Although most neighborhoods have already experienced rising prices, there are still deals and profits that could be made in this hot market.
Time has changed everything as the St. Clair West neighborhood in Toronto previously went unnoticed by developers. As new developments seem to be picking up pace in the next few months, investors have the opportunity to enter a market that has not attained its full potential.
Adi Dharma Purnomo, director of development project management with Graywood Developments, told Canadian Real Estate Wealth “It’s actually right on the transit line. The streetcar is right there. It connects both stations and takes you right to Yonge street,” adding that “This is something investors are interested in. It’s a great mixed-use neighborhood. It has a great residential backbone behind.”
The neighborhood is equipped with a streetcar with allocated lanes that connects it to both the University and Yonge subway lines. It is also not far from Forest Hill, one of Toronto’s highly demanded and priciest neighbourhoods. Via transit, it connects to Toronto’s two main universities, Ryerson and the University of Toronto.
Despite all this, it has failed to enjoy the sort of successful development that other neighborhoods have enjoyed.
Now, that will soon change.
Purnomo’s Graywood Developments, TAS Developers, and the Rockport Group have a low-rise project planned, including scoop condos.
“If you look at the neighbourhood, there are a lot of single-family semi-detached homes. Many homes with backyards; in terms of the density it’s pretty dense,” Purnomo said. “But it feels like a village. It has a sense of community. We’ve met many of the people who live in the neighbourhood and they’ve been waiting for years for development to come into the area.”
In the coming years, because of the planned development in the area, the new homes along with existing ones may see a price appreciation.
“The city is actually proposing to do intensification along St. Clair Avenue,” Purnomo stated.