Yonge & Eglinton Condos
Yonge & Eglinton Neighbourhood
Yonge & Eglinton is a neighbourhood north of downtown Toronto. The area has been affectionately referred to as “Young and Eligible” and “Yonge and Eg”.The district is sort of a “Downtown North”, with a financial centre, vibrant nightlife and a wealth of high-end shopping and dining options. The area is generally bound by Mount Pleasant Road to the east, Hillsdale Avenue to the south, Avenue Road to the west and Briar Hill Avenue to the north.
The location boasts 65,000 residents, with that number growing exponentially. The average age of those living in the neighbourhood is right around forty years old, with seventy-five percent of the population between the ages of twenty-five and sixty-four. According to the most recent census, 72 percent of the population is comprised of families.
The community boasts an average income of $147,862, nearly double the average for Toronto as a whole.
Yonge and Eglinton largely features condos as its primary housing style, which account for 43% of sales, accompanied by detached houses at 37% and semi-detached houses at 15%. Two-storey houses are the most common trend and majority of properties have two bedrooms. The average premium in Yonge and Eglinton over the past 365 days is $1,082,208, an increase of 11% over the same term last year. The average condo premium over the past 365 days is $612,593 as compared to the average freehold premium of $1,681,272 over the identical period.
Home ownership in Yonge and Eglinton is low, with a split of 71% renters to 29% owners among those living in the area.This area one of the most lucrative neighbourhoods for owners with rental units. It has the lowest vacancy rate within the city, so units are guaranteed tenant interest with prices in the owner’s favour. Pre-construction condos are often cheaper than their resale counterparts, and will increase in value as the neighbourhood continues to change. Currently there are more than 20 new condominiums undergoing construction in the area, and more are slated for development.
The neighbourhood is well served by means of public transit. Many bus routes travel in and around the neighbourhood. Eglinton Avenue, , Yonge Street and Avenue Road connect to the primary subway depot for the area which is Eglinton Station.
By the year 2020, the crosstown LRT project will be completed, with an estimated 79,000 passengers per day will be commuting in and out of this bustling area. The LRT will feature 25 stations spanning from Mount Dennis in the west to Kennedy in the east, making Yonge and Eglinton one of only a few intersections in the city to feature rapid transit access in all four directions. Motorists can use the many side streets to avoid the congestion along the major thoroughfares to get downtown quickly and effectively.
Yonge and Eglinton is especially favoured by families raising school age children. It has everything families are seeking for in a neighbourhood including large size houses, top notch selection of private, public and separate schools and a large number of green space, ravines,recreational facilities and parks. It has emerged as a prime site for new condominium developments as well, thereby satisfying the demand for an entry level price point into this popular neighbourhood. Young professionals, single or coupled homebuyers will find a tremendous array of options.
It makes sense that finding the best neighbourhood to fit you and your family is considered one of your pinnacle priorities whilst searching for a new home.The closeness to the downtown core has encouraged buyers to invest in this area.
The most underrated feature of the district is undeniably the owner’s market attracting young singles, couples and families. It will only increase property value and rental prices. Yonge Eglinton has retained it's old-fashioned appeal in the middle of the conveniences and present day way of life of the city, which at the moment, many are calling this neighbourhood home, making it a great place to live. Don’t miss out on this opportunity.
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