NORTH YORK REAL ESTATE AGENT
Local North York agents know the area
North York, Toronto
North York is an administrative area and former city in Toronto, Ontario, Canada. It is located directly north of Old Toronto, between Etobicoke to the west and Scarborough to the east. As of the 2011 Census, it had a population of 655,913. It was first created as a township in 1922 out of the northern part of the former city of York, a municipality that was located along the western border of Old Toronto. Following its inclusion in Metropolitan Toronto in 1954, it was one of the fastest growing parts of the region due to its proximity to Old Toronto.
About North York and Real Estate
It was declared a borough in 1967, and later became a city in 1979, attracting high-density residences, rapid transit, and a number of corporate headquarters in North York City Centre, its central business district. In 1998, North York was amalgamated with the rest of Metropolitan Toronto to form the new city of Toronto, and has since been a secondary economic hub outside Downtown Toronto. From 2012 to 2017, the region added some 82,000 jobs in technology, more than Silicon Valley and the most of any North American city, according to a recent report from CBRE. The commercial real estate agency now ranks Toronto as the fourth most important tech hub in North America, up from 12th place just two years ago.
In Toronto it’s about to intensify. Microsoft last month announced plans for a new Canadian headquarters in Toronto’s core, and Intel earlier this month announced a new graphics chip engineering plant in North York. But that success is coming at a high price — specifically, high housing costs. Toronto should be viewed as being one of an elite group of North American cities where tech talent and capital has concentrated — and where real estate prices have shot through the roof.
The North York Real Estate Market
This year’s real estate trends are about navigating uncertainty. As fast-paced technological and social change transforms how people live and work, the real estate sector faces rising pressure to respond with new ideas by accelerating digital transformation, being more innovative with deal strategy and rethinking how it addresses affordability.
At the beginning of 2010, when the average house price reached $431,433 in North York (which, corrected for inflation, amounts to $470,350), the price line has crossed over the trend line. The increase rate, initially moderate, was higher between 2013 and 2015. The brief correction which happened in 2007 – 2008 was more of leveling off the prices, similar to the period between 1957 and 1960. After that brief correction, the prices continued to rise, and the increases were quite substantial since 2010.
With immigration into the Greater Toronto Area hitting a 15-year high and pent-up demand for housing. Due to little relief on the supply side, North York is a great alternative to the downtown core with access to all major highways and TTC lines. “The next 12 months will be a buyer’s market, and then we’ll start to move back to a seller’s market and prices will ramp up to new highs,” North York houses two of Toronto’s five major shopping malls: the Yorkdale Shopping Centre and Fairview Mall..