Often clients ask what is the key to a successful buy? While there really is no perfect answer to this question one piece of advice I offer is to look at up and coming neighbourhoods that are not necessarily on the “grid.”
Moving to an up and coming neighbourhood has its pluses and its draw backs. However it is important to remember that the initial draw backs will only allow for further positive change and long-term growth.
Up and coming neighbourhoods will lack all the bells and whistles of the more developed pockets of the city. Large grocery stores, coffee chains, and restaurants will likely not line every street corner of an area that is still in its growth phase. It doesn’t mean that they aren’t close by but they likely aren’t located in the bottom of your building or corner of your street… BUT they are coming!
As the up and coming neighbourhood expands and grows these luxuries that are more common place in more established pockets such as Leslieville, Liberty Village, and Queen West quickly start to move in.
Take these two neighbourhoods below as great reference points out of the 2014 Toronto Life Housing Guide. Both Corktown and Regent Park are going through major changes and growth. Corktown will be the host of the 2015 Pan Am Games. The parks, retail spaces, new mid rise condo’s, and student residences will bring forward great change. Currently there is still a lot that remain under construction however fast forward 2-5 years and this area will likely be a very sought after spot offering a great handful of shops and resources to those residing there. If all goes according to plan it would be hard not to predict strong price appreciation as well!
Regent Park is another area that is rapidly changing. In a multiple phase plan this area is truly revitalizing into an almost unrecognizable neighbourhood of its prior state. Condo towers, town homes, and mixed housing are occupied and or under construction. The aquatic centre, cultural centre and recently modernized public school are just a few notable attractions thus far.
With Regent Park being just to the north of Corktown the transformation and change that these two pockets are undergoing will take these pockets from up and coming to sought after neighbourhoods in the years to come.