The Next Hot Neighbourhood
Wondering where to buy next? The experts weigh in on the up-and-coming hoods By Ritika Nandkeolyar
Image credit: Stacey Brandford
Where should you buy in Toronto? “Go up in a hot air balloon, throw a dart, buy where it lands and it would be a good buy,” realtor Brad Lamb jokes. Other observers make similar—if not quite as colourful—forecasts, calling for a seller’s market in the city over the next decade as demand outpaces supply. Still, some areas are expected to appreciate faster than others, with the best buys in a handful of up and coming neighbourhoods. With the help from the city’s top realtors, we’ve identified some of these hot spots.
Stars in the North
As mid-town prices rocket higher, many first-time buyers are crossing north of the 401, leading to a surge of interest in the once-dormant neighbourhoods in the former city of North York such as Lansing and Bathurst Manor. The post-war bungalow homes of Lansing might have dated interiors, but they are set on generous 50 foot-yard lots, close to the subway and a revitalized Yonge Street retail strip. While prices are moving upward, thanks in part to developer interest, these houses remain affordable. Homes start around $160,000 for a condo and $350,000 for detached single-family residence—nearly $200,000 less than on the other side of the highway. Bathurst Manor is similarly affordable.
Condos in the South
The pace of condo development in Toronto has been frantic: 17,000 new condos were sold in Toronto in 2005 and 13,000 are expected on the market in the last six months of 2006 according to Urbanation, a market research company specializing in condos. Still, demand is expected to exceed supply in Toronto’s core (south of the 401 and west of the Don Valley Parkway) were available real estate has been largely gobbled up. Demographic changes will also drive future demand, with industry insiders pointing to empty nesters downsizing from suburban single-family homes to urban townhomes and condos. And for many first-time buyers, condos remain the most affordable way to get a foot in the real estate door.
The best areas to buy condos? The more urban amenities, the better. That means anything south of Queen Street is likely to appreciate, particularly in the city district of Waterfront Communities-The Island, around the great restaurants in the King Street area and at Harbourfront.
TEST Originally published October 2006
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TreeHugger February 27, 20071
Weston and Mount Dennis offer terrific value for a family with limited income. With its own GO Station, it's only a 17 minute commute from Weston to Union. The town has some really good things going for it—a village area with lots of choices and good shopping, a few really nice infill projects for those who want move-in condition, and a terrific farmers' market from June to October. Two kilometers south of the GO Station, you can find a quiet enclave of freehold townhouses off of Weston Road, near Jane. These 3-bedroom homes are under $300K. They have their own garage, small yards and are between 1600 and 1900 square feet. Many still have their CMHC warranty. If you are a young family, just starting out - you might want to take a second look at this safe community in an affordable part of town. The area is also served by a new award-winning school (Portage Trail School)and has its own access to the Humber River cycling and walking trails.
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