As the saying goes what are the 3 rules for real estate investing : Location, location, location! Toronto has been so built up over the years that the average price for a detached home according to TREB as of December 2014 is $948,713. Even the average price for a condo in Toronto is $382,458. With prices like these and a 20% down payment, investing in real estate in Toronto is left to only those that have a good amount of principal.
This makes me go hunting for areas in Toronto that I see fit as good value and higher appreciation values over other parts of the city. You can invest in most areas that are already gentrified where the shops are nice and the restaurants are cool and trendy. These places will have already seen the spike in appreciation as these parts of the city were once a not as desirable destination. A few that come to mind would be the Ossington strip between Queen and Dundas. Once the store fronts were filled with Vietnamese restaurants, hardware stores and empty warehousey looking businesses. Jump forward almost 10 years and Ossington has since been supercharged with many cool and trendy businesses. Now there are some fantastic restaurants like Pizza Libretto and Fishbar. I’m happy that one Vietnamese Restaurant still exists, and that is Golden Turtle.
One area that I see similar to the Ossington strip is Bloordale and the Junction Triangle. I sell a lot in this area. The condos at 812 Lansdowne Ave and 816 Lansdowne Ave have seen some major price growth over that of the city average. Condo prices have averaged about a 14% increase over the city’s meagre 5%. One thing that condo buyers are realizing is that there is extreme value in these parts. 2 major subways are close by (Lansdowne and Dundas St W. You are a short walk to High Park and Roncesvalles. Many amazing restaurants have opened up in the last year. The Emerson is still my favourite place to catch some good eats while The Starving Artist is my go to place for brunch on Sunday.
The demographic is definitely changing and one of my indicators to buy in an area is to see if there are Coffee Times. If there are, then it’s a good time to buy, as once those coffee shops become Starbucks the price would have already appreciated :)
Happy Toronto investing!