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North York is a diverse city within Toronto, bordered by Finch Ave. North, Victoria Park East, Keele St. West, and Lawrence Ave. South. It has unique neighbourhoods, an urban feel, and a population of around 6472,245, with visible minorities making up almost half. North York's economy is dominated by corporate, manufacturing, and product distribution sectors, with the North York City Centre as a secondary economic hub and numerous national corporate headquarters. The population is expected to grow due to new condos. Looking for new pre-construction condos in North York or modern detached homes in North York? You're in luck! We're here to assist you in finding your perfect home in North York, this vibrant Toronto district.

North York Pre-Construction Condo Market Trends 2024

The average price per square foot for new pre-construction condos in North York is currently $1,037, a figure that reflects the strong demand for these types of properties. The sale price for all types of old and new homes in North York is currently $1.51M, providing a sense of the overall cost of housing in the area. In terms of rental properties, the average rental rate for all types of condos is $2,850. And the vacancy rate for North York condos is quite low at 1.6%, suggesting a competitive rental market. Regarding the time it takes to sell properties, new condos in North York typically spend 24 days on the market. Homes in North York tend to sell slightly more quickly, in around 14 days.

Pre-Construction Condos North York

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Reasons to Invest in New Condos North York

Location and Accessibility

North York is well-positioned within Toronto, with easy access to downtown and major highways, as well as convenient public transportation options. Highway 401, which runs through North York, is North America’s busiest freeway section, with around 400,000 daily commuters. Finch Station, on the Yonge–University line, is the busiest TTC bus station and the sixth-busiest subway station, serving approximately 97,460 people daily. The Sheppard Subway Line, entirely within North York, has an average daily ridership of around 55,000.

Green Spaces and Entertainment Options

North York is a lively area, investing in new homes in North York means having access to an impressive 4,000 acres of parks and open spaces that offer ample opportunities for outdoor recreation and relaxation. Whether you enjoy leisurely strolls, picnics, or sports, North York’s abundance of green space is sure to appeal. In addition to its natural beauty, North York is also home to a diverse array of entertainment options. From theatres and bars to shopping centres, there is no shortage of ways to spend your leisure time. The area is particularly well-known for its two major shopping malls, the Fairview Mall and the Yorkdale Shopping Centre, which offer a wide variety of retail and dining choices to suit all tastes.

Lifestyle, Amenities, and Rental Potential

New pre-construction townhouses in North York and new condos for sale in North York come with modern amenities, and the area offers access to parks, shopping, and cultural attractions. Besides, with lower maintenance responsibilities, condos can also provide rental income opportunities in a strong market.

North York Rental and Seller Market 2024

Rental Market

As of June 2024, North York’s rental market provides a range of choices with an average rental rate of $2,850. The demand for condos in the city is robust, as indicated by the low vacancy rate of 1.6%.

Seller Market

As of June 2024, the real estate market in North York is dynamic, with the average price for a detached house at approximately $1.51M. The average price for a condominium is around $731k.

Average Renting and Selling Time in North York

-New Condos

Renting Time for Condos: As of June 2024, rental condos in North York typically stay on the market for 1-4 weeks. 

Selling Time for Condos: Condos for sale in North York have an average selling time of 24 days.

-New Homes

-Renting Time for Homes: As of June 2024, the average renting time for detached homes in North York is around two to eight weeks. 

-Selling Time for Homes: The average selling time for detached homes in North York in 2024 is approximately 14 days.

Neighbourhoods

Central North York

This area contains many of the older, established neighbourhoods close to the core of former North York City.

1. Willowdale

  • Highlights: Multicultural, dense residential areas, busy commercial corridors
  • Perfect for: Those seeking an urban lifestyle with diverse amenities

2. Newtonbrook

  • Highlights: Family-friendly, good schools, parks and recreation
  • Perfect for: Families looking for suburban comfort close to the city

3. Don Mills

  • Highlights: Planned community, green spaces, Don Valley trails
  • Perfect for: Outdoor enthusiasts who want access to nature areas

North North York

The northern part of North York has seen extensive residential development in recent decades.

