New Condos in Humber Bay

1. Budget and affordability factors

Your budget should be one of the first things you think about. A broad variety of housing alternatives are available in Humber Bay, a middle-class neighbourhood, at various price ranges. Older houses and smaller condominiums, for instance, may be found for around $300,000, while luxury condos and mansions with unique designs can cost up to $1 million.

It’s crucial to take into account not just the purchase price but also other expenses like electricity prices, maintenance fees, and property taxes. You may also want to take into account any improvements or modifications you want to make to the property.

2. Type of Property and Investment Goals:

The kind of property you wish to purchase or invest in, as well as your overall investing objectives, are key factors to take into account. For instance, if you’re searching for a long-term investment that will bring in rental income, you may want to think about buying a duplex or triplex with many units. If you’re searching for a main property, though, you may want to concentrate on single-family homes or condominiums.

Taking into account your investing objectives is also crucial. Are you trying to find a house that will become better in value over time? Or are you more concerned about making money from rentals? Your objectives will assist direct your choice-making process and guarantee that the property you choose is consistent with your entire investment plan

3. Local Zoning and Regulations:

Understanding the zoning and rules in the area is essential before making an offer on a property. This may limit your choices for the home in terms of upgrades and rental possibilities.

For instance, short-term rentals like Airbnb are subject to stringent rules in the City of Toronto. Make sure you’re in accordance with these laws if you’re contemplating a property with the goal to rent it out for a brief period of time.

Similar to this, you should look into any possible local zoning regulations or construction permit requirements if you’re thinking about purchasing a home that requires major improvements.

4. Neighborhood Trends and Future Developments:

When choosing between Humber Bay and other neighbourhoods, it’s crucial to take neighbourhood patterns and potential future developments into account. Over time, this may have an effect on rental demand and property prices.

For instance, a surge of new construction is presently taking place near Humber Bay, with multiple high-rise condo structures being constructed. Both the neighborhood’s general atmosphere and property prices may be impacted by this.

In addition, the area is home to a number of well-liked facilities, including Humber Bay Park and the Ontario Food Terminal. There may be a demand for rental houses as a result of these attractions’ continued ability to lure locals and tourists to the region.

1. Community events and festivals:

In Humber Bay, there is a thriving neighbourhood that enjoys parties. There are several occasions and festivals held throughout the year that unite locals. A well-liked event in the summer is the annual Humber Bay Butterfly Habitat Festival, which includes led nature hikes, butterfly releases, and live music. The early 1900s saw the beginning of the Humber Bay Farmers’ Market, which is still running strong every Saturday at the Ontario Food Terminal. Throughout the summer, Tuesdays are also when the local Stonegate Farmers’ Market is open.

2. Parks and green spaces:

Due to its proximity to parks and other natural areas, Humber Bay is a great place for outdoor enthusiasts. Off Stephen Drive, South Humber Park offers open spaces and forested areas with views of the Humber Marshes. A paved track in the park leads to Toronto’s Martin Goodman track, a popular route for walking, running, cycling, and in-line skating. At the base of Park Lawn Road, at Humber Bay Park, you may enjoy breathtaking views over the lake and the city of Toronto. The park has a fly-casting pond, a model boat pond, boat launching facilities, and a yacht club. A multi-use leisure area featuring an outdoor pool, a baseball field, and an ice rink that can be changed to tennis courts in the summer is Park Lawn Park, which is situated north of Berry Road.

3. Restaurants, bars, and cafes:

There are several alternatives for eating and socializing in Humber Bay. The primary retail area in the area is the Stonegate Plaza on Berry Road, which has a large supermarket, a pharmacy, a video store, a dry cleaner, a variety and discount store, restaurants, a dentist office, and a community health centre. Firkin on the Bay, Eden Trattoria, and LaVinia Restaurant are a few of the area’s well-known eateries. On Lake Shore Boulevard, there is a coffee business called Birds & Beans Coffee that is both certified organic and bird-friendly.

4. Schools and educational institutions:

Elementary and high schools are only two of the educational choices available in Humber Bay. Humber Bay Public School, John English Junior Middle School, and Lakeshore Collegiate Institute are a few of the famous schools in the area. The adjacent Humber College offers a variety of post-secondary disciplines, including business, media, and technology.

1. Overview of the Toronto and Humber Bay labour markets

The economy of Toronto is generally solid and varied. Toronto’s GDP is predicted to increase by 6.3% in 2022 and 4.2% in 2023, surpassing the national average, according to the Toronto Region Board of Trade. With more than 50% of the population possessing a post-secondary degree, the city boasts a highly educated workforce.

The work economy in Humber Bay is mostly dominated by the retail, healthcare, and hotel industries. Due to the increasing growth in the region, there are additional chances in building and real estate.

Toronto features a number of industrial clusters for persons searching for work in a particular sector, including those in technology, finance, and film and television. Major businesses including Shopify, TD Bank, and CIBC are based in the city.

1. Strong Companies Present in Humber Bay:

Essentially there may not be any large enterprises headquartered in Humber Bay, there are a number of powerful businesses that have headquarters nearby. These consist of:

One of the biggest energy producers in the province is Ontario Power Generation, which is situated immediately east of Humber Bay.

• Ontario Power Generation: Located just east of Humber Bay, Ontario Power Generation is one of the largest electricity generators in the province.
• SNC-Lavalin: This engineering and construction firm has offices in nearby Etobicoke.
• Loblaw Companies Limited: Canada’s largest food retailer has its head office located in nearby Brampton, with several grocery stores and pharmacies located in Humber Bay and surrounding neighbourhoods.
• Sun Life Financial: This financial services company has its Canadian headquarters located in downtown Toronto, with several offices located throughout the Greater Toronto Area.

1. Access to Public Transportation:

Several public transit alternatives are available in Humber Bay, making it simple to travel within the community and to other areas of Toronto. On Berry, Park Lawn, and Stephen Drive, the TTC (Toronto Transit Commission) offers bus service that links locals to the Bloor-Danforth subway line’s Old Mill station. As a result, it’s quick and easy for those living in Humber Bay to get downtown.

Additionally, GO Transit offers commuter rail and bus services from Humber Bay to several locations within the Greater Toronto Area (GTA) and beyond. A different mode of transportation is available for locals since the Mimico GO station is close to Humber Bay.

2. Major Highways and Roads:

For those who like to drive, Humber Bay is well linked to the GTA’s major roads and highways. Access to other regions of the city as well as downtown Toronto is made simple by the Queensway, which passes across the centre of Humber Bay. From Humber Bay, it’s simple to get to other sections of the GTA through the Gardiner Expressway and Lake Shore Boulevard.

3. Bike Lanes and Walkability:

Bike lanes and pedestrian-friendly streets: Humber Bay is a suburb that emphasizes bicycling and walking. South Humber Park, which is off Stephen Drive, provides access to the Martin Goodman Trail, which follows the shoreline in Toronto. Walkers, joggers, bikers, and in-line skaters all enjoy using this asphalt route. In addition to offering a picturesque path to other areas of the city, it offers a lovely perspective of the city skyline.

Additionally, Humber Bay has bike lanes on several of its major highways, making it simple and secure for cyclists to navigate the area. This makes the area a fantastic spot for those who want to be active and enjoy the outdoors, especially in combination with the neighborhood’s rolling hills and natural beauty.