But for the time being, the condo market seems at a stall. Nationwide, condo prices experienced an 11% drop, and supply outpaces demand. Suddenly, many people are looking at the available Distillery condos for sale.
There are pretty good reasons why it makes sense to walk into one such investment. Here are the top five reasons why many people consider investing in real estate in the Distillery District.
#1 Public Transport is a Breeze
Sugar Beach and the waterfront are minutes away from the Distillery District, whereas if you want to travel anywhere else in Toronto, you can choose from the new SmartTracks, Go Train, or the streetcar.
#2 Rich Culture Scene
The Distillery District is home to some of the best art galleries and art studios. Then there are the many charming patisseries, chic coffee shops, designer boutiques, award-winning restaurants, stylish bars, and so on. All year long, there are all sorts of cultural events taking place within this neighborhood. This year, there were fewer cultural events because of the pandemic.
#3 Young Demographics
According to the latest census, the Distillery is mainly populated by young adults aged twenty-five to fifty-one, most of whom are of European descent. A large percentage of the households have one or two persons living there. In terms of occupation, almost 25% of all the working people are engaged in government service/social science/religion/social science. Then there are those that work in business, sales, culture, arts, recreation, and sports. That’s the larger group that makes up to 48% of all the occupation categories.
#4 The Distillery District is a Unique Destination
The Distillery District is one of the most unique neighborhoods in North America, not just in Canada. It is a neighborhood featuring brick-lined streets, Victorian architecture, and inviting courtyards. Plus, you get all the amenities needed for superior, urban living. You can practically get anywhere on foot. That includes a wide selection of amazing restaurants, grocery stores, gyms, yoga studios, bike shops, bars, parks, and pretty much anything in between.
#5 The Distillery District is Internationally Known
What separates the Distillery District from the other neighborhoods in Toronto is that it’s well-known beyond Canada’s borders. Foreign investors are always looking for an opportunity to grab some piece of real estate in this area. That is why the local real estate market there did much better than in other parts of Toronto.
All in All
On average, buying a condo in the Distillery District will cost you way more than in most neighborhoods in Toronto. But then again, there is no other neighborhood such as the Distillery District. Also, you don’t get the chance to grab a piece of property in this district every day. The year 2020 may be an exception, as it is in many regards, but don’t expect that to last for too long. Considering the imminent vaccine, real experts predict that condo prices will start soaring as soon as the first quarter of 2021. The only question is who will be positioned best and will have already made an investment in this part of the city.