Investments in mid-rise condominiums have also increased in the Greater Toronto Area. According to Toronto’s real estate market, a mid-rise condominium is a building that has between 5-12 storeys. In addition, a mid-rise condo also has a street wall that can go as high as 6 storeys.
Most of the mid-rise condos in Toronto are only situated in particular areas of the city. We have a sizeable number of mid-rise condominiums in the Entertainment District and North York Center. However, the biggest number of mid-rise condos is found on the outskirts of the downtown core of big cities like Toronto.
You will find a majority of mid-rise condominiums in smaller cities across GTA. Mid-rise condos are mostly preferred by a large population as they take a shorter period of time to be completed compared to high-rise condominiums. Research has shown that the city of Toronto will need to accommodate more than 500,000 new residents by the year 2030. Mid-rise condos will play a greater role in helping the city achieve this great milestone as single-family homes are expensive and they can’t meet such high demands.
High-rise condominiums are also limited in terms of space and they can’t be relied on to provide much-needed housing solutions. Mid-rise condominiums can fill this gap as they take a shorter time to be completed. Luckily, many reputable developers are undertaking various mid-rise condominium development projects across various cities in the Greater Toronto Area (GTA).