The New York Times reports on the downtown condo boom and Toronto's insatiable appetite for urban living.
"In the fourth quarter of 2011 alone, almost 900 condominium units were sold downtown, 25 percent of the approximately 3,600 condo sales citywide."
"A city survey released in March,
Living in Downtown and the Centres, attributes the popularity of housing in Toronto's core to its proximity to work and transit options, cultural and entertainment sites, and the venues for the city's major league basketball, baseball, hockey and soccer franchises."
"'Many people like the convenience of not driving to work. They enjoy being in the center of everything and the downtown has lots of restaurants and shops,' said Oksana Jancevic, a sales representative at Royal LePage Real Estate Services who specializes in downtown properties. She settled here herself after relocating from Lithuania 10 years ago."
"The description makes sense considering that more than half of all downtown residents are single and between the ages 20 and 44, according to the new survey. More than 50 percent have at least a university degree and one third have annual household incomes of more than 100,000 Canadian dollars, or $98,000. When it comes to couples, 30 percent are childless."
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Original Source: The New York Times