Why Should You Invest In Thornhill Real Estate?
Thornhill largely features detached houses, accounting for 59% of sales, accompanied by condos at 24% and condo townhouses at 15%. Two storey houses are the most common trend and the majority of the properties have three bedrooms.
The area is soon becoming one of the highests densities of any neighbourhood in the GTA. There is a new home subdivision to attune to just about anyone's taste and affordability. There is also a vast collection of high-rise residential condominium buildings and townhomes to choose from. The current population roughly sits at 139,440 residents and growing, where the median household income is $79,438.
Homeownership is at 85% compared to that of 15% which are tenanted. For home buyers considering moving to York Region, Thornhill is a naturally popular choice, after all, few other neighbourhoods offer the prestige and comfort, without having to live too far from Yonge Street and the City of Toronto.
Since the early to mid 2000’s, there has been an outpouring of condominiums and condo townhomes, which are increasing in popularity in Thornhill, to welcome the vast number of families moving northwards from the city and other surrounding communities. More and more buyers look north for real estate; as prices in Toronto continue to skyrocket. York Region is becoming an attractive option. It’s a unique little region you should consider if you’re looking to purchase or invest in real estate. It is still far more affordable in comparison to other Toronto neighbourhoods.
Average Condo Price for Thornhill
The average resale price for all home types, in Thornhill is presently around $1,157,286. The average resale appreciation rate for the past 10 years has been 8.3%.
Average pricing per square foot for a pre-construction condo is $780.00. And the average appreciation rate for the past 10 years has been 6.6%.
The average rental rate for Thornhill is presently $2,100. This is in addition to a rental appreciation rate of 3.3% for the past 10 years. The demand for condos is still strong here as the vacancy rate currently sits at 0.9%.
City of Thornhill
Thornhill is a viable hotspot where residents enjoy the exclusive distinction of being planted in two different cities, the City of Markham east of Yonge Street and the City of Vaughan west of Yonge Street. Thornhill shares its southern border along Steeles Avenue with the City of Toronto. The old village of Thornhill is flanked around Yonge Street between John and Centre Streets. This northern neighbourhood is situated in the regional municipality of York and was created in 1999. Its boundaries are belted by Steeles Avenue to the south, Dufferin Street to the west, Highway 7 to the north and Highway 404 to the east.
Its name derives from Benjamin Thorne, an influential resident who moved to the area in 1820. In addition to running a lucrative import-export business, he ingrained a number of crucial services within the town, which includes a sizeable grist mill, a tannery and sawmill. In 1829, Thorne and his brother-in-law were also responsible for a petition that guaranteed the village its first post office and the official name of Thornhill came to fruition, according to the town’s official history.
Today, It’s known for having a high number of seniors, baby boomers and university grads. It is a diverse district acknowledged for carrying a high number of Russian, Persian, Korean, Hungarian, German and Italian descent.
Its rustic setting is displayed by means of the east branch of the Don River which snakes downstream through the village and neighbouring ravine parkland. It certainly has a distinct sense of community.
This coveted quiet, pedestrian-friendly residential enclave is perfect for growing families, as it’s never far from public green spaces such as Bayview Glen Park and Don Valley Park. It is also recognized as an upscale community with it’s assortment of new home subdivisions with detached homes, accompanied by attentively manicured lawns. This child-friendly middle and upper class neighbourhood offers its citizens great community amenities by way of notably ranked schools, parks, libraries, pools, shopping centres, banks, medical and professional services, community centres and other recreational facilities.
Other landmarks consist of the historic Thornhill Village heritage area, as for golf enthusiasts, they will be delighted in having so many courses to choose from, with the likes of the Bayview Golf and Country Club, Uplands Golf and Country Club and the The Ladies' Golf Club of Toronto. Another prominent fixture is The Promenade Shopping Centre which is located along Bathurst Street and is a shopping mecca. It contains over 175 shops including popular brands like Old Navy, H&M, Lululemon Athletica, Roots, American Eagle Outfitters, Coach and so much more.
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Accessibility / Getting Around
Residents, are served by a variety of transportation options, via highways, trains and buses - that connect to subway stations. Several major highways transect into Thornhill, providing easy access to the Greater Toronto Area. Highways 400 and 427 are nearby, allowing for north-south travel, Highways 7 and 407 provide an efficient east-west corridor across the neighbourhood. Driving downtown takes approximately 30 minutes to an hour, depending on traffic. York Region Transit and the VIVA rapid transit system connects all nine municipalities of York Region providing public transportation for the area. GO Transit also has a bus station at Yonge Street and Langstaff Road, in addition to the Promenade Terminal. Together these allow for uncomplicated routes in, out and getting you where you need to be.
Low-rise homes, however, no longer constitute the only real estate offering on display in this rapidly-maturing neighbourhood. Condos and other higher-density developments are starting to creep up in Thornhill due to its proximity to the last stop on the Yonge Subway Line. It is a well-rounded community, which has a quaint and central downtown and is located just north of the city of Toronto. It has a lot to offer any buyer, but different streets will appeal to different sensibilities.
