15 Sep How to spot the next best Neighbourhood
GETTING IN ON THE GROUND FLOOR: SPOTTING THE NEXT BEST NEIGHBOURHOOD.
The ebbs and flows in Toronto’s real estate market can create major buying opportunities for the wise investor.
The trick is spotting these areas early and being the first to get in.
Currently, Regent Park is one such opportunity that is being overlooked. Here are some key elements to look out for that will ensure your investment is sound.
1) THE CITY SEES IT
The City of Toronto is continuously identifying new ‘Regeneration Areas’ that are underused and in need of some TLC. With the density increase of Toronto’s downtown core, these areas are more important than ever for creating new places to live. Each Regeneration Area is different, and requires a tailor-made plan.
In 2003, the City of Toronto finally turned its attention to Regent Park. Nearly 70 acres of land that had been ignored for almost 60 years now becomes THE place to invest (view Regent Park’s Revitalization Plan).
As the approval body for any new development, when the City identifies an area for regeneration, as it did with Regent Park, it means improvements are coming.
2) DEVELOPERS AND BUSINESSES GET INVOLVED
We can also track a neighbourhoods potential through the investments of developers and businesses. When developers buy property in underwhelming areas, it’s a sure sign they see the long term potential for growth and profit. For a homeowner, this means buying property in that area early can lead to significant profits for you when the area’s popularity is established and you’re ready to resell or rent.
We were able to see this kind of investment early in the case of Regent Park, with many developers bidding for the opportunity to redevelop this area.
Similarly, leases or purchases of retail space by businesses means the residents to support those businesses are just around the corner, if not already moving in.
Regent Park’s new commercial space will support businesses such as FreshCo, Rogers, Tim Hortons and the neighbourhoods first ever bank, RBC, which is already in place.
3) EYESORES BECOME HIDDEN GEMS
With the lack of vacant land left in Toronto’s downtown core, redevelopment instead must rely on underused buildings or areas. Regent Park, as one of the most dangerous and isolated stretches of land (which happens to be a stone’s throw away from the downtown core) was the perfect spot for a major face life.
4) PROXIMITY TO COVETED AREAS AND INFRASTRUCTURE
As developers and businesses begin to look at ignored areas as revitalization hotspots, these areas need access to services.
- Proximity to transit – Revitalization must be placed strategically around transit. Regent Park’s new residents can make use of direct access to the Dundas and College Streetcars, in addition to being walking distance from the corresponding subways.
- Proximity to overcrowded and expensive areas – When areas become popular rents and property values rise, forcing many people out. With the density and overcrowding of the downtown core, this sudden surge in new housing at Regent Park, with entry-level housing prices presents opportunities for affordable homeownership in the heart of Toronto.