Loft living is at its finest in Toronto, and the market is booming. There are literally dozens upon dozens of loft developments under construction in Toronto, and competition is tough. For many people interested in purchasing living space in a new loft development, the search begins early and it is grueling.
One thing that makes finding a loft so difficult is that 50 percent of loft developments are sold before the building is listed on the public market. This means that people wishing to buy a loft must do a lot of research and try to secure a loft before construction is completed. If they are successful, there are many rewards. Many lofts in the Toronto area increase in value anywhere from $10,000 to $20,000 on the day that they are placed for sale on the public housing market.
Lofts are distinct from condos in that they feature exposed ductwork, exposed beams and columns, few interior walls, and high ceilings. They are very open spaces, commonly two stories high and have a lot of original features that set them apart from other homes on the market.
There are two types of loft developments: hard and soft. Hard loft developments are created by converting an old commercial building such as a warehouse or factory. Once obtaining such a building, loft developers remodel the space into separate living units. Soft loft developments, on the other hand, are new constructions and usually allow for more open layouts and unique design characteristics.
There are numerous unique lofts available in each new Toronto development which are priced according to size and features. The low-end cost for a Toronto loft averages about $200,000, but you can spend upwards of $600,000 or more depending on the loft you choose. Some developers may even allow you to choose some of the finishing touches if you purchase a loft before construction is completed.
Whether you seek the quirky design of a loft conversion, or a more condo-like ?soft loft?, you're well advised to start early and leave no stone unturned. The right loft for you may just be on someone's drawing board now.
