'Smart condo' is downtown Toronto's latest residential attraction

Earlier this week, real estate developer Tridel unveiled its newly completed 69-storey “smart condo” building tower in downtown Toronto, with the intention of offering amenities that are both the most advanced and the most comfortable in their class.

The residential tower features “smart living” features such as high-speed Wi-Fi, voice and data connectivity within the building, temperature and security management, and many others – all in keeping with Toronto’s status as a leading destination for high technology in real estate and other segments.

“Toronto is fast becoming a global technology hub and Tridel is keeping pace by introducing a range of tech-savvy amenities which are available to our customers today,” Tridel executive VP of sales and marketing Jim Ritchie stated.

“With erratic schedules, 24/7 work demands and the nature of living in a bustling city, people are increasingly looking for ways to simplify their lives. A more connected home and community is one way to accomplish that.”

Read more: Toronto’s condo sales outpace single-family volume

Toronto’s home buyers have gravitated towards multi-family properties in recent years amid sustained pressure from ever-increasing prices in the city’s detached segment.

Recently, sales volume in GTA’s condo segment has continuously outpaced that of single-family homes, according to the Building Industry and Land Development Association.

BILD said that despite the benchmark price growing by 23.5% year-over-year (up to $774,554) in June, condo units in Toronto’s low-, medium-, and high-rises accounted for 2,079 new home sales, compared to the month’s total of 2,500.

Condo inventory during that month stood at 10,335 units, compared to the 4,848 units of single-family homes remaining in the market.

“The relative strength of condo apartment sales is an indication of the state of the market,” BILD president and CEO David Wilkes said.

“The cost of new homes in the GTA, both condos and single-family homes, is affected by government regulation and red tape that slows down the building of new supply, and by government fees, taxes, and charges, which can account for almost a quarter of the cost of a new home.”

 

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