Toronto is growing! Not that it was ever a secret that this is one of the best places in the world to live and raise a family, but the word is out like never before. Canadians and newcomers alike are rediscovering the joy, convenience, and incredible beauty Toronto offers.
As a result, the city is evolving and progressing with each passing day. The demand for housing is unprecedented, and new developments are just one way local officials are trying to keep up. These new buildings present a fantastic opportunity to get a stunning new home or condo, all loaded to the brim with new technology and modern designs. What are some of the top projects that have us so excited? Here is a quick look at just a few developments coming soon to your favourite neighbourhood.
The Well Condos
Coming up in King West, The Well Condos will be a mixed-use development that will feature six residential condo buildings, as well as office space, retail stores, entertainment venues, and a fresh food market. You can live, work, play, shop, and dine all within a one-block radius. No wonder this is one of Toronto’s most anticipated up-and-coming developments! The building is conveniently located on the corner of Front Street West and Spadina Avenue, with the entertainment district and waterfront a short walk away.
Want to know more about buying or investing in Toronto today? The following posts will help you get started:
- From Homeowner to Investor: The Easiest Way to Break into Toronto’s Market
- Purchasing Your First Condo: 5 Things To Know
- Maintenance Fees: What Every Condo Buyer Should Know
The Greater Golden Mile
It can be difficult to keep up with the unprecedented demand for housing in Toronto, but the minds behind the Greater Golden Mile are rising to the challenge. This ambitious project has been decades in the making and is set to take place in Scarborough, minutes away from Danforth Village. Once completed, it will include 77 residential towers with enough space to house 40,000 to 50,000 people.
The Greater Golden Mile is three times larger than other master-planned communities such as Cityplace and Regent Park. So far, at least 13 developers have come together to bring one of Toronto’s largest and most exciting projects to life!
Queen and Ashbridge
Slated for completion in the Fall of 2024, the condos at Queen and Ashbridge represent a fantastic opportunity for first-time buyers, young professionals, and investors alike. With prices starting from $800,000, these units fall well under the Toronto average. The building is intricately designed, with modern architecture and the beauty of nature in mind. Interlocking terraces seamlessly connect the inside to the outside. Floor plans include one and two-bedroom options, each with a balcony or terrace, with open-concept designs ranging from 430 to 893 square feet.
The building itself is impressive, but the location makes it even more desirable. Woodbine Beach is just steps away, where you can enjoy the scenery and take in many of Toronto’s best-loved festivals. If you can’t get enough of the great outdoors, you can spend hours walking and cycling along the waterfront on the Martin Goodman Trail.
Birchley Park
Imagine stepping outside your modern, elegant condo and being promptly greeted by picturesque views of the Beaches. It’s a vision that will soon be a reality for those fortunate enough to get in on the Birchley Park development, where everything you could ever want is at your fingertips. Located at 411 Victoria Park Ave near Danforth Village, you’ll enjoy easy access to the Victoria Park Subway and Danforth GO stations, with the convenience and excitement of downtown Toronto just 20 minutes away.
Building amenities include a wellness spa, fitness centre, kid’s zone, and acres of natural parkland. With units starting from ] the mid $500s, living and loving life in Toronto has never been more accessible!
The Main at the Dawes Condos
Dawes Condos represents East End living at its finest, where you never have to venture far to find those rich and vibrant experiences that define Toronto life. Its location in Danforth Village provides one of the most picturesque settings in the city, minutes from the shores of Lake Ontario. You’ll also find plenty of scenic parks and ravines where you can relax and unwind when you’re not exploring the vibrant shopping and dining options in this family-friendly neighbourhood. The TTC and Go Stations are also right outside your door, leading to the best amenities and entertainment opportunities the city has to offer!
914 Eastern Avenue Condos in Riverdale
Are you looking for more space than a high-rise condo allows? The luxurious, modern townhouses at 914 Eastern Avenue might stoke your interest. The units are currently in the pre-construction phase and are already generating excitement throughout the city, especially in the Riverdale neighbourhood.
A prime location on the corner of Queen Street and Lakeshore Blvd provides access to sought-after entertainment venues and other attractions. Only three units will be available, each featuring spacious, open-concept layouts and state-of-the-art facilities and finishes.
The Pros and Cons of Pre-Construction
Few things are more appealing than the thought of a pristine, brand new home. However, there are also some considerations to be aware of when buying pre-construction, including:
- Delays in the project are possible, which could lead to higher costs due to the need for temporary accommodations.
- Even though upfront costs may be lower, there are more closing costs associated with pre-construction, including occupancy fees and HST.
- The neighbourhood may not yet have the same green spaces and amenities you find in an older area.
- It can be challenging to envision the completed home from the floor plan. You will need to study the purchase agreement carefully to ensure you and the developer are on the same page when it comes to the final project and any upgrades you have agreed to.
Looking for that perfect Toronto neighbourhood to call home? The following posts will give you something to think about:
- These Toronto Neighbourhoods are Perfect for a Fresh Start
- Up and Coming Neighbourhoods for Families
- Top Dog-Friendly Neighbourhoods in the West End
The Keys to a Successful Pre-Construction Purchase
Challenges aside, buying a pre-construction project comes with many undeniable advantages. The key to success is to work with a local real estate agent who is knowledgeable about pre-construction and can guide you seamlessly through all of the potential pitfalls.
Imagine turning the key into a brand new place where every fixture and appliance is pristine and perfect! There’s something about being the first one to live in this space and to make it uniquely your own. And that’s just the start! Additional benefits of buying a pre-construction home or condo include:
- The ability to add as many or as few upgrades as you want
- Locked-in pricing that can’t be inflated with bidding wars and multiple offers
- Lower upfront costs and the ability to pay the down payment over several installments
- A full 10-year Tarion warranty against all manufacturing defects
- Owning a valuable asset that will grow your equity over time
For many people, pre-construction is a dream come true and the perfect solution in a housing market with limited resale options. Once you finally step inside your beautiful home for the first time, you’ll see that it was worth every minute of the wait!
Are you ready to explore the endless pre-construction opportunities in Toronto? We are happy to answer any of your questions and point you in the right direction. Reach out to us at erica@ericareddy.com or call 416.443.0300 for more information or to start your search.
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