The urban boom is alive and well in Toronto real estate, and many neighbourhoods that have always been considered up and coming have become vibrant and bustling parts of the metropolis, with high prices to match.
That said, several pockets of the city have not yet experienced a significant amount of development, but are poised to change dramatically in the next 10 years. These parts of Toronto are still affordable, with a Toronto townhouse or single-family home selling in the $600,000 to $700,000 range.
Here are our top three neighbourhoods in Toronto that will change a lot in the next few years:
This neighbourhood is situated in west Toronto, just north of the hip and trendy Junction area. We think Rockcliffe-Smythe will undergo a huge change in development in the next few years because of the improvements the city is making to transit in the area. The much-anticipated Eglinton Crosstown will have its western-most station, Mount Dennis, at Weston Road and Eglinton Avenue. This transit hub will significantly boost accessibility in the area and give commuters a variety of options to travel both downtown and to destinations further afield.
In Rockcliffe-Smythe you’ll find townhouses and single-family detached homes maintained by working class neighbours that have lived in this area their entire lives. First-time homebuyers with their heart set on a single-family detached home can still find a deal here, which has caused the neighbourhood to see an influx of young homebuyers who were priced out of more in-demand west end neighbourhoods like High Park or The Junction.
On the other side of Toronto and much closer to the downtown area in the east end is the Canary District. This area is one of Toronto’s newest built-from-scratch neighbourhoods. The Canary District is constructed on the West Don Lands, a brown-field site that Waterfront Toronto has been trying to develop for years. The project finally got rolling when this area was chosen as an ideal space to host thousands of Pan Am and Parapan Am Games athletes. The area has since entered its “legacy state, ” and developers are now converting it to a planned community of condo buildings, shops, restaurants, and even a YMCA.
The Canary District will be a sought after location for condo dwellers due to its proximity to downtown. Located just east of the Distillery District, The Canary District is a short commute to Bay Street, yet still offers excellent access to green space due to its proximity to the $135 million Corktown Park to the east.
The thoughtful urban planning and LEED Gold Status of many of the buildings is sure to make this community a desirable destination for many Torontonians.
Far in the east end of the city lies the neighbourhood of Woodbine-Lumbsden. This area of Toronto is undergoing rapid price appreciation, as homebuyers priced out of purchasing in quaint and quiet Leslieville look further afield for better prices on single-family detached homes. In fact, Woodbine-Lumbsden has one of one the shortest sale times in the city, averaging just 12 days on the market, compared to the citywide average of 21 days on the market. This in-demand neighbourhood is sure to go through rapid development in the next few years.
The Woodbine-Lumbsden neighbourhood is located north of the Woodbine and Main subway stops, making it an easy commute into the city for work. There are plenty of shops along the Danforth and access to green space is close by at Taylor Creek Park. Seniors who have lived in the neighbourhood for decades mainly own the homes. If you’re an enterprising young homebuyer or investor looking to buy an older home for a good price and renovate it, this is the place for you.
Would you consider moving to one of these Toronto neighbourhoods? Why or why not?