, Great lifestyle Create Boom in Downtown West Condo Market

By Bruce on September 25, 2008 2:41 PM in Real Estate News | | Comments (0)

"The hottest submarket in the Greater Toronto Area offers some of the best prices." This paradox is explained in a recent Globe & Mail article.

Downtown West (the area between Lake Shore, Dufferin, Bloor and University) is the site of 15% of all condo developments in the GTA. With over 30 builders working on 51 projects as recently as July, the area is booming.

Now for the strange part. Although it ranks first in condo activity, the area is 6th for prices.

Why? Competition drives down prices. Knowing that housing is affordable and mortgage rates are low, young people are flocking to the area.

The upswing in residential development has been gradual, according to the article. It began with a change in zoning that allowed buildings formerly zoned as industrial to be used as commercial. From there, hip creative companies started moving in, and their employees began looking for housing nearby. The rest is, as they say, history.

Close to clubs, restaurants and unique shops, this area is destined to be popular for many years to come. Anyone looking to make an investment in Toronto real estate would do well to check out Downtown West.