List of New Condos in Chinatown Neighbourhood
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Investing in Chinatown Real Estate?
There are reportedly seven Chinatowns in the Greater Toronto Area (GTA), but this one in the downtown area, also known as Old Chinatown, is one of the biggest in North America and has one of the largest Chinese populations in the entire city. Despite the fact that mainland China still accounts for the bulk of the area’s residents and business owners, there is now a notable presence of Vietnamese and Thai expats. Although monthly rent is low, the quality of the apartments is frequently inferior to that of the nearby neighbourhoods like Grange Park and the Fashion District. However, this area is popular among young students & professionals looking for affordable housing. This influx of people has been popular in recent years and there is potential for new apartments and mid-rise condos in Chinatown.
Why Buy New Condos In Chinatown?
Real estate prices in Toronto are rising rapidly, and given the level of demand in the area, purchasing property in Chinatown is a wise choice. Given that Chinatown is close to Downtown Toronto, its location also has a significant impact on this. Due to their accessibility, such places are preferred by working people and even families. In addition to these benefits, the area boasts good transit options that make it easy to get to other areas of Toronto. When it comes to working professionals that must commute every day, this is greatly desired. If you are intending to purchase a condo here, you can be sure that you will receive a monthly income either through renting the unit out or by just waiting for the property’s value to increase in a few years.
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Lifestyle In Chinatown
The majority of people who live in Chinatown and the other towns with sizable Chinese populations, such as Grange Park and Alexandra Park, choose to spend their time there. The lifestyle in Chinatown caters to individuals that blend in well with the locals, offering fantastic malls, delicious food, and a distinctive nightlife. This neighbourhood has a sense of community that is unique compared to other parts of the city. This region is also known for its outdoor markets, where you can discover a wide variety of establishments, including boutiques, cafes, butcher shops, apparel stores, fresh fruit, and much more.
Average Price Of Rent In Chinatown
In Chinatown, the rent for studio/bachelor apartments goes about $850, one-bedroom apartments about $1,100, two-bedroom apartments about $1,400, and three-bedroom apartments about $1,900. Chinatown has a 28% lower average rent compared to other Toronto neighbourhoods.
Transit In Chinatown
The Toronto Transit Commission is a blessing to Chinatown when it comes to transportation because driving could be stressful and exhausting due to traffic. Streetcar services are readily available for residents to use on Queen Street, Dundas Street, Spadina Avenue, and Bathurst Street. Residents may commute across the city easily and conveniently because of the connections made by all of these routes to the subway line. The Lakeshore Boulevard and The Gardiner Expressway are close by and can quickly transport you to different areas of the city if you still choose to drive.
New condos in Chinatown are also being built. The area is in high demand for real estate because it is relatively close to Toronto’s downtown core. Nearly all amenities are present in the area, which is handy for inhabitants, discourages driving, and encourages walking. You will find mostly low-rise apartments over shops & restaurants here. This neighbourhood is very welcoming, however is mostly suitable for people looking for affordable housing. Hence, you will find most of the students & young professionals in this area.
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Toronto Neighbourhoods
- Alexandra Park
- Bathurst Quay
- Bloor West Village
- Brockton Village
- Cabbagetown
- Chinatown
- Christie Pits
- Church & Wellesley
- Corktown
- Davisville
- Deer Park
- Dovercourt Park
- Downtown Toronto
- Dufferin Grove
- East Bayfront
- Entertainment District
- Fashion District
- Financial District
- Forest Hill
- Garden District
- High Park
- Junction Triangle
- Kensington Market
- King West
- Lambton
- Lawrence Park South
- Leaside
- Leslieville
- Liberty Village
- Lower Don Lands
- Midtown Toronto
- Niagara
- Port Lands
- Quayside
- Regent Park
- Riverdale
- Roncesvalles Village
- Runnymede
- St. Lawrence Market
- Stockyards District
- Swansea
- The Annex
- The Beaches
- The Danforth
- The Distillery District
- The Junction
- Trefann Court
- Upper Beaches
- Wallace Emerson
- Weston
- West Don Lands
- West Queen West
- Yonge & Eglinton
- Yorkville
