Investing In The Financial District Real Estate Market
The Financial District is regarded as the financial capital of not only the city but the entire nation. Because of the several employment opportunities here, this neighbourhood has turned out to become not only a good place to live but an excellent investment opportunity. Owing to the presence of major corporate offices here, there are thousands of jobs that are available here. This makes the neighbourhood a desirable place for professionals as well as young families looking to plant their roots. Whether you live here or buy a place for investing, the results are tremendous as the neighbourhood is popular and the demand for houses is strong here. The value of properties also grows annually at an exponential rate which makes investing here one of the best opportunities. The neighbourhood is not all work and no play as it is located strategically and most of the iconic places in Toronto can be easily accessed including the Entertainment District, the CN Tower, Kensington Market and much more. Although condominiums are the most popular here, investing in a home is a much better option due to its scarcity. Moreover there is a much bigger price tag on detached homes as compared to its counterparts including condominiums and townhomes.
List of New District in Tamarindo
Why Buy A New Home In The Financial District?
The Financial District is bordered by Queen Street to the north, Front Street to the south, University Avenue to the west and Yonge Street to the east. This strategic location of the neighbourhood provides an excellent walk score and a transit score for the residents to enjoy. Most of the skyscrapers here are occupied by corporate offices such as high-powered accounting and legal firms, corporate headquarters, stockbrokers, accounting firms, insurance companies and newly constructed condo developments. The presence of several decision makers in the neighborhood has brought many marketing companies and advertising agencies, thus bringing about several job opportunities as well. Although this neighborhood has a commercial appeal, it still has an approximate population of about 2239 people. Beneath all the glass and steel structure is the underground PATH system. PATH is Toronto’s underground shopping and commercial complex which is located underneath the streets. This makes the area one of the most important shopping districts in Toronto. As per survey, it is estimated that each day around 200000 people enter and leave the financial district. Most of the condo developments here lack a neighborly feel when it comes to street level; however, within their walls you will come across developed communities for the residents. Most of the open spaces in the neighborhood have been bought off for the construction of new condos. Sidewalks are filled with trendy restaurants and bars which makes it convenient for residents. All amenities are available within walking distance while transportation services are an added bonus.
Things To Do In The Financial District
The strategic location of the Financial District within the city’s downtown core provides the residents with several options when it comes to shopping, dining and entertainment. Although the neighbourhood is largely known for its financial charm and job opportunities, it has a few tricks up its sleeve to keep the entertainment alive. The area is renowned for the famous PATH system of Toronto which is accessible from here. This is one of the most fascinating things to watch out for. It features an underground network of retail stores that connects the majority of the downtown core area and accommodates over 1000 stores and services. This is a popular choice in winter as it keeps you protected from the icy and chilly weather. Besides this the famous CN Tower is a short distance away and can be easily accessed on foot within a few minutes. There are also several big box stores here as well as the famous Yonge-Eglinton corridor, which is regarded as the Times Square of Toronto. Residents here will also be in close proximity to the Eaton Centre where hundreds of premium brands have set up their stores along with many dining and entertainment options. The Financial District may give off the vibe that it is all work and no play; but in reality, this is the ideal place for professionals and families who love to work and play.
Average Prices of Homes in The Financial District
The common price of homes in the Financial District was recorded at $468,922 in the previous year. This is including a hike of about 24% over the same term. To rent any type of a house here in the Financial District would cost you about $1,842, which is actually more than that of the overall average of Toronto by 14.5% as per the reports published by Toronto Real Estate Board. Out of the total population of the city, about 49% are homeowners while the remaining 51% are tenanted.
Getting Around In The Financial District
The Financial District lies within the downtown core of Toronto and this core location provides it with world-class transportation. Another factor is that this is one of the busiest neighbourhoods in the city filled with corporate offices and as a result there are several transportation services available here. Streetcars and buses are always available within a few steps from home. For residents who prefer using the subway, the Yonge-University subway line can be availed as its path encircles the neighborhood. Besides these, you can also avail GO Transit, VIA rail from the Union station which is easily accessible. The Billy Bishop Island Airport too is in close proximity. For residents with their own vehicle and who prefer to drive, the Gardiner Expressway and the Lakeshore Boulevard are just minutes away and can be availed for a hassle-free drive to other major parts of the city within no time.
Questions & Answers
It is highly recommended to conduct a home inspection for your pre-construction home. An inspection will identify any structural or cosmetic problems that occurred during construction, such as flooring, plumbing, and wiring.
Pre-construction homes are a great alternative to resale homes for several reasons, including less competition, a greater return on investment, and customization. You will avoid losing out in bidding wars and going over budget when you purchase a pre-construction home, which is a common problem when purchasing a resale home. You can also expect a higher return on investment when you buy pre-construction. After the project is completed, you could see an increase in value in your new home. When you purchase a pre-construction home, you can customize the appearance of your home. In the future, custom homes are less likely to need renovations. Purchasing pre-construction homes can be risky since they can be delayed or cancelled. To minimize risk, you may wish to seek legal guidance.
A cooling-off period is required for contracts when signing for a house in Ontario, as stated in the Consumer Protection Act. The cooling-off period gives buyers ten days to reconsider or cancel their contract with no consequences. The signatory can cancel the contract at any time during the cooling-off period once receiving a written copy of the agreement. As soon as the contract has been cancelled, other arrangements relating to the purchase of the home are also void. The buyer has this time to reconsider the contract if there are financing limitations, expectations are not met, or a change in personal circumstances makes it necessary to cancel.