Living in Toronto, and witnessing the red hot housing market, it can sometimes be defeating when looking at the prices one week to the next. Living in that desired neighbourhood, for many, has gone from within reach, to out of this world. But, we should not be distracted by the changes and the sometimes redundant stories shared by the media. Instead, we should be working from a different framework. If you’re looking for your first home, for your next home, an investment property, or anything similar, this article will help with resources to you find your opportunity, get into the market, AND get a return over time.
Show Me The Money! Show Me The Zoning!
First thing is first. If you want to make a return in this market or any market for that matter, you have to be willing accept looking for diamonds in the rough. However, a diamond in the rough is not just that, but it is also a diamond in a rough yet to be buffed out. That means, searching in places that look a little withered or worn out today, but because of changes in planning will see significant gains in the future.
But, how do we know? Well, we could walk around guessing or we could simply do the following things:
Zoned and Re-Zoned.
As I’ve grown into my role as a Realtor, and someone always trying to give my client’s a key perspective on what’s new and coming, I look to resources which help to improve my base of info. That said, I always look to the city and its changing development patterns.
For example, I live in the Dufferin and Dupont area and there has been a desire by developers to redevelop the Galleria Mall. Based on the proposal put forward, I think their approach is a great idea and while the developers have been transparent about their proposal, a valuable website i have used to get more information about this and other developments around Toronto, is located here. It provides for information on new approvals for zoning. These approvals and proposals provide enough information that help to make your next purchase decision, and help you determine the future of the area you’re currently living in should any changes be proposed where you live.
Public Transportation: If You Build It, They Will Come.
Whether it be improved efficiency, or more access to subway stations, the growth of the city has resulted in the need for improved public transportation. As a result, The City of Toronto, with the help of the province and the federal government, has begun investing in new subway trains, streetcars, better regional transit and overall maintenance.
When it comes to regional transit, the Toronto rapid transit projects are part of The Big Move, a 25-year, $50 billion plan that will transform regional transportation across the Greater Toronto and Hamilton Region. In addition, the Government of Ontario has committed $8.4 billion in support of new transit for Toronto.
Here are just a few of the plans for regional, and city transit:
- The Eglinton Crosstown LRT will add 19 kilometres of new transit from Mount Dennis (Weston Road) to Kennedy Station
- The Sheppard East LRT will add 13 kilometres of new transit along Sheppard Avenue from Don Mills subway station to east of Morningside Avenue
- The Finch West LRT will add 11 kilometres of new transit along Finch Avenue from the planned Finch West subway station at Keele Street to Humber College
- A $1.48 billion investment to replace the current Scarborough RT
Click here to learn more about the new stations.
All that is well and good, but how does it relate to buying your next home, or investment, or business? Well, if we know that LOCATION is a principal determinant in the demand of of housing, close proximity to public transportation is integral.
Google and Toronto As Tech North
In a recent report on the CBC website, Google has been thinking of improving the way we live, reforming our city and revolutionizing our waterfront. Even if this is just conjecture, there is no denying the fact that Toronto has begun making its mark as a tech hub. We only have to look at companies like Shopify, based out of Toronto, and responsible for revolutionizing the e-commerce space helping thousands improve and create their businesses. As Toronto and the surrounding area continue to feel the influence of the tech industry, we’re bound to see more demand for real estate as more people find Toronto as a desirable place to live, work and play (as if its not already :P)