The city of Toronto is ever-growing and changing, which can make it challenging to keep up with the new trends when it comes to the real estate world. Learn more about the emerging trends in real estate in Toronto 2019 and how you can take advantage of them!
Toronto has become a hub for smart tech in Canada. Blockchain transactions, AI, predictive analytics, virtual reality tours, automated marketing systems, are all becoming more common in real estate throughout the city. IBI Group is also working on creating a “Smart City Sandbox” in Toronto that will develop high-tech products and services that will help improve the lives of people in the city. This platform will welcome different organizations to come together to address the issues facing urban development in the city and bring forth new technology and innovative solutions.
Toronto is also experiencing a new demographic shift with Millennials coming into the market with full force. In fact, according to a report by OREA, nearly 700,000 first-time homebuyers are expected to target the GTA and Hamilton markets in the next decade. With little supply to suit their needs, this is forcing developers to rethink how they will build to meet the current and future demands of these demographics. We can expect redevelopment and infill development to play a significant role in filling these needs. Boutique multi-use buildings offering live-work-play environments will also help create a solution in already dense areas throughout the city and appeal to the active millennial lifestyle.
With sky-high rental prices that are forcing millennials out of the city, developers and investors are starting to think outside the box on how to keep them here. This is where the idea of co-living first emerged. This alternative to traditional roommate-style living provides shared living spaces that encourage collaboration and openness. Toronto already has its first luxury co-living building that features townhomes with three private fully furnished bedrooms, as well as a shared kitchen, bathroom and living spaces. It also includes wifi, weekly cleaning, free laundry, and community events all included in the price. The first co-living high rise is set to be developed in Ottawa, so don’t be surprised if you see more starting to pop up in and around Toronto soon.
Although some cities like Toronto have put policies in place to scare off foreign investment, the city has still remained an attractive market for foreign investors. Thanks to its stable political landscape, thriving business hub, high-quality post-secondary education, and strong demand for real estate, Toronto still piques the interest of international purchasers.
More purchases are being based on location and convenience oversize. As detached homes remain an unattainable dream for most first-time home buyers, condos with central locations, amenities, smart tech, and access to transit are now more highly desirable.
Are you looking to develop or redevelop a site in Toronto? Contact us at Medallion Capital Group. Our development team can help you realize the maximum potential of your project. We offer a complete spectrum of real estate development and project management services and have a vast network in the city. Learn more about our services and contact us today to discuss how we can help your next project come to fruition.