List of New Condos in Chinatown Neighbourhood
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Investing in Chinatown Real Estate?
There are reportedly seven Chinatowns in the Greater Toronto Area (GTA), but this one in the downtown area, also known as Old Chinatown, is one of the biggest in North America and has one of the largest Chinese populations in the entire city. Despite the fact that mainland China still accounts for the bulk of the area’s residents and business owners, there is now a notable presence of Vietnamese and Thai expats. Although monthly rent is low, the quality of the apartments is frequently inferior to that of the nearby neighbourhoods like Grange Park and the Fashion District. However, this area is popular among young students & professionals looking for affordable housing. This influx of people has been popular in recent years and there is potential for new apartments and mid-rise condos in Chinatown.
Why Buy New Condos In Chinatown?
Real estate prices in Toronto are rising rapidly, and given the level of demand in the area, purchasing property in Chinatown is a wise choice. Given that Chinatown is close to Downtown Toronto, its location also has a significant impact on this. Due to their accessibility, such places are preferred by working people and even families. In addition to these benefits, the area boasts good transit options that make it easy to get to other areas of Toronto. When it comes to working professionals that must commute every day, this is greatly desired. If you are intending to purchase a condo here, you can be sure that you will receive a monthly income either through renting the unit out or by just waiting for the property’s value to increase in a few years.
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Lifestyle In Chinatown
The majority of people who live in Chinatown and the other towns with sizable Chinese populations, such as Grange Park and Alexandra Park, choose to spend their time there. The lifestyle in Chinatown caters to individuals that blend in well with the locals, offering fantastic malls, delicious food, and a distinctive nightlife. This neighbourhood has a sense of community that is unique compared to other parts of the city. This region is also known for its outdoor markets, where you can discover a wide variety of establishments, including boutiques, cafes, butcher shops, apparel stores, fresh fruit, and much more.
Average Price Of Rent In Chinatown
In Chinatown, the rent for studio/bachelor apartments goes about $850, one-bedroom apartments about $1,100, two-bedroom apartments about $1,400, and three-bedroom apartments about $1,900. Chinatown has a 28% lower average rent compared to other Toronto neighbourhoods.