Historically, it’s been a real estate favourite, whether you’re in the market for a charming bungalow on a well-treed, mature lot, or prefer a sprawling hassle-free living in a condominium, chances are you will find a home here that meets your budget.
It is well designed with its pedestrian-friendly streets, which are a major component of the area’s character and desirability. All of these aspects come together, making it a better choice to live, work, shop and play. The city is designed for people, making Thornhill a soon to be sought out locale to take up residency. Don’t miss out on the opportunity.
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Questions & Answers
What Are The Common Mistakes A Condo Buyer Makes And How To Avoid Them?
The thought of shopping and purchasing for a condominium is thrilling and can be a significant life decision and achievement. Regrettably, many individuals make costly mistakes in the process, turning their dream right into an ordeal. Guard yourself with these recommendations to keep away from repeating the five worst errors condo buyers make; first-time buyers have to be particularly careful.
NOT THINKING ABOUT THE FUTURE - Many first-time home buyers, regardless if it’s a house or a condo, get too eager and enthusiastic about buying and rush into it without sufficient consideration about the future. What if you have kids? What if someone moves in with you? What if you transfer offices? What if you need to resell the unit down the road?
These are questions proper condo buyers will ask themselves prior to putting their cash on the table. If children are in your future, you’ll need to research the area for nearby schooling options. If you think you’ll want to resell the unit down the road, treat the unit with care and perhaps restrain yourself from unconventional renovations. Many agents advise prospective purchasers to buy suites with water or skyline views if they have enough money for it, as these units are always easier to promote and sell and will appreciate in the long run.
DO YOUR RESEARCH - A condo is one of the most expensive investments you can make, so it’s imperative to do your due diligence before making a purchase decision. Many buyers succumb to the trap of buying the first condo they see, or feeling compelled to purchase a particular unit, or becoming emotionally attached. It’s easy to be fascinated with the idea of a brand new suite, fancy showcases and sales pitches, but avoid these temptations. First off, research the neighbourhood, learn about the school system, transit options, the median income and education level. Visit nearby grocery stores, other conveniences and amenities within its surroundings, before finalizing a deal.
NOT BUDGETING FOR COSTS - Most people never layout a budget of what they’re willing or able to afford. Sellers will often persuade buyers to purchase upgrades in the form of floor materials, and other cosmetic finishes that can quickly add up in costs. Moreover, condo consumers have to pay several fees to own and maintain a unit. These fees cover insurance costs, property taxes, renovations, designs, including closing costs, that could run between 1.5 to 2.5% of the final purchase price.
Condominium owners additionally pay a monthly maintenance fee, regardless whether or not anything needs repairing. Devising a budget with all these in mind can help you better navigate the process and reduce expenses.
NOT GETTING A MORTGAGE PRE-APPROVAL LETTER - The main reason most real estate transactions get delayed or fall apart is because buyers don’t have their financial portfolio intact before submitting an offer. This results in embarrassment, not to mention lost time and money. Buyers can remedy this problem by making a trip to a mortgage lender to get a pre-approval letter, which confirms you're good to go for a certain dollar amount. With this letter, you’ll recognize precisely how much you can afford. It also stops you from wasting time looking outside of your price range, and allows you to be able to submit a strong bid-in-hand offer.
NOT HIRING A REPUTABLE AGENT EARLY ON - Unless you have knowledge and experience navigating real estate transactions, hiring an esteemed real estate agent to counsel you through the condo buying procedure will be to your benefit. Do not rely on the seller’s agent, as they have an incentive to sell the property at the highest price point possible, regardless of whether or not it’s a good fit for you. An excellent agent will work with you to obtain the best unit for your needs, as they understand the neighbourhood and can help you negotiate a better deal. That is why you should consider our very own GTA-Homes’ team!
Buying a condominium can be an overwhelming and stressful task, but it need not be if you avoid these five prevalent mistakes potential buyers often make. While you can’t prepare for everything, at least now you’re aware of some of the issues beforehand, and in turn you can shop with confidence. Owning and living in a condominium may just be one of the best decisions you’ll ever make.
Is Buying Pre-construction Much More Advantageous Than Resale?
There is no right or wrong answer. Many agents may inform you that pre-construction is a bad idea, it’s just their inexperience shining through. The truth is, there are masses of good and bad investments in both the pre-con market and resale market. Regardless of which route you decide, you need to seek an agent that is experienced in the market you’re interested in, and do some research on your own as well.
The advantage of pre-construction is the price-customization and time to save. Pre-construction condos are less expensive due to the risk that construction will be delayed or called off. You get to be the very first owner of the unit and have the option to customize a multitude of features within the unit, including flooring, cabinetry, tiling and appliances that satiate your discerning tastes. The deposit is given to the builder in a series of payments, giving you extra time to save money for your condominium. Something to take note of - it is common to pay 20% to 25% of purchase price in deposit by the time of occupancy.