1. Bayview Village

  • Highlights: Upscale shopping district, newer residential high-rises
  • Perfect for: New builds in North York in this area are perfect for affluent urbanites, luxury shopping and dining

2. Henry Farm

  • Highlights: Low-density neighbourhoods, larger suburban homes
  • Perfect for: Families desiring spacious properties in quiet enclaves

3. Westminster-Branson

  • Highlights: Parks, community centers, well-rated schools
  • Perfect for: New builds in North York in this area are perfect for growing families prioritizing kid-friendly amenities

West North York

The western side of North York borders other GTA municipalities and has commercial/industrial pockets.

1. Downsview

  • Highlights: Aerospace manufacturing, future transit hub, affordable housing
  • Perfect for: Those in aviation/manufacturing sectors, budget home-buyers

2. York Mills

  • Highlights: Access to 401, a mix of residential and commercial
  • Perfect for: Commuters looking for housing near major highways

3. Beverley Glen

  • Highlights: Affluent residential enclave near parks and ravines
  • Perfect for: Luxury home-buyers desiring privacy and greenspace

Pros of Living in North York

  • Multicultural and Vibrant Community with a Rich Cultural Scene: Choosing new homes in North York means access to a diverse and lively community, with a rich culture, ethnicities, and traditions. This diversity is showcased in its restaurants, festivals, and overall atmosphere, creating a welcoming and inclusive environment for all. The area’s cultural scene is also thriving, with numerous festivals and events throughout the year that celebrate the area’s diversity and rich cultural heritage.
  • Excellent Public Transportation and Commuting Options: With two subway lines and an extensive network of bus routes, new townhouses for sale in North York offer excellent public transportation options that make commuting and navigating the area a breeze. The TTC subway lines and buses provide easy access to other parts of Toronto, reducing the need for a car.
  • Abundant Green Spaces, Outdoor Activities, and Safe Environment: North York is surrounded by beautiful green spaces, parks, and hiking trails. When you invest in new homes in North York you have ample opportunities for relaxation, outdoor recreation, and enjoying the beauty of nature. Additionally, North York has a reputation as one of the safest neighbourhoods in Toronto, with low crime rates and a strong sense of community. Between the years 2024 and 2027, the City has plans to enhance the safety and accessibility of the North York corridor between Bathurst Street and Keele Street. This project will involve the installation of new bikeways and sidewalks, as well as other safety improvements to ensure that the area is safe and convenient for all users.
  • Variety of Housing Options, Excellent Schools, and Job Opportunities: North York offers a variety of housing options to suit different budgets and lifestyles, from high-rise condos and townhouses to detached homes. The area is also home to top-rated public schools and renowned post-secondary institutions, such as York University and Seneca College, making it an ideal location for families and students. As a major business and financial center, new developments in North York offer a wealth of employment opportunities in various sectors, including finance, healthcare, technology, and more.
  • Plenty of Shopping, Dining, and Leisure Activities: New townhome developments in North York offer a plethora of shopping, dining, and entertainment options, from bustling malls and trendy boutiques to world-class restaurants and lively theatres. While the area has fewer nightlife and entertainment options compared to downtown Toronto, there are still plenty of ways to enjoy leisure time.

Cons of Living in North York

  • High Cost of Living: North York, like Toronto, has a higher-than-average cost of living, with expenses for housing, food, and transportation being particularly high. The ongoing development and gentrification in the area tend to increase the prices each year.
  • Traffic Congestion: Some areas of North York suffer from significant traffic congestion, especially during rush hours, which can impact commute times and overall quality of life.
  • Suburban Feel and Lack of Walkability: While North York offers a variety of housing options, some areas have a more suburban feel and lack the walkability and density of downtown Toronto. This can be a drawback for those who prefer a more urban, pedestrian-friendly environment.
  • Limited Nightlife and Entertainment Options: Compared to downtown Toronto, North York has fewer nightlife and entertainment options, which can be a disadvantage for those who enjoy an active and vibrant nightlife scene.

FAQs About New Condos and Homes in North York

What is the average price of new condos in North York in 2024?

The average price per square foot for pre-construction condos in North York will be $1,037 in 2024.

 

What amenities can I expect in townhouses for sale in North York?

They often feature a variety of amenities for modern lifestyles, including fitness facilities, concierge services, and security features. Building amenities may include rooftop terraces, party rooms, game rooms, and outdoor spaces. Luxury amenities can consist of indoor pools, screening rooms, business centers, and pet-friendly spaces. Additional considerations include guest suites, parking availability, and locker rentals.

Why should I consider buying a new condo in North York in 2024?

