Thinking of investing in a downtown Toronto condo? Consider the fast-paced Bay Street Corridor. Unit prices are rising in this centrally-located area, where condo living isn’t the exception but the rule.
Learn more about the neighbourhood, its residents, and what makes it such an exciting growth area in our investor’s guide…
A condo-building renaissance
The area now referred to as the Bay Street Corridor has been well-known since the 1820s, when nearby King’s College was founded. Once characterized as a slum, the neighbourhood has since undergone a complete transformation.
A condo construction boom took place in the 1990s, kick-starting much of the recent development we’ve seen in the area. Take a stroll around the corridor and you’ll see towering glass skyscrapers, many of which contain luxurious condo units. The dizzying heights of these buildings helps explain why the Bay Street Corridor remains so densely populated.
Who lives in the Bay Street Corridor?
The corridor is home to a large population of young professionals, many of whom don’t have children. Due to its proximity to the nearby Financial District, the area is the stomping ground for many bankers and stockbrokers. Condo living is perfect for many members of this demographic, who will often pay top dollar to get what they want.
Amenities and getting around
Whether you’re thinking about renting or future resale value, it pays to invest in convenience. The corridor gets top marks in this category, as it’s highly walkable and there’s no shortage of nearby restaurant and shopping options. A number of the city’s major attractions are also close-at-hand, including the Royal Ontario Museum, Queen’s Park, the Eaton Centre, and Nathan Phillips Square.
With streetcar service along King, Queen, College, and Dundas streets, the Bay Street Corridor is well served by public transportation. There are also numerous subway stops bordering the area on the Yonge-University-Spadina line. Investors take note: a recent study found that condos near the Yonge-University line fetch the highest returns on investment (ROIs) in the city.
Seize the opportunity
One of the Bay Street Corridor’s key features is how close it is to the Financial District, a characteristic that ensures there will be no shortage of higher-income buyers and renters in the years ahead. So, what should investors look for in a condo?
Going the luxury route is one option to consider. Though it’s smaller than the general condo market, Toronto’s luxury market is going strong. Think about what luxury buyers are looking for: sleek modern architecture, first-class amenities, and a panoramic view of the downtown skyline.
Of course, not every person looking for a unit in the corridor has the means to live in luxury. Since the area is close to the University of Toronto, there are also plenty of students looking for a place to call home.
Some investors have been wondering what recent shifts in the condo market might mean for them. But it’s important to remember that a sound investment isn’t about when you buy. Regardless of the timing, investing in the Bay Street Corridor is a good bet.
Looking for a condo in the Bay Street Corridor? I have local market expertise, and I’d love to help you out. Get in touch and we can set up a time to discuss your needs!