Although demand for Toronto properties still outstrips the supply, creating a sellers’ market, nevertheless shoppers in search of high-rise condominiums in Toronto have the luxury of taking their time and holding-out for everything they want. The combination of urban redevelopment initiatives and new construction brings exquisite new properties onto the market almost daily. Especially in the Bay Street area, new condominiums and townhomes offer all the architectural and design features that make urban living simultaneously elegant and comfortable, and they put mass transit, world-class shopping, recreation, childcare and schools within walking distance.
Because Bay Street has emerged as a global financial center, four of Canada’s five leading banks call it home, and “The Seven Sisters”—the nation’s pre-eminent full-service law firms—have headquarters here. For the last twenty years, forward-thinking young executives and professionals have abandoned their suburban homes and arduous daily commutes, returning to the city not only for energy savings but also for the quality of life it offers. Whereas downtown condominiums frequently cost more than single-family homes in some of the most remote suburbs, working couples’ savings on gasoline, car insurance, and general wear-and-tear more than make-up the difference.
When urban redevelopment began in the 1970s, “luxury condominium” meant mostly “high-rise with doorman,” and urban homesteaders often paid premium prices for cramped Spartan quarters. Developers have grown progressively wiser, more sophisticated, and more inventive as the decades have rolled along. New luxury condominiums in Toronto’s financial district now spread over 1500 square feet or more, capitalizing on natural light as only skyscraper architecture can, and showcasing all the special kitchen, bath, and living-space features demanding buyers insist they must have. New luxury condominium developments inevitably have extravagant gym and spa facilities, a wide variety of resident services, and safe, accessible parking. Perhaps most importantly, though, new Toronto condominiums have important “invisible upgrades” that add considerable value—energy-saving lighting and energy star appliances, green roofs and robust insulation for energy efficiency plus easy access to neighborhood parks and local shopping.
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