In: Real Estate News18 Aug 2011
30 years ago North York Ontario was for the middle class Torontonians who wanted a small bungalow or split level detached home. Most of the homes in North York were originally built in the 50s as mass produces new homes for the parent of baby boomers. Parents with 3-5 children needed an affordable place to live. North York was built.
Back 30-40 years ago, roads like Dufferin or Leslie were the edges of North York and they were streets that only had a few stop signs. Now they are surrounded by high density populations and these streets now have many stop lights.
North York can be defined as being North of the 401, South of Steeles Avenue and the East to the 404 and West to Highway 400. North york is a large geographic area with many different styles of homes, spread across very different demographic segments of the population. North York can contain some of the highest net worth individuals in the country, but it also has areas like Jane and Finch, one of the lower incomes areas of the country.
Mel Lastman, before he was Major of Toronto, was major of North York. Much of the credit for the development in North York can be attributed to Mel and his administration. Mel turned Yonge street between Sheppard and Find into “Condo ally”. There are approximately 50 new condo developments that have been built in the last 20 years. Not only have there been many residential condos built in North York, but there has also been commercial/office buildings built. This has allowed the population to live close to where they work.
The Toronto Yonge St. Subway has been another strong driver for development in North York. The Yonge St. Subway ends at Finch, but a stop was added at North York Centre and a new subway line was added on Sheppard Ave between Yonge and Don Mills Road. Although the Sheppard subway has been described as “the subway to nowhere”, it has results in more condo being developed along Sheppard. Menkes and Tridel built many of the condos in North York. These condos are high end buildings with amenities that include pools, tennis courts and bowling alleys. The Condos at North York Centre are built on top of a grocery store, and retail/restaurants. The Condos at Sheppard are built over a movie theatre.
Homes in North York were primarily small homes built on decent (50′ x 150′) sized lots. Many of these homes have been torn down and replaced with mini-mansions that can sell for more than 3 million each. This goes to show that North York is a very desirable area of Toronto. It’s popular with wealthy asian immigrants, as well as many Bay Street Lawyers and Bankers. Many people commute to Down Town Toronto from North York using the subways or the quick access to highway 401 and the DVP.
Real Estate in North York can easily be described as “hot”. Most homes and condos are in high demand. Remax is a popular brokerage in North York. As is selling privately on PropertySold.ca. For sale by owners are often more successful in hot real estate markets. Because buyers are already looking for homes in the area and are ready to make offers on new listings, FSBO sellers can sell without using a real estate agent if they are looking to avoid paying a real estate commission. Asian buyers in North York are also increase the demand for real estate. Many people enjoy living close to Mel Lastman square, the Douglas Snow Aquatic Centre, and the Ford Theatre. Anyone who has lived in North York for the past 30 years can marvel at the fact that a sleepy little suburb has transformed into a high density city. A city that, on its’ own, will rival most cities in North American as being the best place to live.
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