Toronto’s housing market is as diverse as its people: ranging in price, size, and décor. We pick the top Toronto listing in each category weekly, with this week’s focus on investment opportunities. With the average price of a detached home in the Toronto area quickly surpassing the million dollar mark, many would be home buyers and investors have been priced out of the market – but there’s still hope. Who made the cut this week? Read on to find out.
Here’s our top pick in the 6ix.
UP AND COMING
151 Bowie Ave - $579,900
Neighbourhood: Briar Hill - Belgravia, Toronto
Agent: ROBERT R W DOYLE
Brokerage: BOSLEY REAL ESTATE LTD
The north Toronto neighborhood of Briar Hill is what I like to call up-and-coming. As I speak about in my interview article with Dave Larock, one of the best ways for would be home buyers to get into the Toronto market is to look for an up-and-coming neighbourhood. How do we spot one of those? By looking for gentrification.
Neighbourhood gentrification, otherwise known as urban renewal, can be seen by the change in a district’s culture and character through revitalization projects, new builds, and changes to existing businesses in the surrounding area – which is exactly what we are seeing in Briar Hill. In addition, the newly proposed Eglinton Crosstown LRT should be popping up in this area over the next 5 years, adding to the future viability of this neighbourhood.
Now that I’ve sold you on the area, it’s time to talk house; at first glance, this may seem like a project in and of itself, but to the trained eye you can see just how much potential a home like this has. Let me break it down for you: it’s a three bedroom two story detached home, on a corner lot, in an up and coming area. The average sale price for homes of this nature within a small radius is $781K – you read that right. And with a list price of $579K, I’m sure you can already see the value.
This home is more than livable as is, but with a decent renovation budget this can be easily turned into the home of your dreams. Smart investors always buy based on future value as opposed to present, so which one are you?
Nicole Harrington is a Sales Representative with Realosophy in Toronto. She specializes in using data and analytics to help her clients make smarter real estate decisions, concentrating on Toronto and the GTA, and hosts her own website: SheSellsToronto.com. Email Nicole