We’ve previously covered a number of up-and-coming neighbourhoods in Toronto that provided some excellent opportunities for real estate investors. As Toronto home prices continue to increase, we wanted to return to this theme in search for more areas on the rise. Whether you’re looking for a place to live or for an investment property, the market is always changing. So, what’s trending nowadays? What are the latest additions to our list of up-and-coming neighbourhoods?
Let’s explore in more detail and find out!
St. Clair Avenue West runs through the centre of this well-rounded neighbourhood where over 80% of the residents are first- or second-generation immigrants. This diverse population is the main reason this neighbourhood shines and why it has so many great markets and culinary options to offer. Another main feature of Corso Italia-Davenport is the green space provided by Prospect Cemetery and the large Earlscourt Park, which is the home of Joseph J. Piccininni Community Centre. There is good access to transit here between the dedicated streetcar lane on St. Clair and various busing options.
In 2019, the average property value in this neighbourhood was around $843,000, which represents a 5-year increase of 48 percent. This neighbourhood has become a favourite of many young west-end couples and families who can’t afford to buy homes in neighbourhoods to the south, which is one reason why many expect continued growth in prices here.
The Rockcliffe-Smythe area is another hot commodity, with the average price sitting around the same value as Corso Italia-Davenport. However, based on data from Moneysense, in 2019 there was a 1-year average price increase of over 20% and a 5-year increase of over 85%, so plenty of interest has been generated in this eclectic little neighbourhood. This is an even greener neighbourhood, with attractions including the Lambton Golf & Country Club, Topham Pond, and the Humber River trail going through Lambton Woods, James Gardens, and beyond. With grocery stores, plenty of schools, parks and other amenities nearby, it’s a charming suburban setting that should do well in the future.
This smaller neighbourhood is set to be transformed by the upcoming completion of the Eglinton Crosstown LRT, which will include Keelesdale Station right in the neighbourhood. Homebuyers and investors seem to have taken note and the Keelesdale-Eglington West area is showing plenty of value momentum, with an 82 percent increase in prices from 2014 to 2019. Interest is expected to continue rising in this neighbourhood that seems to have its own tone, offering eclectic dining and shopping options along Eglington Avenue West. The standout attractions of the area are of the practical variety and include the York Recreation Centre, Keelesdale’s North and South Parks, The New Generation Youth Recreation Centre, and Chris Tonks Arena.
In 2019, the average property in this well-maintained, inviting area sold for $850,365, representing a 5-year increase of around 60 percent. The Briar Hill-Belgravia neighbourhood is home to many enticing commercial properties including modern offices, warehouse spaces and more, though there are also several suburban pockets scattered throughout, often interspersed with finely manicured greenspace. Following Dufferin Street, you won’t find any shortage of amenities such as hardware stores and opticians, shops and banking branches, and some excellent local dining options. Plus, the York Beltline trail offers a great way to explore by bike or on foot.
Lastly, let’s consider Alderwood. It’s by far the most sought-after and valuable neighbourhood of those mentioned in this article, with an average property price over $1 million and a whopping 98 percent increase over the past five years. A major factor in this price jump is the significant number of properties in Alderwood being torn down and completely rebuilt to take advantage of the larger than normal lot sizes here. Bordered along the west side by beautiful Etobicoke Creek, most of Alderwood is made up of picturesque suburban streets, with a large commercial and industrial area in the southeast portion of the neighbourhood. Acre after acre of large, spacious homes, abundant outdoor activity options, a GO Train station in the southwest corner, and close proximity to Lake Ontario all await you in Alderwood. It’s a great place to raise a family and is conveniently located if you need to commute downtown or west to Mississauga for your career. Don’t be scared off by the average home value being over $1 million dollars here—there are opportunities at price points much lower than this. But to take advantage of them as an investor, you’ll likely need to be prepared to renovate one of the neighbourhood’s smaller, traditional homes in order to achieve a significant return on your investment.
With so many great neighbourhoods to call home, the City of Toronto is still ripe with real estate opportunities. Are you looking to purchase a home to rent as a landlord, generating income and building equity in a desirable neighbourhood? Or, perhaps you’re keen on finding a dream home of your own in an area that is sure to thrive and prosper. Either way, you have a lot of great options.
To learn more about our property management and mortgage services for these parts of town, feel free to contact us at Medallion Capital Group today. Our team would love to discuss your needs in detail and talk about how we can help you achieve your goals.