Investing In The Fashion District Real Estate Market
Fashion District is one of the most vibrant and colourful neighbourhoods in Toronto and is often regarded as the garment district. Once upon a time this used to be the centre of the textile industry but has been transformed over time to become one of the most happening and trendiest neighbourhoods. It is here that you will find some of the trendiest boutique stores in the city. The Fashion District has been progressively developing while keeping its heritage intact. With a fabulous mix of boutiques and trending heritage shops, most of the items here are dynamic and affordable. Once upon a time, Fashion District used to be a manufacturing and wholesale district and till this day, it is the leading source of fabrics in Toronto. The neighborhood is bordered by Queen Street West to the north, Front Street to the south, Bathurst Street to the west and Peter Street to the east. A stretch of the neighborhood is on its way for some renovation which will consist of several new condo developments mixed with retail at the Portland Street corner. Along with these there are several townhomes, lofts, high-end condominiums and retail developments that are coming up between Bathurst and Peter along Front Street. Fashion District has an abundance of newly-built condos that are up for renting as well as purchase ranging from classical designs to new-age high tech apartments. The rent here is quite high compared to the other parts of the city owing to its premium location. As per the demography of the neighborhood, the population consists of young professionals to couples and young families who are getting settled. The neighborhood has all amenities within reach and makes it convenient for its residents.
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Why Should You Buy A New Home Development in Fashion District?
Being in close proximity to most parts of the city, The Fashion District is favorable for many residents of Toronto. Fashion District also features various job opportunities for young professionals, making it a desirable place to call home. Investing here not only guarantees you monthly income but also a great option for the long term. The price of real estate has seen a massive growth in Toronto. In a few years, the property can fetch you a large amount against your investment. Fashion District over the years has moved from being a commercial location to having a number of new condo developments. With the increase in the number of houses, the population too has risen in the neighborhood. The location of the Fashion District is also a prime factor for its increase in population. The increase in the number of condo developments here is also directly proportional to its increase in population.
Things To Do In The Fashion District
West Queen West and King West are two vital streets that run through the Fashion District. Both these streets are lined with bars and restaurants, serving various cuisines from all around the world. Blowfish for sushi, Lo Zingaro for pizza, La Palette for French fare, Valdez latin food and Finn’s Temple Bar are some of the places to check out. On the opposite side of Spadina is also the Entertainment District which is easily accessible from here. The Fashion District offers several options when it comes to shopping, dining and entertainment. Here you will find residents well dressed all the time and also have enough budget to keep their wardrobes updated frequently. Designers and shop owners in the Fashion District put up community events throughout the year to showcase the latest styles and trends. New condominiums in the Fashion District are trendy and feature retail stores below them.
Average Prices of Homes in Fashion District
When it comes to housing, condominiums are the most common type in The Fashion District and account for 96% of the total home sales in the neighbourhood. Condo Townhomes come in second with an account for 3% of the total homes, while the remaining 1% consists of other types of houses. Condos are popular in the area and the majority of the properties come with one bedroom. While homes are not very popular in this section of the city, there are still a few available in certain parts of the neighbourhood. The average rate of homes in the Fashion District can be seen at $591,745, which is an increase of about 15% from the previous year. This exponential rise in the value of properties also makes it an ideal place for investment. A newly constructed condominium has an average price of about $591,526 against an average freehold rate which stands at $1,390,000 over the same time frame. The average rental price for studio apartments is around $1200 while a 3-bedroom apartment can fetch up to $2800. The average rental rate in Fashion District is 10% higher than that of the Toronto average.
Getting Around In The Fashion District
The Fashion District is centrally located in Toronto within the downtown core. This prime location ensures that you get the best of transit services that are available. The Toronto Transit Commission has several bus routes that run along the streets every few minutes, connecting you to various parts of the city and beyond. The Osgoode Station and the St Andrew station are both located along the Yonge-University subway line and provide several transit services. If you’re in the mood for a steady and scenic streetcar ride, there are multiple routes available along King Street, Bathurst Street, Spadina Avenue and Queen Street that cater to streetcar services. However within the neighbourhood, walking is the most common way to commute as almost everything is available within a few steps. The area is highly walkable and does not really require a car to run errands. Motorists have Spadina Avenue which further connects to The Gardiner Expressway and Lakeshore Boulevard.
Questions & Answers
In Ontario, builders are required to provide a third-party warranty to home buyers. The warranty will typically include deposit insurance and protection against structural or cosmetic defects. Buyers can negotiate what they want in the warranty and can add on to it if needed. The buyer can also upgrade their coverage to have more protection when buying the pre-construction property. As a buyer, you should discuss the warranty and contract with the builder and make sure you know what your warranty covers, and what is not covered, and how long your warranty will last.
If you move into your condo unit before the rest of the building is complete, this is what is known as the interim occupancy period, which lasts until the time when you are officially an owner (closing). The interim occupancy period can last up to six months, depending on the progress of construction. As the condominium is still undergoing construction, residents can occupy completed units at their discretion during this time. The homeowner is required to pay interim occupancy fees regardless of whether they move in during this period. Taxes, condominium fees, and interest charges on the remaining purchase price are included in the interim occupancy fee. Following the interim occupancy period, you will be informed of your final closing date. The final closing involves the transfer of ownership, and the building is then officially registered.
Buyers of pre-constructed properties may have to pay development charges. To pay for municipal infrastructure, development charges are imposed on new developments. Development charges are collected as part of the building permit process. The cost of the development will vary according to the city and municipality in which it is located. Development charges will also be determined by the type of property.