The condo market in Canada is expected to experience unprecedented growth because of the current strong economy and increased foreign investment. This is one of the reasons why you should consider buying a unit of M City Condos if you want to lead a comfortable life in the suburb of Toronto. Here are the reasons that have led to an increase in the number of condos in Toronto.
Declining Opportunities in the Oil Sector
The city offers opportunities for savvy investors and developers. One of the reasons why it is attracting such investors is that the market has experienced a downturn in the oil sector leaving investors with fewer options. The demand for commercial spaces in Toronto is also believed to be a major factor that has led to a sharp increase in the number of condos in the city.
Urban population has continued to rise resulting in an increased demand for mixed use communities and retail outlets. Developers are capitalizing on this and are directing a lot of resources in building mixed-use developments. The increased number of new immigrants looking for mixed use communities has further fueled the demand for condos. Also, retirees who sell their homes choose to rent luxury residence.
Development of Transit Hubs
Various cities including Toronto continue to make huge investment in infrastructure. They are creating transit hubs, which naturally attract renters. This has led to a rise in demand for mixed use communities around such hubs. In fact, renters and buyers are opting to move out of the core as long as it allows them to maintain an urban lifestyle.
The ever changing technology is transforming the real estate sector in Canada. It is creating both opportunities and headaches for developers. For instance the demand for flexible and wired spaces, and energy efficient units is forcing the developers to come up with mixed use condominiums which are thought to provide an answer to this problem.
As a country, Canada is poised for years of stability. This means that the urban population is expected to continue growing as it attract more people. Developers are responding by venturing into mixed-use projects. Also, the new population is eager to work closer to where they live. They are opting for mixed use condominiums which combines retail, residential and commercial components. Developers are responding to this by building stand-alone mixed use buildings and communities that pack commercial spaces, retail and residential spaces.
Cooperation and Partnering
Mixed use developments are complex and are posing new risks that were never been witnessed before. This has forced many developers to partner with their rivals so as to tap on the specialized expertise they lack. There is more cooperation and pooling of resources between competitors resulting into joint ventures that have contributed to an increase in the number of mixed use development.
Removing the Aging Structure
Most of the new condo development are taking place on sites with old buildings. The developers are replacing the old buildings with new structures that are energy efficient and which provide more spaces and recreational facilities.
Time and space condos is one of the latest condo development by Pemberton Group. The project is located at Lower Sherbourne St, 177 front St in Toronto. The condo is easily accessible via the close by streetcar. The facility is close to many restaurants and is just a few minutes’ walk away from St. Lawrence Market.