There are several reasons why you may be interested in purchasing a house in Downtown Toronto; living in the city’s center can be exhilarating. You will have access to superb restaurants as well as other facilities, cultural events, museums, and easy access to public transportation through the TTC, whether by bus, subway, streetcar, or other means, as well as Toronto’s waterfront. Downtown Toronto has a lot to offer individuals who like going out, with a range of diverse areas offering amazing nightlife and events, so you will never be bored living here since there is always something going on.

Advantages of Purchasing a Home in Downtown Toronto

–       Simple Access to Transportation and A Wide Range of Amenities

If you intend on purchasing a property in Downtown Toronto because you want to live in one of the communities that make up Toronto’s urban core, you will have easy access to a plethora of facilities. Excellent restaurants and bars, nightlife, access to the Entertainment District, transit, sports events, cultural activities such as concerts of all sorts, the ballet, the theatre, opera, museums, and other cultural activities, close proximity to the seaside, and more are available. This implies that there is something for everyone in Downtown Toronto, regardless of the weather or season.

–       You can travel affordably

Another thing to consider is that if you often go out in Downtown Toronto and/or work in downtown Toronto, you might save money each time you go if you use the TTC Lyft, Uber, taxis, or other modes of transportation from other regions of Toronto or the Greater Toronto Area (GTA).

–       You can save a lot of time

The time you save by not having to travel as far to get to your destinations here might be spent doing other things, such as sleeping in if you work in Downtown Toronto, exercising more, spending more time with your loved ones, or exploring other interests. If you reside in another area of Toronto and travel into Downtown Toronto for business, parties, nights out, etc., you may save a lot of money by moving closer. Consider what you might do with the money you save on commuting. You may be able to save more for your next vacation, increase your savings or retirement account, or even use this money to pay down your mortgage.

Furthermore, downtown Toronto is well-known for being relatively walkable. So, if you prefer walking and don’t want to own a vehicle, despise driving or waiting in traffic (but really, who enjoys sitting in traffic?), living here may be ideal for you. You may be able to live someplace and manage and even flourish without a vehicle, depending on your lifestyle, where you work, how you spend your leisure time, and so on.

You could even be able to select a location where you can walk to the grocery store, pharmacy, restaurants, stores, TTC station, and other places while being just a short bus or Uber trip away from others. This implies that if you are making anything or find you are out of an item you need, it will not be a problem for you to quickly go into the supermarket, pharmacy, or other location to get whatever item(s) you require. This may not be the case if you reside in a different section of Toronto or the Greater Toronto Area (GTA).

If you lived in another neighborhood in Toronto or the Greater Toronto Area (GTA), you might be further away from shops, restaurants, grocery stores, and so on. This means that if you suddenly realized you needed something for a recipe and didn’t have it, that quick trip to the grocery store you might make if you lived Downtown could take you longer and be a much larger inconvenience if you had to drive 15 to 20 minutes to the store and back home.

–       You can easily access the airport

Another advantage of purchasing a house in Downtown Toronto is easy access to Billy Bishop Toronto City Airport, which is near to the city center and provides flights to Montreal, Chicago, and Canada’s Eastern coast. With these flights to other cities in Canada and select locations in the United States, such as Chicago, from where you can connect and visit many other areas across the globe, travel is made much less stressful. The Billy Bishop airport’s location and size make travel much simpler, and it may save you a journey to Mississauga if you are flying out of Toronto Pearson International Airport. If you travel regularly and fly frequently, or if you fly on an airline that flies to the Billy Bishop airport, you’ll probably appreciate not having to make the trip out to Mississauga to depart Toronto. And how much easier and more pleasant it is not to have to travel out of or via such a bustling and packed airport.

–       You can secure a great return out of your investment

Another advantage of purchasing a house in Downtown Toronto is the possibility of a return on investment (ROI). Even if you are simply purchasing a tiny entry-level apartment in Toronto, the real estate market is expanding, which means you may develop value in your investment. This implies that when the time comes to sell your house, you may be able to benefit from your investment, particularly if the Toronto real estate market continues to improve and prices continue to rise.

While some GTA real estate has been performing just as well if not outperforming the Downtown core, when purchasing real estate we do so as a long-term investment. The Toronto Real Estate market has steady and high returns but most importantly it’s insulated from market volatility more than any other area.

The Drawbacks of Purchasing a Home in Downtown Toronto

–       Downtown Toronto Traffic and Congestion

The traffic is one disadvantage of living in Downtown Toronto. Toronto, Canada’s third most densely populated city, has a lot of traffic and congestion, making it an unpleasant place to travel if you own a vehicle.

–       There is a scarcity of parking in Downtown Toronto.

As previously stated, parking in Downtown Toronto is scarce and costly. If you possess a vehicle and like driving, Downtown Toronto is not the place to live or purchase a property since you might wind up paying thousands of dollars on parking.

–       Air Quality and Pollution

Given the quantity of traffic and people in the City of Toronto and the Greater Toronto Area (GTA), it should come as no surprise that air quality and pollution are issues in Toronto. While Toronto’s air quality is not as terrible as that of polluted places like Santiago, Chile, Beijing, Bogotá, Colombia, or Mexico City, it is still a concern.

There have been days in 2019 when there have been air quality warnings due to pollution in the City of Toronto making it dangerous to people’s health. The air quality in Toronto has been classified as somewhat hazardous to one’s health. This is something you should think about if you have allergies, asthma, are immunocompromised, have a history of respiratory problems, and so on.

–       Light Pollution and Noise Pollution

The city of Toronto, particularly Downtown Toronto, is plagued by noise and light pollution. This implies that if you are a light sleeper, it may be noisier to live here and more difficult to sleep than in other cities and communities farther away from Toronto’s metropolitan centre.

–       It may be more difficult for you to access green spaces

Downtown Toronto does not have as many parks or green spaces as other districts of the City of Toronto. Much of the City of Toronto’s public property along Lake Ontario’s shoreline has been sold to developers and turned into condominiums, which is fantastic if you live there. However, if you are searching for a calmer, more serene environment, you may need to leave Toronto’s metropolitan core and go to locations where there is more peace and serenity.

–       Downtown Toronto Is Congested and Densely populated

As previously stated, Toronto is the third most densely inhabited city in Canada, behind Vancouver and Montreal, and the 19th most densely populated city in the world. Millions of people visit Toronto each year, and the City of Toronto is increasing as more people migrate to Toronto for a number of reasons, including work, since there are many jobs in Toronto. Consider this for a minute. If you dislike crowds or sharing your space with a large number of people, you should consider living in another section of Toronto or the Greater Toronto Area (GTA).

–       It Is Expensive to Purchase a Home In Downtown Toronto

Toronto is one of the world’s most expensive cities. This implies that purchasing a property in Downtown Toronto may be quite costly and may be out of reach for many individuals. Numerous individuals may find it difficult or impossible to afford to purchase a separate home here, thus there are many condominiums in the region for those who wish to live here. If you dislike condo living or want additional room, you may need to look for a home outside of Toronto’s downtown core.

Final words

Now you know whether you should buy a property in Downtown Toronto or move to one of the neighboring areas. Keep these facts in mind and make the right decision.