By: Matt Elkind
With an urbanized area of 1,751 km2, Toronto is an enormous city. This space is divided into dozens and dozens of diverse and unique neighbourhoods, and there are a number of awesome condo developments going up in these neighbourhoods. I know, understanding the Toronto condo market can be intimidating. But that’s why we are here!
So, given the massive size of the city, how does an investor choose where in the city they want to invest in? To help you, this week we’ve put together a list of three of our top three areas in the Toronto condo market.
Toronto Condo Market #1: Regant Park
A lot of areas that have traditionally been perceived as dangerous are now beginning to gentrify. And as development continues, the financial fundamentals of these sub-markets will continue to grow. Those who invest early will be thanking themselves later.
Regant Park is one of these areas.
The community has been a troubled area for more than a century – even as early as the 1900s, it had a reputation as a rough slum district. The city tried again and again to revitalize the area but was unsuccessful with each attempt. Until now.
The first phase of the Regent Park Revitalization Plan started in 2005 and has turned the neighbourhood in the right direction. Governments at the municipal, provincial, and federal levels have worked together to fix the core issues. These included breaking down the isolation of the neighbourhood with greater transportation access, as well as diversifying the use of space in the community to include commercial, office space, and retail on top of the existing and developing residential.
This is why we love the Regent Park as a prospect for long-term real estate growth. The city is pouring money into the revitalization effort with a larger goal of building a sustainable community.
Regent Park is centrally located and is incredibly close to the hottest spots in downtown Toronto. Despite this, condos in the area are still quite affordable. You can pay non-downtown prices for condos in an up-and-coming downtown neighbourhood. Click here for a larger analysis on Regant Park.
Toronto Condo Market #2: Alexandra Park
Alexandra Park is another area that is undergoing a massive revitalization. Prior to the 1990s, this area was rife with crime, substance abuse, and other social ills. But, in the 1990s, the area underwent a small redevelopment, and in 1998 became Canada’s first social housing co-op, operated by its own tenants.
Since having this sense of control and ownership, the Alexandra Park community has undergone significant gentrification and continues to improve and develop with innovative new residential buildings. So, it’s no wonder that there’s higher demand for condos in Alexandra Park.
The neighbourhood is in an ideal spot – it is directly next to the Fashion District, Entertainment District, Kensington Market, and Chinatown.
Despite being in such a great location, condo developments in these areas are surprisingly affordable. The SQ (Spadina Queen) by Tridel has units available starting in the high $300,000. That’s a phenomenal price for a condo in the heart of downtown Toronto! You can get in touch with us to learn more about this opportunity.
Toronto Condo Market #3: Toronto Waterfront
Toronto is a world-class city for a reason. Our city has been remarkably far-sighted in its planning. In 2001, the city of Toronto adopted a 25-year mandate to develop Toronto’s waterfront in a sustainable way.
15 years into the mandate, we can certainly see the difference. Toronto’s 46 km of waterfront is home to many new centrally-located developments, while being cultivated sustainably. A prime example of this is the Daniels Waterfront development.
Daniels waterfront is within a few minutes walk to St. Lawrence Market, George Brown College, Union Station, and the Financial District. Located in East Bayfront, this 55-acre area is rapidly evolving with heavy investment in parks, pedestrian promenades, office space, higher education, condos, retail, and restaurants. Daniels Waterfront includes amenities such as a full-sized tennis court, art and music studios, a state-of-the-art fitness facility and much more.
Why do we like Daniels Waterfront so much? Aside from all of the above, as investors we are aware that the most valuable condo real estate in every major city has two characteristics: proximity to a body of water, and proximity to the downtown core. Daniels Waterfront provides both.
These are just a few examples of the best condo investing areas Toronto has to offer. As demand for condos in the city rises, condo investors who buy in Regent Park, Alexandra Park, or the Waterfront will certainly see greater returns on their investments over the long-term.
Matt Elkind, CoFounder CONNECT asset managementTags: alexandra park, Condo investment, Connect Asset Management, finance, GTA, Investment, Matt Elkind, Real Estate, Real Estate Investment, Real Estate trends, regant park, Toronto, Toronto condo, Toronto real estate, toronto waterfront