Some of the older Torontonians remember when the CityPlace area at Front Street and Spadina was a green space covered by a golf course. There were no buildings at that time and folks living at Queens Quay and Spadina had an amazing view of the greenspace.
But nowadays, rarely someone remembers that. Nowadays, CityPlace is an urban neighborhood, still in development, that when finished will be the largest residential development in the city of Toronto.
Early on, most Torontonians had a very negative opinion about CityPlace because it looked like one massive construction site. There was a lot of dirt around, there were no amenities nearby, and buildings were in almost a constant state of repair. At that time, there were more construction workers in CityPlace throughout the day than residents.
However, much has changed since then.
Today, CityPlace is a popular living destination because of many reasons, its prime location being one of them. The neighborhood is bordered by Rogers Centre to the east, Front Street to the north, Lake Shore to the south, and Bathurst to the west. Both Liberty Village and King Street West are five to ten minutes’ walk from CityPlace, whereas the Toronto financial district is fifteen to twenty minutes away, on foot.
CityPlace is home to approximately 18,000 residents, most of whom are between the age of 25 and 44. The average household income in CityPlace is $124,000. Almost 95% of its residents hold a post-graduate degree.
Anyone interested in CityPlace condos for sale should know that there are 30 residential towers within this community. Some of the buildings are owner-occupied, while others are primarily occupied by renters. To be more precise, 55% of the buildings are occupied by renters, whereas 45% are condo renters. The average household consists of 1.9 members. In addition to the 30 residential towers, CityPlace features over 8 acres of park space, 120,000 square feet of retail, a community center, schools, and a library.
Those in pursuit of a pre-construction should take into consideration the Concord Canada House. Many believe that this Canadian themed building will redefine the Toronto skyline. The Concord Canada House is on track to be finished in 2021. Those interested in a marque condo should inquire about the remaining few condos left on the highest floors. Apparently, those units come with sweeping views.
CityPlace is ideal for those interested in being in the middle of the action, want to be close to work, and want to be part of a community made of like-minded, urban people. The great thing is that there is a wide selection of condos of all sizes, various floor plans, and access to all sorts of amenities.
The downside is that the condo units are a bit pricey and living in CityPlace is not as affordable as in some other neighborhoods in Toronto.
Investment-wise, know that condo prices in CityPlace are constantly growing, year by year as this is a very popular neighborhood among young professionals. So, even if you plan at some point to ditch your CityPlace condo for a house in the suburb, it is very likely to make a decent profit on it.