The condo market in Toronto is waking up, and it seems everybody is acutely aware of that. However, some areas seem to be doing better than others and are drawing quite the interest from both buyers and real estate investors. North York is one of the parts of Toronto in which things are steaming up as demand is increasing.
The truth is that demand for condos in North York is growing since the start of 2021. But now it seems that it’s gaining momentum and experts believe that it is a trend. Plus, all data from the Toronto Regional Real Estate Board (TRREB) points to that same conclusion – we are up for a hot summer in the condo market in North York.
However, the bigger question is where exactly in North York? In which neighborhoods the condo market will explode and will provide the best returns?
If data is to be trusted as it has been in the past, and the opinion of veteran realtors, two neighborhoods in North York should spearhead this new revitalization of the local condo market – Brookhaven and Lawrence Heights.
The common nominator for these neighborhoods is not just North York, but that the demand for condos has been more than solid since the start of this year. To best understand, let’s go through a short overview of what these neighborhoods can offer, which drives demand.
Brookhaven is bored by Keele Street on the east, Weston Road on the west, and Lawrence Avenue on the north. Most of the housing units in this neighborhood are high rises, out of which a good percentage are low-income rental units. In addition, there are many new condos in Brookhaven featuring all sorts of amenities. Until recently, there were as many renters as there are owners. Data from TRREB showed quite the interest for new condo units in this area, especially for one and two-bedroom units.
The entire neighborhood is well served by public transport. The east-west bus line runs along Lawrence Avenue and Trethewey Drive, whereas the north-south bus line runs through Jane Street and Keele. Those that prefer to drive can easily get to both Highways 401 and 400.
There is also plenty of green space within the neighborhood, many excellent eateries, coffee shops, retail stores, and many other amenities that only increase the overall appeal of this neighborhood. Apart from that, many affordable condos on the market seem to drive many people to come there.
A neighborhood that was once nicknamed “the jungle” is undergoing a process of massive revitalization. Phase one of the project is set to be finished by 2023 and is on a path to bring new public schools, new parks, a new community center, new residential buildings, and roads connecting Lawrence Heights to the surrounding neighborhoods. Phase 2 and Phase 3 will come after the completion of Phase 1. There is no word on what those two phases will bring, but it is almost certain that it will make the neighborhood way better than its current state.
Therefore, it makes perfect sense to invest in condos in Lawrence Heights. We have already seen with the revitalization of Regent Park that as things progress, condo prices and real estate prices are bound to increase. With the pandemic losing grip and the vaccination, there isn’t much standing in the way of that prediction. At the moment, there is an excellent selection of condos in Lawrence Heights fairly priced, but the current demand is already causing some fluctuations. However, only time will tell if Lawrence Heights is the next big thing in the condo market in Toronto or things were blown out of proportion.