We all know have expensive the Toronto Real Estate market is to enter. Many first time buyers are looking for an area that may be still under valued, a diamond in the rough, but changing quickly. Here area a few tips to find that area:
- New Large Businesses Moving in. Most larger businesses do a fair amount of economic research and projections on the neighbourhood before moving in. Watching big industry and business moves can be a great way to spot emerging areas with strong fundamentals way before you might otherwise be able to see them yourself.
- Convenient location in a land-impacted metro. In an area close to downtown Toronto like Mimico, demand for homes will continue to grow as population grows and as buyers are looking for close proximity to the city, for that easier commute. Supply of homes has not kept pace with the demand which has lead to a continual increase in prices.
- Downsides have an expiration date. If there’s one major issue that has caused an area to be less desirable for decades, and that issue is being eliminated or ameliorated, it could set the neighborhood up for a turnaround. For example, an undesirable plant is located in the area but planned to be shut down.
- At least one major economic development is brewing. Never underestimate the power of a major economic development to overhaul a neighborhood’s fate. From Google and Microsoft building cloud storage data centers in Barrie, one large-scale employer or infrastructure development can be a very early, very strong sign that an area will see it’s real estate fortunes rise.
- Fixing is in the air. When you see that an area long known for its rundown homes has a number of homes being renovated and rehabbed from the inside out, this can be a sign of fledgling neighborhood turnaround. If you spot these sorts of projects visually, it might be worth taking a trip down to the City Building Permit counter to see whether the staff has seen the same uptick in individual owners’ investment in the area, and if so, what they think the story of the neighborhood might be – or might become. City staffers often have a wealth of information at the ready, everything from pending commercial development applications that could change the whole landscape of an area to projects the city itself has funded or will prioritize due to its own development initiatives.
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