North York New Condos for Sale
Why Should You Invest In North York Real Estate?
The area is currently appealing to a soaring body of residences. There are now over 800 condominiums for sale or rent in the area. Anyone who lives in the city knows that North York consists of many municipalities. There are many things that make North York so appealing. Although it shares identical characteristics to other boroughs, there are a few traits that define and distinguish North York.
North York's motto is, “Progress with Economy”, which would explain why it is simply one of the fastest growing areas in the region. Its close proximity to Old Toronto is allowing it to become its own metropolitan centre.
Houses in the neighbourhood are highly distinguishable, and they contribute greatly to the professed affluence of the area. 50% of occupied dwellings are single detached homes, many of which have been rebuilt and customized to suit one’s decorum and expression.
Property values have increased greatly by 47.6%. The second most occupied type of dwelling are apartments that reach five or more storeys. These are inhabited by 28% of the population.
It has a booming economy and a relatively low unemployment rate. A $300-million project is expected to create an estimated 300 jobs. The project will bring a new hotel, potentially a four star Marriott Hotel, to the intersection of Yonge and York Mills located next to York Mills Station. A commuter parking lot, which had sold for twenty-five million dollars, will be converted into several new developments, including newly constructed condominiums and retail space. This will add to its bustling thoroughfare. North York General Hospital, Humber River Regional Hospital and the Sunnybrook Health Sciences Centre are major hospitals in this district.
Average Condo Price for North York
The average price per square foot for all pre-construction home types, including condos, in the City of North York is $950.00. And the average pre-construction appreciation rate for the past 10 years has been 7.8%.
The average resale price for all home types in the City of North York is presently around $909,892. The average resale appreciation rate for the past 10 years has been 7.5%.
The average rental rate for the City of North York is presently $2,200. This is in addition to a rental appreciation rate of 3.1% for the past 10 years. The demand for condos is still strong here as the vacancy rate currently sits at 1.7%.
City of North York
This is one of the municipalities that was amalgamated to become part of the Toronto mega-city, and this allowed North York to become a city within a city. It was initially known as a regional cultivation core composed of dispersed communities. It is bordered by Finch Ave. to the north, Victoria Park to the East, West to Keele St. and south to Lawrence Ave.
It began as an assembly of unique independent neighbourhoods, this gave it the reputation as a monumentally diverse area. The neighbourhood has an urban feel to it, being made up of narrow residential streets and wide boulevards. It houses some of the most diverse expanses around with a diverse mix of income levels, a crucial ingredient for thriving urban communities.
Almost half of the city's populace is made up of visible minorities, and approximately 672,955 people occupy its borders. The many new high-density condos being developed and sold within its boundaries is expected to drastically increase its population. The neighbourhood is also notorious for its high levels of income. The average household income is $71,726.
Many of the community's businesses are either in the corporate, manufacturing, or product distribution sectors. North York City Centre, is its central business district and has since been a secondary economic hub outside downtown Toronto.
There are numerous national corporate headquarters situated in North York, especially along the Yonge Street corridor, but also along the east side in the Don Mills area. The North York Civic Centre was home to the North York City Council and is now occupied by the City of Toronto for the community council and other city departments that commission the surrounding region.
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Accessibility / Getting Around
There are several options for getting around this borough, including easy access to the major highway corridors, broad roads, subway system, and buses that run twenty-four hours on certain major routes.
The part of the Highway 401 that cuts across North York is the busiest section of freeway in North America, with approximately 400,000 commuters each day. Finch Station on the Yonge–University line is the busiest TTC bus station and the sixth busiest subway station in the city, serving around 97,460 people daily. The Sheppard Subway Line is entirely in North York, averaging around 55,000 riders per day.
North York houses a few acclaimed shopping malls, which are Fairview Mall, Yorkdale Shopping Centre, Sheppard Plaza, and the Don Mills Centre. There are also cultural institutions like Black Creek Pioneer Village (an authentic 19th century heritage village), Toronto Centre for the Arts, the Aga Khan Museum, and the Ontario Science Centre, which boasts over 800 scientific exhibits. All of these are accessible by taking the better way, the TTC.
Despite all these new developments, the area is still immersed in natural green spaces, dells, and brooks that run along the Don River, but it's mostly known for its large spectrum of parks and trails. The urban forest adds allure to the scenery. It is also a welcome refuge from the hustle and bustle of city living.
Come discover the natural beauty of the deep, cool running streams, creeks, and tree lined valleys that make North York one of the most ideal and desirable places to call home.
Find New Condo Developments by the Neighbourhood
North York Neighbourhoods
List of New Condos in North York
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Questions & Answers
Is there a difference between Platinum Agents and Regular Agents?
Yes, Platinum Agents have a Sales history with the developer and a proven track record. The Platinum Agent has built a strong relationship with the developer and will be recognized for their efforts. The Regular Agent will have the opportunity to sell. It would just be at a later stage in the sales process.
Will I get a better price if I buy from the Developer directly?
Unless you are purchasing at the friends and family stage of the sales process you will not have the opportunity to purchase before the Platinum Stage of Sales. The Developer respects and appreciates the Platinum Agent and would refrain from jeopardizing the relationship with them. The public will get an opportunity to buy directly from the developer but certain incentives will be removed and prices will usually be increased. Read more about VIP Platinum Access.
What is a 10 day Cooling off period?
As outlined in condo governing legislation, buyers have the option to withdraw their offer without penalty within 10 days of when the buyer receives the disclosure statement OR the date they received a signed copy of the contract. It applies to most newly built condominium homes.
