April 29th, 2022 | Homeowners

What You Need to Know About Buying and Selling on the Waterfront

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Living on the Toronto waterfront is an absolute dream for many residents. There are few things more satisfying than stepping outside to a stunning lake view. Sip a coffee in the morning as you take in the scenery and watch the people go by along the boardwalk. Or even better, imagine opening the curtains from your high-rise condo that faces right out over the water!

The waterfront attracts people from all walks of life, from active retirees living their best life to young professionals starting out on a new adventure.

What Does This Mean For Sellers?

If you own a property near or on the waterfront, its value has significantly increased since you bought it. Real estate prices all over the country have soared in the last two years alone, and waterfront properties are increasingly harder to get. If you put a waterfront property on the market now, you can almost be sure of two things:

  1. Your unit will sell quickly.
  2. You will receive far more than you paid for it, and possibly even well over asking.

No matter what kind of property you’re selling or when, you still want to do everything in your power to maximize your results. Here are some resources that will help: 


The People of the Waterfront

Over the years, the demographics of the waterfront have changed, and more people are moving here after downsizing. However, the most significant group of people buying property in the area are young, single or recently divorced professionals. They’re highly educated and enjoy high incomes, often working in the business, science or education sectors. It’s also not unusual for them to have help from relatives in buying their first property.

The Lifestyle 

The Toronto waterfront truly has something for everyone, and not just because of the incredible view. Your lifestyle can be blissfully calm and peaceful, full of non-stop excitement or the perfect combination of both. The choice is yours, and there is no end to the leisure activities to enjoy. Singles love the exciting nightlife, concerts, dancing and entertainment. Fitness buffs love the range of activities, from inline skating to jogging or visiting one of the trendy fitness clubs nearby.

And who doesn’t love a leisurely stroll along the waterside? It’s an activity you’ll never grow tired of, even if you go out every day of the year. There’s something about the water that feeds your soul, whether you walk for hours or for only a few minutes. You’ll encounter people of all ages enjoying the sun as they walk or bike along the boardwalk all summer long. 

What else is there to do when you live near the waterfront? The list is endless: 

  • Sip a drink on the patio as you watch the sunset over the water.
  • Go for a dinner cruise on the Harbourfront. The view is always fantastic, especially during the May 24 or Canada Day firework shows!
  • Take the ferry and visit one of the sandy beaches on Toronto Island
  • In the winter, try out the new skating rink right by the water.

The Convenience

If the breathtaking beauty of the waterfront isn’t enough, the sheer convenience will make you want to move immediately. It is arguably the most walkable part of Toronto, with trendy and ethnic restaurants at every turn.  

You’re within easy walking distance to any kind of shop, cafe or boutique you can imagine. In addition, you have premium access to public transit. You’ll find bus stops and subway stations a few steps away, and you can walk to Union Station in about 10 minutes.

What You Need to Know About Buying on the Waterfront

Waterfront property is in hot demand, and finding the right home for you might take some patience. The single best thing you can do is work with a real estate agent who specializes in the area. Why?

A local Realtor® may know about upcoming listings that aren’t yet on the market and can help you scout out a property you wouldn’t otherwise have access to. Plus, they will help you compete in this busy market where sellers often receive many offers. 


Are you ready to buy? Here are some other posts to guide you: 


Now that you know more about the process of buying a new home, let’s take a look at some of the neighbourhoods on the waterfront.

The Harbourfront

If you want to be where the action is, look no further than the Harbourfront. This is the scene of many festivals and events, and there is no shortage of exciting things to do. Restaurants, shops and theatres are easily accessible. On a nice day, you could even walk over to spend an afternoon at the CN Tower or Ripley’s Aquarium

The Harbourfront has many condos available, including several luxurious new builds. Now is your chance if you’ve ever wanted to enjoy a bustling life on the water!

Want to know more about real estate opportunities in the Harbourfront? You can read our guide on the area right here.

The Beaches

The non-stop hustle and bustle of the Harbourfront isn’t for everyone. If you want to enjoy a more peaceful life on the water, consider The Beaches. This is the perfect neighbourhood for families and move-up buyers who need more space than a condo provides. 

The summer draws many visitors to the gorgeous sandy beaches and the boardwalk lined with boutiques, cafes and ice cream shops. And of course, don’t forget about the Beaches Jazz Festival in July.

However, the fun doesn’t stop for the winter. When the snow starts to fall, the neighbourhood becomes more peaceful and scenic. Winter activities include festivals, skating and catching up with friends in cozy coffee shops and bistros.

Could The Beaches be your new home? Find out more in our community guide here.

Mimico

Mimico is probably not the first place you think about when considering life on the waterfront, but it deserves your attention. It is a beautiful area just twenty minutes away from downtown Toronto, with many places to shop and dine.

Mimico is an up-and-coming neighbourhood with many newly built homes and spacious condos that are priced far less than those in the Harbourfront.

If you love the idea of life on the water with a slightly more affordable lifestyle, then Mimico might be worth a visit.

Want to know more about homes available in Mimico? You can find it in our community guide here.