CTV announced today that it is picking up 16 new series this fall including the likes of Simon Cowell and Anderson Cooper of CNN, that’s great news for the Canadian network as these celebrities will have to visit not only Toronto but Canada in order to promote their upcoming TV shows. Anderson Cooper was in Toronto today and visited CP24 and did a quick interview.
Toronto is becoming a bigger force in the North American market place and this is another piece of the proof with having celebrities visit more and more frequently. TIFF may have started this whole thing but that’s just the beginning as to why VIP’s find Toronto interesting, with its unique neighbourhoods stemming from Chinatown to little Italy and up to Greek town, this city is very vibrant and culturally diverse.
You might be asking ‘well what does this have to do with Toronto Real Estate?” Good question! Allow me to explain, in the late 80’s and early 90”s Toronto was starting to mirror cities like Buffalo and Detroit with having a serious decline in not only its downtown population but also with its stature. The city was becoming a ghost town with younger families moving further west to cities like Oakville and Mississauga or up north to a young city named Vaughan. These other cities were becoming very attractive as they featured simple amenities like parking for 2 or more cars that downtown couldn’t support. Suburbia was starting to offer something that Toronto could not compete with, convenience was looking grand for those families and young professionals with new businesses being re-located to the city of Vaughan.
As TIFF started in 1975 and re named as the Toronto International Film festival in 1995 and the Canadian dollar being so low, these were 2 huge factors which rejuvenated the city of Toronto and the downtown core. With this happening it seems over night by the year 2000 rolled in, young people started to take notice and so did the condo developers. In early 2002 there were over 200 hundred developments on the table and the demand started to rise due to the fact that they were being marketed at a very reasonable rate at an average of $225.00 per sq ft. This trend in demand started to spill over to freehold housing and with the market being on the up and up since, these home owners of since collected some considerable amount of equity.
Let’s put this into prospective, in 1991 a brand new home in Vaughan with a 50 by 150 foot lot and a 3000 sq ft home on it was selling for $550,000 on average. Homes in Toronto for sale in the same era with one third the lot and building were selling for $175,000.00. Today that same home in Woodbridge is selling on average for $650,000.00 and a home in downtown Toronto that has no parking and tiny lot of 20 by 100 feet is selling on average for $800,000.00. Call it what you will but I believe with the help of TIFF, Low Rates and Toronto becoming North Hollywood these factors have indeed turned the tide around in a positive manner for the city I love the most, TORONTO!