Cityzen Development, Fernbrook Homes,and Diamondcorp have come together to build what is going to be an iconic condo in Downtown Toronto.
About The Location: The Selby condo will be an extension of what is currently the Clarion Hotel & Suites. The heritage building once housed Ernest Hemingway and his wife in the early 1900s.
592 Selby St is located just south of Bloor and Sherbourne, this is a perfect opportunity for investors and for those who want to live in the city. Walking distance Sherbourne subway station, close to Financial District, Yorkville, great shopping areas, grocery store, parks, U of T, easy access to DVP.
About The Selby: Walk Score 97/100. 49 Storey, red exterior building. Amenities will include: Pool, BBQ, Security, Fitness Room, Party Room, Lounge, and Guest Suites.
About Investment Opportunities:
In 2014 the average rent for a 1 Bedroom unit was $1550/month, while the average rent for a 1+Den unit was $1717/month. There were 2.5 times more 2 bedroom rental transactions than 1 bedroom and 1+den. This is due to the high home prices in Downtown Toronto, most family are now renting or buying multi-bedroom condos instead of buying detaches and semis. New immigrants and first time home buyers tend to rent prior to purchasing their first property. The average rent for a 2 Bedroom was $2395/month.