The new realities in the Canadian real estate market spell a change for Toronto home buyers and investors alike. The changes for those two groups are opposite however. The new rules created a certain slump in the real estate market’s growth, making certain investments far less lucrative than they’d been before.
Still, while the average growth has slowed, certain areas are far more investment worthy than others. This is dictated by many factors, including neighborhood revitalization projects, new condo construction, parks and venues, as well as other things that put certain Toronto neighborhoods in the spotlight as new rising opportunities for the astute investor.
The list is not full, as we can’t possibly cover everything in one blog post, but we can take a look at the top 5 Toronto neighborhoods that are worth investing in.
Davenport Village
This historical neighborhood has been on the rise through 2016 and is rising still. The specific areas to look for are north of Davenport where a lot of cultural activity has been going on, as well as multiple new dining venues and a renewed Power House. This has lifted the area considerably, inviting a healthy influx of young couples that would love to rent there, driving the unit prices up accordingly.
Canary District
The district has finally become a neighborhood in 2016 with the Pan Am Games giving it the name Athlete’s Village during the games. It has been converted to condo units and apartment buildings since and a massive influx of new retail and dining options, as well as its proximity to the city’s busy downtown core make it a great place to put your dollars in.
Willowdale Neighborhood
Once a sleepy, quiet neighborhood with little activity, the Willowdale has suddenly come to buzzing life. The real estate market has responded accordingly and home prices in this neighborhood have been soaring ever since. With the subway and the 401 pretty much at the neighborhood’s doorstep, it’s a wonder that this hadn’t happened sooner.
Riverside Area
On a long, steady rise for several years now and with little sign of slowing down, Riverside is definitely among the hottest neighborhoods in this city. The big push was the opening of the Broadview Hotel, but also the Riverside Square development efforts set to reach fruition soon, we are looking at one of the most lucrative Toronto neighborhoods both to live and to invest in.
Danforth East
Slow rising due to its distance from the city’s buzzing centre, Danforth East was still growing steadily over the years. This was mostly due to the Bloor-Danforth subway line which made the distance far less significant. There was the obstacle of the neighborhoods less than shiny reputation of course, but it is now being shaken off and given a new shine. Press Books, Vinyl, Hollandaise Diner, and other recent additions are only a few of the vast influx of businesses the area has attracted recently. The change is remarkable and the real estate prices are responding by spiking hard and fast.
Want to know more or share your own opinions or concerns? We’d love to hear from you, feel free to get in touch.
