Garden District Condos
Garden District Neighbourhood
The Garden District is a neighbourhood that is bordered by Sherbourne Street to the east, Queen Street East to the south, Yonge Street to the west, and Carlton Street to the north. It is named for the Allan Gardens Conservatory that is positioned within its borders. It is a botanical greenhouse, containing a diverse mix of tropical plants from all over the globe.
The neighbourhood has an incredibly urban aesthetic to it, and it is a metropolitan hub with a great deal of traffic that traverses in and out of the neighbourhood at all times. The Garden District, although not considered a typical family neighbourhood, is home to many families that choose to make a happy home in the area. Allan Gardens and Moss Park are the primary parks in the district.
The majority of its inhabitants are young single professionals, students and working couples without children. The lack of primary and secondary schools in the neighbourhood, as well as the chaos and noise of downtown living tend to make this area extra attractive for those who crave the urban lifestyle. Most families with children in Toronto tend to live a bit further toward the fringes of the city.
There is, however, Ryerson University, which stretches across 121 acres of urban landscape. It is known for numerous programs, most notably being the Ted Rogers School of Management, which is Canada's largest business school.
The Garden District largely features condos, accounting for 78% of sales, accompanied by townhouses at 9% and semi-detached houses at 7%. Condo apartments are the common trend and the majority of properties have two bedrooms. The average price in the Garden District over the past year was $485,296, an increase of 5% over the previous term. The average condo premium over the past year was $447,806 as compared to the average freehold price of $1,159,895, over the same timeframe.
It was originally a very exclusive district, but it declined in time as many of the aging Edwardian and Victorian detached and semi-detached houses became dilapidated and had to be bordered up. However, a surge of revitalization has begun in the area. Several newly developed condos have been popping up on every corner. The Garden District includes a mix of housing, from million-dollar condos, renovated Victorian villas, Edwardian row houses, to apartment co-operatives and everything in between.
As with all places in the city core, access to public transportation is exemplary. There are several easily accessible subway stops , as well as streetcar and buses, many of which run 24 hours. There are stops located on every major block. Investors should also consider that three of the most sought after intersections are located here. Yonge and Dundas, Yonge and Gerrard, as well as Yonge and Carlton all fall within this neighbourhood's boundaries.
The average income for the area is $37,614, with a current population of 8,240. The average rent by housing type and size is as such: Studio/Bachelor: $1,000, 1-bedroom: $1,380, 2-bedroom: $1,850, 3-bedroom: $2,475. Compared to other neighbourhoods, The Garden District is 9% lower than the Downtown Toronto average.
Multitudes of high-rise condos are being built here. Prices remain quite high, especially on the nicer streets of the neighbourhood. Its unimaginably close proximity to everything means rental rates will likely go up. Homeownership in the Garden District is low, with a split of 65% renters to 35% owners among those living in the area.
It makes sense that finding the best neighbourhood to suit you and all your family needs is one of your top priorities when shopping for a new home. That is why you shouldn't pass up this great opportunity to purchase and invest in your future.
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