Top 28 Toronto New Construction Homes, Condos & Townhomes

Toronto

Toronto is the provincial capital of Ontario province of Canada and the largest city in Canada. It covers the total land area of 630 square kilometers. The city resides alongside hills rising out of lake Ontario. It’s land structure is quite flat for the most parts and hilly in some parts.

Toronto is the most populous city in Canada and fourth most populous city in North America .

Life in Toronto Neighbourhoods

Toronto is the most cosmopolitan city in the world and the hub for immigrants from all around the globe. It showcases the most diversified neighbourhoods which inhibits the people form different cultural, ethnical, and economical backgrounds. The fact that populations from diverse backgrounds share the same neighbourhood is like the cherry on top for future immigrants as well.

Festivals in Toronto

• Canadian Music Week

• Cavalcade of Lights

• Doors Open Toronto

• Bud Light Dreams Festival

• Honda Indy Toronto

• Beaches International Jazz Festival

• Hot Docs International Documentary Film Festival

Leading Neighbourhoods in Toronto

House Market of Toronto

Toronto builders prefer condos/condominiums over rental buildings entirely driven by the fast money in condos/condominiums business. Very tiny percentage of residential properties are built as rental buildings. Rental buildings aren't budget friendly either. So, condos and condominiums maintain their consistent demand.

 Rental Property Types in Toronto,Ontario

• Condos/condominiums : 89.1%

• Rental buildings : 10.9%

Real Estate Investors also prefer condos as it favours fast return in their investments. This house trend doesn't seem to be going away soon in the coming future. Condo market is blooming in Toronto more than most other places due to consistent interest from real estate investors.

Popular types of houses in Toronto

The prices of houses in Toronto are expected to rise 6% by 2021 across almost all property types .

Mortgage terms

When you buy a house in Toronto, you must pay at least 20% of the purchase price of your home as a down payment. As for the mortgage rate, it can immensely vary depending on lender, down payment, mortgage type and insurance.

Property taxes and other taxes details

The property taxation system is based on the assessed value of your home/property. The assessed value hugely differs from the market value of the property. The property tax rate at 0.599704%  in Toronto is significantly lower than other areas. The ultimate tax amount is calculated by multiplying tax rate by the assessed value of the property.

Income tax rate can vary according to your taxable income. It is:

• 5.05% on the first $44,470 of taxable income, 

• 9.15% on the income over $44,470 up to $89,482

• 11.16% on the income over $89,482 up-to $150,00

• 12.16% on the income over $150,00 up-to $220,000

Land Transfer Tax(LTT)

When you buy a house, or land in Toronto you have to pay LTT which is due upon closing. It is a marginal tax and each portion of your house’s/ land’s value is taxed at its own marginal tax rate. In Toronto, you must pay both provincial LTT and Municipal LTT while purchasing a house.

How much does it cost to live in Toronto?

Toronto isn't exactly a budget friendly place to live but it is worth the money if you can afford it. The average living cost in Toronto is around $32,885 per year. The major part of your income has to be kept aside for shelter/household expenses. 

The estimated monthly cost on above categories is

(Movies, Weekend Getaway, Night Outs, Fancy Dining )

• $1672.13 on rent/mortgage 

• $354 on entertainment

  
  

(Monthly Bus Fare, Maintenance cost if you own a vehicle )

• $283.60 on groceries

• $176.25 on transportation

(Gym Membership, Diet Cost, Trainer Fees )

• $127.50 on phone and internet

• $75 on fitness

(Home Insurance, Life Insurance, Vehicle Insurance)

• $52 on insurance

Streets, Parking & Transportation in Toronto

Toronto Transit Commision(TTC) is currently the main public transport service provider in Toronto. TTC runs daily and weekly passes for unlimited rides in its Subway, Streetcars and busses. Other than those mentioned above, you can also take a ferry, taxi, car or bike to get around Toronto.

If you intend to explore the streets of Toronto by bike, you can use a bike share program, Bike Share Toronto. There are about 300 stations, so it is not a huge task to find a bike on the go. You can get a pass for $7 and ride for an entire day. 

Parking

It is not a difficult task to find a parking spot in Toronto if you know where to look. The parking fare varies between $1-$4 per hour depending on the area of the city. Sometimes you might be able to utilize temporary on-street free parking but mostly you will have to pay. 

Major streets of Toronto:

• Queens Quay

• Mill Street

• Front Street

• Queens Street

• Wellington Street

• King Street

• Adelaide street

• Estern Avenue

• Lake Shore Boulevard

Weather of Toronto

Toronto is one of the warmer cities in Canada, still the ground is covered by snow for at least 65 days of the year on average.

The Weather in Toronto is largely affected by Lake Ontario. Toronto experiences warm summers and very severe unexpected winters which can last for a frustratingly long time. Winter is complemented by the snow deeper than 1cm on the ground mostly during the days between late december and early march. However, the presence of Lake Ontario prevents the weather from getting even more severe than it currently is.

Education in Toronto

Toronto is the center for education, research and innovation in canada. It shelters many world-renowned academic institutions and a large proportion of the highly educated population.

Several hundreds of private and public schools for elementary and primary education. Some of the top schools are :

1. Upper Canada College (SK-12)

2. Royal St. George’s College (3-12)

3. University of Toronto Schools (7-12)

4. St. Andrew’s College (5-12)

5. Old Orchard Public School (K-6)

6. Pape Avenue Public School (K-6)  

University of Toronto is the most reputed among all educational institutions. It has many affiliated medical hubs which are used as medical research facilities and teaching schools in Toronto.

