5350012.01 census tract. CityPlace is above the Gardiner with some older condos south of the freeway. What is interesting about this specific census tract is that 100% of the population lives in condominiums. Hence this represents a fantastic opportunity to conduct some analysis on residents who live mostly in new condo towers.
Since most of the buildings in the 0012.01 tract belong to the CityPlace development, for ease of the discussion, I will refer to this census track simply as CityPlace. Also note that all the data is based on the 2011 National Household Survey.
4% (compared to 20% in Toronto) of the population in CityPlace are under the age of 18. It doesn't look like people who live in condos are very keen on raising a family in a shoe-box.
40% of the population in CityPlace moved during the past year. 86% of residents moved during the past five years prior to the census. In contrast, in Toronto only 13% of residents moved during the past year and 41% during the past five years. However this should not be surprising as CityPlace was just recently built.
50% of households in CityPlace were renters and 50% of the households were homeowners.
47% of owner households spent 30% or more of their household total income on shelter costs. Similarly, 53% tenant households spent 30% or more on housing needs.
The median monthly condo cost of a rented unit was $1,530 and the median monthly homeownership cost was $1,632. It is cheaper to rent than to own at CityPlace.
The median household income was $61,776 (pre-tax) and $51,636 (after-tax) in 2011.
The median value of dwellings was $348,193 in 2011.
The median value of a dwelling was 5.6 times the median income (pre-tax) and 6.7 times the median after-tax income. When the multiple is above 5, housing costs are considered severely unaffordable.
Over 70% of residents live in condo buildings constructed in 2006 or after.
Source of data here.
SEE ALSO: 10 Signs of a Condo Bubble in Toronto