Why Should You Invest In The Fashion District Real Estate Market?
Fashion District is a lively and trendy neighbourhood that is a part of Toronto’s downtown core. It was once the textile destination and features several industrial buildings that have been transformed into lofts and used for offices. The streets here are lined with boutique stores, heritage buildings, cafes, bars, restaurants and much more. 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. 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. 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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New Townhomes In The Fashion District and Reasons To Buy
The Fashion District largely comprises condominiums; however there are several townhomes that are coming up slowly and are up for grabs. Prices are high as the demand for housing is high here owing to its close proximity to some of the other neighbourhoods in Toronto. The Fashion District also offers several employment opportunities as well, making it a popular destination for young professionals. Investing in real estate 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 residential 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 residential developments here is also directly proportional to its increase in population.
Entertainment Options 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 Townhomes in Fashion District
The Fashion District has a large number of condos which account for 96% of the total 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. 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.
Transit And Accessibility 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
It is beneficial to buy pre-construction because there will be less competition, you will likely be able to increase your return on investment, and the home can be built according to your needs. Purchasing a resale townhouse may require you to place a bid if there are multiple buyers interested in the property. Pre-construction townhomes are sold based on a first come, first served, so you won’t have to worry about bidding wars or going over budget. Buying a pre-construction townhome may also result in greater returns, as the value of the property may increase once it’s finished. The townhouse can also be modified to meet your needs, allowing you to have some input on the design.
Construction delays are to be expected, whether it is due to a shortage of materials, poor weather conditions or other factors. When construction delays occur, the buyer and developer will have to determine what will happen following their contract. It is possible to receive compensation if your occupancy is delayed. It is best to become familiar with the property terms of the pre-construction contract before committing. A legal advisor will be able to tell you if there is a breach of contract, as well as what your rights are as a buyer and how to proceed with any legal steps in the purchasing process.
Aside from the costs of buying a pre-construction home and the deposit, buyers are also responsible for other costs such as development fees, warranties, taxes, and attorneys’ fees. Development charges are collected by the city and go toward its infrastructure. After building permits have been granted, development charges are collected to pay for new developments. Local bylaws will determine how much is required to pay for the development. Developers charge different amounts for different types of properties. It is the buyer’s responsibility to pay for warranties that cover deposits and protect them against financial loss. Additionally, buyers must pay the provincial land transfer tax and the HST. Additionally, legal advice is recommended when buying a pre-construction house, and buyers should make sure they know how much it will cost.