Some Top Toronto Real Estate Trends for 2014‏

2013 is over, and 2014 is starting off with a bang in Toronto. Or maybe that’s just a frostquake. It’s hard to tell, these days. What we can tell you about are the trends we expect to see flourishing in Toronto real estate over the next year.

First, expect the condo boom to continue. It seems that condo developers have finally determined exactly what buyers want beyond hardwood floors and stainless steel appliances, and now both small condos in the city and multi-bedroom low-rises in the suburbs are selling fast. Look for this divide to continue, with smaller properties geared toward younger people tired of sky high rent increases, and larger properties with multiple bedrooms geared toward families who don’t want the anonymity of a high-rise, but aren’t too enamoured of the suburbs either. What these two demographics have in common is their love of transit and their desire for walkability.

This is the other major trend in condos: knitting them into the community. Condo amenities are all about activities, now, with group wine tastings, yoga classes, and other perks designed to create a community within the walls of the building. For this same reason, low-rises are becoming even more popular. It can be really fun to live in a sky-high building with a great view, but some buyers want a more neighbourhood feel (and a shorter elevator ride).

That neighbourly feeling is something that Torontonians all over the city are craving. Toronto’s hottest new neighbourhoods, like Bloordale and Eglinton West, are extremely walkable with small local businesses taking up the majority of the commercial sidewalk space, and libraries and schools within walking distance of homes. These types of features are why home sales and prices are continuing to rise in Toronto.

Also, with the recent #darkTO ice storm and deep freezes, look for more climate-related renovations and upgrades in semi- and detached properties. More households may decide to invest in solar panels, and more condos will be investing in generators and other energy infrastructure. Look for specials on insulation, basement finishing, new plumbing, windows, and pruning as contractors and landscapers realize what a market there is for winter maintenance in the city. While repairs like this have probably been on a lot of lists lately, events like the icestorm can really bring them to the top in terms of priority.