Condominiums have become an increasingly popular choice when it comes to real estate property options in Toronto. With its amazing amenities and facilities, these tower-of-glass buildings have enticed the new more urban generation. The shift in lifestyle preference plays an essential factor in the younger generation’s choice of living. Condominiums located in prime Toronto spots offer easy access to transits and shopping centres. These factors have radically remade the entire neighbourhood in Toronto in the last five decades.
Let us take a look at how Toronto has adapted to the changing housing market and transformed:
It was in 1967 when owning a condominium suite was made legally possible. Residents were required to pay for condo maintenance; but in the late 1960s, the government abolished the maintenance fees as a solution to the crisis in affordable housing.
11,697 units added
With the prices of single-family houses steadily rising, high-rise condominiums were seen as a solution for affordable homes, which was greatly embraced by the government and young couples who could not afford to purchase property.
However, the emergence of complaints about sleazy construction and overabundance of units made condos unappealing to potential buyers in the late 1970s. This resulted in the abrupt drop in sales in the mid-decade and prompted the promoters to try new gimmicks to attract buyers. In 1973, mayor David Crombie and reformers on council prompted a two-year moratorium on new condominium buildings that are over 45 feet as a solution to the embroiling battle over blockbusting and high-rise development.
30,881 units added
With the wave of new luxury condos in Toronto, demand soon returned. In January 1981, the Globe reported that vacant lots throughout downtown Toronto began “sprouting condominiums” and that one building sold out as soon as one it appeared, immediately followed by an announcement of a new project.
Palace Pier and Harbour Square become the forerunners of luxury condominiums in the 1970s. Olympia & York’s Queen’s Quay was completed in 1983. However, in the mid-decade, controversies of the Harbourfront erupted because the building was built higher than expected in defiance of objection at city hall.
49,503 units added
Condominium market sank due to the worsening recession in the country. Because of the unsold condo units in Toronto, prices were reduced by more than 30 percent. However, new condos began to shoot back up and built in other parts of the city. Factories were converted and marketed as lofts, while newly constructed condos were designed to mimic lofts.
103,683 units added
The number of Toronto condo units completed were twice as many during this decade. New hotel-condo construction projects threatened to flood the city with five-star luxury buildings, such as the Ritz-Carlton, Shangri-La, Trump Tower, and the new Four Seasons in Yorkville, which later result in financial problems and lawsuits.
109,497 units added
During this decade, financial crisis recovered and demand for condominiums resurfaced in the real estate market. However, critics encouraged city planners to urge building developers to focus on creating larger units that can accommodate families with children. In April 2010, the CEO of Royal LePage warned the irrationality in the market because of the 10 percent annual increase in the condo prices. Condo sales outside central Toronto, also known as the 905 suburbs, were breaking records. Despite the government fiddling with the mortgage rules, condominiums remained popular and were selling like hot pancakes.
Buying a condo often means a maintenance-free lifestyle. Many condominiums in the Greater Toronto Area can rely on GTA property management by Vero Property, HighGate Property Investments, and other companies to ensure convenience and delivery of effective community service and financial control that is beneficial to all residents.