North York is an attractive place to purchase a new condo in 2024, due to its strong real estate market with significant price appreciation, diverse housing options including luxury high-rises and low-rise buildings with modern amenities, excellent connectivity to major highways and public transit, vibrant neighbourhoods with unique characters, proximity to essential amenities such as hospitals, schools, and shopping malls, and a diverse economy with major employers in various fields.

What is the rental market like for condos in North York in 2024?

As of June 2024, potential tenants in North York can find a variety of rental options with an average rental rate of $2,850. The city’s condominium market continues to be in high demand, as indicated by the low vacancy rate of 1.6%.

How is the public transportation system in North York?

North York is well-connected with the Toronto Transit Commission (TTC) offering a comprehensive public transportation system. The key subway line, Line 1 Yonge-University, runs north-south through the core of North York with stations like Yorkdale, Sheppard West, and Finch providing easy access to other parts of Toronto. Additionally, an extensive bus network connects various neighbourhoods to subway stations and shopping centers. Streetcars also operate along some major roads in North York, and the TTC offers WheelTrans, a specialized accessible paratransit service for those with disabilities. North York’s transportation network provides convenient access to major highways such as the 401, 407, and Don Valley Parkway, making car travel efficient and straightforward.

What are some of the best neighbourhoods for new condos in North York?

Here are some of the best neighbourhoods for new North York condos for sale:

  • Downsview: Once an industrial area, Downsview is undergoing a major transformation. New condo developments are popping up alongside parks, a vibrant local brewery scene, and a future GO Train station, offering excellent transit options.
  • Bayview Village: Known for its upscale shops and restaurants, Bayview Village also boasts some luxury new builds in North York. This area is ideal for those seeking a sophisticated urban lifestyle with high-end amenities.
  • Willowdale: A popular and established neighbourhood, Willowdale offers a variety of new condo developments catering to different budgets. You’ll find excellent schools, green spaces, and easy access to highways and public transportation.
  • Yorkville: While on the pricier side, Yorkville offers luxurious new developments with high-end amenities and a prestigious address. This area is ideal for those seeking an exclusive urban lifestyle close to top restaurants and shops.
Are there good schools in North York?

North York has a variety of educational options including private, elementary, high, and language schools. Notable institutions include private schools in neighbourhoods like Willowdale and Bayview Village, highly-rated elementary schools like Westside Montessori and Bayview Glen, Rutherford School’s Toronto Campus for high school and adult education, and language schools like Upper Madison College.

What is the economic outlook for North York in 2024?

North York’s economic outlook for 2024 appears optimistic. The area’s designation as a growth centre, strong job market potential, and infrastructure investments are positive signs.

What are the future development plans for North York in 2024?

North York is poised for significant residential growth in the coming years, with thousands of new condo units planned, recent zoning approvals for major projects, and an overall growth strategy to increase density and create a more vibrant, mixed-use community. The development plans aim to meet the strong demand for housing in the area.

How can I stay updated on new developments in North York?

To stay informed about new condo developments in North York, sign up for our newsletters and register for updates from our developer pages. Platinum Condo Deals also offers regular updates and exclusive access to new listings.

How much is the down payment for a new home condo in North York?

The down payment for a condo in North York is based on the cost of the property. If the condo is priced below $500,000, a down payment of 5% is needed. For condos with a price range of $500,000 to $1 million, the down payment is calculated as 5% of the first $500,000 and 10% of the rest. For condos that are priced over $1 million, the minimum down payment required is 20%.

What is the average price of new condos in North York?

In the last 30 days, the average sold price of a condo in North York was $731k.

What is the average condo appreciation rate in North York?

The average price per square foot for pre-construction homes, including condos, in the City of North York is $1,037. Over the past 10 years, the pre-construction appreciation rate has been 11.03% annually.

Are Condos selling in North York?

Yes, condos are currently being sold in North York. The area has experienced significant growth in the real estate market, with many new condo developments and projects underway. Based on recent data, North York has over 800 condo developments, and many new projects are planned for the future.

Is it a good time to sell condos in North York?

According to recent data, the condo market in the North York area is currently considered a buyer’s market, with more supply available than demand. This means that it may take longer to sell a condo, and sellers may not be able to achieve their desired asking price.

Why are new condo prices so high in North York?

The combination of strong demand, rising property values, convenient location, economic growth, and diverse population has driven new condo prices to high levels in North York.

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