Given the current landscape of the Toronto real estate market, it is not surprising that people are beginning to look further out of the city for a property.
The market in 2016 and now 2017 has caused first-time homebuyers and downsizers to be stuck with two options:
- Purchase a small condo to stay in Toronto
- Look to the outskirts of the Greater Toronto Area (GTA) for an affordable home
Even so, if you choose one of those options over the other, it will still cost you. In March alone, detached homes in the 416 sat at an average price of $1.56 million with condos at $550,000 and the 905 at $1.1 million average for a detached home and condos at $440,000.
If option two is where you see yourself leaning, you may be in luck. There are many condo developments popping up all over the GTA, but in a recent article by the Toronto Star, Vaughan may be the next best place to settle outside of the concrete jungle.
An urban vibe has been set to land in Vaughan with what they are calling, Transit City. It is a 55-storey residential tower, the first residential tower to be developed in SmartREIT’s 100-acre Vaughan Metropolitan Centre. There will be a mixture of commercial and residential projects and will be located adjacent to the Viva bus terminal which will connect to the TTC’s new subway stop.
To further develop the Vaughan Metropolitan Centre, and provide it with some downtown credibility, Bar Buca, part of the Buca brand and King Street Food Company, will be opening their first 905 location on the main floor of the building. Mitchell Goldhar of SmartREIT has said, “the Buca name is a “huge signal” that Vaughan Metropolitan Centre has downtown credibility.”
The goal of this development is to create an incredible city centre, as it is very much a blank slate. Construction is set to begin later in the year, or early 2018 with occupancy around 2020.
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