One of the things that I’ve most enjoyed about working in the real estate market for the past 5 years or so has been seeing rapid changes in certain neighbourhoods. The trick is keeping an eye out for subtle changes: where are the builders renovating? What new shops have opened? Have transit or driving options increased? When the average sale price of a detached home is well over the $1-million mark, more and more first-time buyers and value seekers are looking to the future and wondering where the best bets would be to buy. Here are my picks for the top 3 neighbourhoods that are bound to grow by leaps and bounds in the coming years:
This neighbourhood features mainly bungalows, many of which are being snapped up by builders looking to add a second story and resell. Proximity to the lake and a quick bus ride up to Warden station, as well the ongoing revitalization of the commercial strip along Kingston Rd. make this neighbourhood a best bet for resale in the next 5-10 years.
This family-friendly neighbourhood exists at a crossroads of sorts between Scarborough and Toronto, but with the proximity of the Golden Mile for all your amenities, and the DVP just a few minutes’ drive away. The 1 ½-storey homes are great for first-time buyers, and the large yards provide space for young kids to play. Transit options are a bit more limited than in other areas (Warden subway station, located at Warden & St. Clair, is just at the edge of this neighbourhood), but the location can’t be beat for those who like to head downtown just as often as they’re looking to get out of the city.
This stretch of St. Clair is also undergoing an overdue commercial renaissance, and given the quick bus ride to Dufferin station, I’m sure we’ll be seeing an influx of first-time buyers who want to live in the west end, but may not be able to afford the rising home prices south of Bloor. A large Italian and Portuguese population has held onto the majority of these homes for decades, but we’re now seeing a new generation making this area their own. Once the Eglinton LRT is completed, travelling to and from this area will be even simpler and home prices should rise accordingly.
Any neighbourhoods that you think should have made the cut? Tell us about them in the comments!