University costs

Tuition fees vary from one University to another. University costs are usually very high for international students as compared to locals. The average cost for a 4 year university program is about $63,603 without residence.  

Most Popular Courses

• Architecture 

• Commerce and Management

• Medical Engineering

• Computer Science

• Psychology

Favourable areas for students residence

Most parts of Downtown Toronto pretty much fulfill the safety standards. But if you are intending otherwise, then some of the favourable residential neighbourhoods

• The Annex

• North York

• Trinity Bellwoods

• Don Mills

• Greektown

Health Care System in Toronto

If you apply for the Public Health Insurance, then you will receive free health services in Toronto. In order to receive the services of Ontario Health Insurance Plan(OHIP), You have to be a resident of Ontario for at least 3 months. You have to be either a canadian citizen or permanent resident to be eligible for these services.

Major Hospitals in Toronto

• Toronto General Hospital

• St. Joseph’s Health Care

• The Salvation Army Toronto Grace Health Care 

• Toronto Western Hospital

• Mount Sinai Hospital

• University Health Network

Food scene of Toronto

Toronto’s population is very diverse and it has a great impact on the city’s food scenario. You get a large variety of cuisines to choose from. Different cuisines are especially popular in different parts of the city. It won't be wrong to say that you will definitely find your taste in Toronto.

Popular cuisines in different parts of Toronto

• Authentic chinese and Vietnamese cuisine in city’s chinatowns

• Korean cuisine in koreatown

• Greek cuisine in the danforth

• Italian cuisine in little Italy and corso Italia

• Indian/Pakistani cuisine in the little india

Toronto for Doing Business

Toronto is not only Canada's business and finance hub but also a top ten global financial centre. Toronto is growing in almost every sector of business from food and beverages to technology, fashion industry, Arts and Life science, Film and television production to music industry. It is home to the headquarters of many global  financial service companies. The large population of the city favours many businesses.  

The GDP growth rate of Toronto is approximately 3.3%.

Pride of Toronto

There are some of the prestigious awards and tributes which are presented every year to appreciate every contribution for Toronto’s glory.

Awards

• Agnes Macphail Award

• Access, Equity and Human Rights Award

• Toronto Urban Design Awards

• Toronto’s Greenest Choice

• The Pam McConnell Award For Young Women in Leadership

• The Mayor's Community Safety Awards  

• Toronto sport Hall of Honour

• Garden Contest 

Tributes

• Flag-Raising and Half-Masting

• Remembering HRH Prince Philip

• Proclamations, Congratulatory Scrolls and Letters of Greeting

• Commemorative Tree and Bench Program

• Key to the City

• Fallen Firefighter Memorial

• Toronto Paramedic Service Memorial Wall 

• Freedom of the City

• Toronto Remembers

Getaways and Nightlife of Toronto

Alongside bustling city life and busy streets, Toronto has incredible nightlife. There are a lot of classic nightclubs, bars and pubs with international DJs and artists for you to spend your Friday nights. It is one of the top three cities in Canada having the best nightlife. But you have to keep in mind that Toronto is not the most affordable.

Toronto is an incredible place to live, but sometimes it's nice to escape the city life and explore what's out there in the world. There are some amazing weekend getaway destinations within close radius of Toronto

Niagara Falls

Niagara falls is by far the most exciting and easiest getaway destination from Toronto. It is just about 1.5 hours down the highway. As for the accommodation, there are plenty of options based on your budget, however Falls view rooms are worth it if you can pay the exclusive price. Niagara Falls is an adventure in itself and there are plentiful of other discoveries that come with it.

CN tower

CN tower is Toronto’s royal treasure. You don't have to travel even a millimeter outside the city to immerse into the experience of this architectural triumph. It is often said that the CN tower is overpriced, But hey it's worth the price. You should definitely visit the Canadian National Tower at least once.

Royal Ontario Museum

Royal Ontario Museum is the largest museum in canada.It's just about 5 min ride from downtown Toronto. Along with forty galleries and over six million items, It’s exterior design and architecture is also the centre of attraction. It is definitely worth a visit and can be a great learning experience.

Blue Mountain and Collingwood

Blue Mountain and the adjacent town of Collingwood is an ideal weekend getaway destination for about anyone. It's about 2hours ride from Toronto. It's not just the view but the adventures that come along like Hiking, Snow Skiing and so on. If you are visiting during summer, attending the Elvis Festival is non negotiable.

Algonquin Provincial Park

If you want to escape the loud city noises and slide right into nature, You should definitely be on your way to Algonquin Provincial Park. It is just about a 3 hours ride from Toronto. Accommodation and dining shouldn't be a problem for any budget.Based on your interests, you can go for Brook Trout and Lake Trout Fishing, or just sitting by the lake peacefully can be an immersive experience, or head out to Algonquin’s Hiking Trails.

Ripley’s Aquarium

Ripley’s Aquarium is one of Toronto's most exotic collections of aquatic creatures. It has more than 15,000 marine creatures on display. There is a large tunnel walkway that leads through the most dangerous lagoon gallery, which features sharks, sawfish and sea turtles.

Wasaga Beach

Wasaga Beach is the longest freshwater beach in the world and an amazing summer getaway destination for torontonians. It is about 2hours ride from Toronto. The beach town makes everything even better with its vibrance. If the weather is favourable, you will definitely encounter a huge crowd on the beach.