Downtown Toronto condos— Church Yonge Corridor
1300 / $743,000
Another important area is the Church Yonge Corridor, the community near the Bay Street Corridor, in terms of median sales price in 2021. The median sales price was $743,000, based on a high number of transactions (1,300 transactions), more than in the Bay Street Corridor. As for the relationship between these two areas, they are of course side by side on the map and are oriented vertically. Often, the price demand trends for certain types of real estate that appear in the Bay Street Corridor shift to the Church Young Corridor. Like in 2021, when we started to see price increases and demand increases in the Bay Street Corridor, especially for the One plus One type, the Church Yonge Corridor would soon follow in the weeks or months after. In other words, there is often a shift in demand from the Bay Street Corridor, which is sometimes the first choice, to the Church Young Corridor, which is the second choice.
Yet the Church Yonge Corridor is full of affordable and very good quality offerings. No lower buildings per square foot, like we discussed in Little Portugal or some of the places in Cabbagetown, Moss Park and Niagara, which we’ll talk about later. There’s a reason they’re cheaper in terms of square footage, neighborhoods, and buildings per square foot. You really have a lot of low prices per square foot here. Buildings that are very niche and decent. You have a lot of older, cheaper options per square foot. By the way, both in terms of price and maintenance, you have a lot of good old buildings here that are low maintenance. So if you look at the downtown area, there are a lot of good, even very good, affordable offerings in the Church-Young corridor.
Another important point is that there is virtually no parking here – as in the Bay Street Corridor. Obviously, this is downtown Toronto. At the end of the day, parking is land, and land is scarce throughout downtown Toronto. But the Church Yonge Corridor, the Bay Street Corridor, the University and the C1 Waterfront are among the areas where parking is scarce. One final point about the Church Yonge Corridor in 2021: we have seen an increase in demand for older buildings. This year, many new multi-family buildings were completed or about to be completed, and they were quite expensive per square foot. As a result, they even had a positive effect on the demand for older buildings in the same area.
Cielo Condos (Learn more: https://condotrend.com/cielo-condos/)
Cielo Condos is a 249-unit, 29-storey condominium development by renowned developer Collecdev and Northrop Development Incorporated that is currently in pre-construction and will be one of the most significant landmarks in downtown Toronto. Cielo Condos has a near-perfect transit score, which is extremely important for those living in downtown Toronto, and residents of Cielo Condos are just a few minutes’ walk from bus stops, tram stops, subway stations and more, which will save you valuable time compared to driving. In addition, Cielo Condos has excellent educational resources close by, with the University of Toronto and the George Brown Casa Loma Grand Chateau campuses within walking distance. There are also convenient amenities, cafes, restaurants, bars, entertainment venues, boutiques, all of which are arguably the most upscale in Toronto. Cielo Condos are some of the best condos in Canada and have been selling like hotcakes since the development opened. There are only a few units left, so interested buyers should hurry.
Click here to know more: The Sales and Prices of Ten Specific Neighborhoods of The Downtown Toronto Condos of 2021