If you’ve ever met a Toronto real estate agent you’ve probably heard him or her say, the market is hot! They aren’t lying! Toronto’s city centre real estate is so hot that it’s boiling over into new less chartered neighbourhoods.
With new mortgage laws and high price tags, buyers and investors looking for an affordable property should consider the following three neighbourhoods:
Eglinton West & Dufferin
For most people when they think about Eglinton Ave, their minds resort to the area of Yonge and Eg. But travel a little further west past Dufferin St. and you’ll enter a new world of affordable real estate investments.
What’s in the area?
- The area is known as Little Jamaica so there’s a tonne of amazing island delights; however, as a whole, the neighbourhood is just as diverse as any other of Toronto’s enclaves. Eglinton West is a foodie’s best friend. A bunch of amazing restaurants and bars continue to pop-up in the area, from French cuisine at Bistro 92 to Korean dining at Bi Bim Bap.
- Parks, parks and more parks. The west end is filled with great parks for those looking to get some fresh air. The Humber River runs by the Eglinton Flats, Gladhurst Park, and Scarlett Mills Park, which gives the area many scenic views.
- Easy city escape: Two major highways, the 401 and the 427, are just around the corner, which gives residents a faster escape route for long weekend getaways or holidays.
Why should you buy now?
- The TTC is coming: Toronto city planners have revealed a 15-year plan for the city’s transit evolution which includes a subway expansion for the Eglinton west area.
- Housing & Condo prices: Imagine you could travel back in time to experience city centre real estate prices from five years ago? This is your chance. Think of Eglinton West as your time machine, but remember it comes with an expiration date.
2. Gerrard East
Toronto’s inner city west end (Queen West, King West, and Liberty Village) grew quickly with the help of trendy restaurants, bars, cafes, shops and most importantly trendy residential developments. Now the area is becoming oversaturated with all things awesome that awesome found new real estate to build on: the east end.
What’s in the area:
The east end and the west end are basically parallel universes, expect the east end is just a few years behind.
- The area is known as the Upper Beaches or Beach Hill: Business and restaurant owners have caught wind of this neighhourhood’s potential. This could be why BlogTo is calling Gerrard Toronto’s next hot street.
- Beach babes: The beaches and surrounding areas are totally underrated and highly under appreciated by Torontonians, mainly west enders. When spring and summer roll around you, the east enders have the beach and Scarbrough Bluffs at their fingertips. Can’t get away for the long weekend? Ah well… guess I’ll walk down to the beach… score!
Why should you buy now?:
- The TTC is Coming: Toronto’s 15-year transit plan include two transit routes that will make it easy for commuters to get into the city centre. If you’re a commuter don’t worry the current TTC routes make it easy to get downtown. It just might take a little longer.
- House and Condo Prices: You can still find affordable family homes in this area for well under a million unlike Toronto’s west end, where they are a dime a dozen. New condo and townhouse projects are under construction and ready for presale for those interested in getting ahead of the real estate races.
3. Fort York
Still want to live close to the city centre but Liberty Village and King West condos are out of your current price range? Fort York living is where you should be looking.
What’s in the area?
Living between Lake Ontario and the Gardiner Expressway comes with more perks than meets the eyes. Here are a few you should consider:
- Condo by the Lake: It’s a rare thing to say that you live right by the lake. If you’ve interested in a nature view over a view of the concrete jungle a south-facing condo in the fort might be perfect for you.
- Close to the action: If you love being close to all the action downtown than this area is without question best suited for you. You are minutes away from restaurants, shopping, theatres, art galleries, sports stadiums, etc. Whatever scene you’re into it’s literally around the corner.
- Easy getaway: Whether you plan to escape the city by car, bus, train or plane Fort York is close to the QEW, Union Station train and bus terminal, and Billy Bishop Airport. One the other hand, if you’re a cyclist then this neighbourhood was built with you in mind.
Why should you buy now?
Unlike the reasons outlined in the two neighbourhoods above, there’s one main reason to buy now:
More demand than supply: When a condo in this area pops up on MLS, it doesn’t last long. Fort York’s affordability is not a secret. People who are considering buying in this area should look beyond its current standings and be more focused on the value of appreciation.
In addition, the city as a lot of great plans for the area, including new parks, a new Riocan Centre and new lakeshore transit routes.
If you’re looking for an affordable place to call home or an investment property that has great profit potential then you should consider one of these three neighbourhoods. Buy now and sit on it. In a few years, you’ll be very happy with your investment.
Want to check out some places? Email me, call me, text me, even fax me if you want and we can start hunting for your perfect investment home.