Four up-and-coming neighbourhoods in Toronto
by Madisyn McKee
Whether you’re a first-time homebuyer or looking to make a good return on your investment, you need to consider these Toronto neighbourhoods
The amount of change and growth happening in Toronto is evident by simply looking at the skyline. Many have joked that the bird of Toronto should be the crane and it’s not hard to guess why; everywhere one looks there are new developments being created, proposed, approved and built.
With housing prices skyrocketing and the new mortgage rules taking effect, many Torontonians are looking for alternative ways to get on the ladder. One of the best ways to get the most out of your money is to start looking at neighbourhoods that are in the process of gentrification.
Take a look at four up-and-coming neighbourhoods in Toronto that will likely put you in a good position to make a decent return on your investment:
Don’t let the history of this neighbourhood scare you off. A 2017 MoneySense article claims this area is going through a dramatic change at the moment. One of the main reasons this area has stayed so affordable for so long are the number of low-income properties, but things are starting to shift. The new aquatic centre is a great example of the positive changes happening to the community. If you have the patience to wait for the city to catch up, you could make a good return on investment.
Despite this area getting attention for a couple of years now, it’s not too late to get in. In fact, TorontoRentals.com noted this area as being one of the best for first-time homebuyers. The new York Community Centre that opened in April 2017, and the Stockyards Open Mall have made this quite the hotspot. While it’s not the best location for transit at the moment, the Eglington Crosstown isn’t too far away from opening and, once it does, this area will certainly grow in price.
Many of the homes in this neighbourhood have been loved for years but are now getting much needed makeovers. The area is close to both Woodbine beach and the TTC making it a smart place to invest money. Many builders are snapping up older homes in the area for quick renovations and selling them at a large profit. It’s a great spot for young families and first-time home buyers as the area has a vibrant nightlife. There are also plenty of independent shops and restaurants to enjoy.
Yonge and Sheppard
This Toronto neighbourhood has seen drastic changes in the last number of years and shows no signs of stopping. Many homebuyers will find affordable pricing here as many still deem it as “too far North.” Situated close to the TTC, residents are only a 25-minute subway ride into the downtown core. Don’t forget there is also plenty to do in the area so as not to warrant a venture into the city.
Madisyn is a freelance writer and social media obsessed traveler based out of Toronto. Always looking for her next adventure but glued to her phone you can contact her at firstname.lastname@example.org or visit her at therestlessworker.com.