New Condos in Kensington

1. Budget and affordability factors

When purchasing or investing in Kensington, like any other Toronto community, affordability is a crucial issue to take into account. The median price of a property in Kensington, as of the most recent statistics, is around $1.3 million, which may appear expensive to some potential buyers or investors. However, it’s important to remember that there are still some reasonably priced solutions accessible, such as condominiums, flats, or townhouses, which provide a more cost-effective option.

Before making any choice, it’s critical to take your finances and budget into account. For assistance in figuring out how much you can afford and what kind of home will best meet your requirements.

2. Type of Property and Investment Goals:

Row homes in the Victorian style, condominiums, flats, and townhouses are among the several types of real estate available in Kensington. You may want to think about what kind of property will best suit your requirements based on your investing objectives.

Apartments and condominiums may be an excellent choice if you’re wanting to rent out your home since students, young professionals, and tourists have a lot of demand for these types of accommodations. In contrast, a Victorian-style row home would be a better option if you want to live in Kensington yourself since it provides more room and solitude.

3. Local Zoning and Regulations:

It’s important to get knowledgeable about neighbourhood zoning and laws before making a purchase or investment in Kensington. A few examples of this include construction codes, bylaws, and other rules that can have an impact on your real estate or investment plans.

As an instance, you may need to get a permission from the city or adhere to particular rules if you want to modify your house. Similar to this, if you want to rent out your home, you may need to abide by certain rules or bylaws that are specific to rental properties.

4. Neighborhood Trends and Future Developments:

Last but not least, while purchasing or making investments in Kensington, it’s important to take neighbourhood patterns and future developments into account. Population expansion, the state of the region’s transportation system, and recent construction might all fall under this category.

In Kensington, for instance, there has been consistent population increase over the years; in 2022, the city is expected to have around 17,000 people. Due to the rising demand for homes and rental properties, this presents purchasers and investors with a fantastic investment opportunity.

1. Community events and festivals:

Events and festivals that commemorate the neighborhood’s distinctive culture are frequent in Kensington, which is renowned for its strong sense of community. Every December, the Kensington Market Winter Solstice, which includes live music, street performances, and a parade through the neighbourhood, is one of the most well-liked events. The Kensington Market Art Fair, Pedestrian Sundays, and the Kensington Market Jazz Festival are other events. By bringing neighbours and guests together, these gatherings foster a strong feeling of local community.

2. Parks and green spaces:

 Kensington, which is a neighbourhood in downtown Toronto, contains a variety of parks and green areas that provide a tranquil respite from the commotion of the city. The primary park in the area is Bellevue Square Park, which has a wading pool, a playground, and plenty of open space for picnics and leisure. Featuring an outdoor pool, a court for basketball, and a skate park, Alexandra Park is another well-liked tourist attraction. One of Toronto’s biggest parks, Trinity Bellwoods Park is close to Kensington and provides lots of area for picnics, sports, and dog walks. It is one of Toronto’s largest parks.

3. Restaurants, bars, and cafes:

Kensington is home to an extensive selection of eateries, pubs, and cafés that cater to a wide range of tastes. With restaurants selling food from all over the globe, the area is well renowned for its cosmopolitan cuisine. Rasta Pasta, Seven Lives Tacos, and Otto’s Berlin Doner are a few well-liked restaurants. Additionally, the area is full of pubs and coffee shops where you can grab a drink and catch up with friends, including Ronnie’s Local, Kensington Brewing Company, and Jimmy’s Coffee.

4. Schools and educational institutions:

Kensington is an excellent suburb for families since it is home to a lot of schools and educational institutions. Central Technical School, Ogden Junior Public School, and Kensington Community School are a few of the nearby educational institutions. Several universities and colleges, including the University of Toronto and George Brown College, are accessible from the neighbourhood for post-secondary education.

1. Overview of the Toronto and Kensington labour markets

The biggest city in Canada, Toronto, has a vibrant economy with a broad variety of employment options. Toronto’s unemployment rate in 2021 was 7.3%, according Statistics Canada. However, the job market has been recovering from the COVID-19 pandemic’s effects, and in the upcoming years, the unemployment rate is anticipated to decline.

This labour market is shared by Kensington as a part of Toronto. A variety of enterprises, from the tiny individual sellers at the outdoor market to big corporations, call the area home. Kensington’s diverse population is reflected in the range of work possibilities available there, including those in retail, hospitality, healthcare, and professional services.

1. Strong Companies Present in Kensington:

Some of the strong companies present in Kensington and the surrounding areas include:

1. University Health Network (UHN) –  UHN is a leading healthcare organization in Canada, with several hospitals and research institutes in the Toronto area. Kensington is located near the UHN facilities on University Avenue, which provide a range of job opportunities in healthcare and research.
2. Ryerson University –  Ryerson University is a public research university located in downtown Toronto. The university has a strong presence in the area, with several buildings and facilities near Kensington. Ryerson provides job opportunities in education, research, and administration.
3. Royal Bank of Canada (RBC) –  RBC is one of Canada’s largest banks, with a strong presence in Toronto. The bank has several branches and offices in the area, providing job opportunities in finance, customer service, and administration.
4. Shopify- Shopify is a Canadian e-commerce company that provides a platform for online stores. The company has its headquarters in Ottawa, but also has a large office in Toronto. Shopify provides job opportunities in software development, marketing, and customer service.

In addition to these companies, there are many small businesses and independent vendors in Kensington that provide job opportunities in retail, food service, and creative industries.

1. Access to Public Transportation:

Streetcar service on Bathurst Street connects passengers to the Bloor-Danforth subway line, providing easy access to the rest of the city. The Spadina, Dundas, and Queen streetcars also travel through the area, with a stop at the Spadina station on the Yonge-University-Spadina subway line. This means that residents can easily reach key destinations such as the downtown core and major attractions like the CN Tower and the Royal Ontario Museum

2. Major Highways and Roads:

For those who prefer to drive, Kensington is conveniently located close to major highways and roads. Motorists are just minutes from the Gardiner Expressway and Lake Shore Boulevard, providing access to other parts of Toronto and beyond.

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.