But where’s the best area to get the biggest bang for your buck? Look no further than Regent Park, says one Toronto agent.
“I recommend the area to investors and clients all the time,” said Laura Inward, a Realtor at Keller Williams in Toronto.
“I really like the area. I tell investors all the time that they’ll see returns if they invest there because the prices are low and the redevelopment that’s going on there is promising. There’s an aquatic centre, parks and, as the area continues to develop, more people could end up there [driving prices up].”
While other areas close to the downtown core, such as King West and St. Lawrence, may yield a condo for upwards of $450,000, the Regent Park area is witnessing condos selling for as low as $380,000.
This is because the area is still under construction, as development projects continue and the area grows. However, Dianne Beaman, an agent with iPro Realty Inc., said that the neighbourhood is slowly overcoming the stigma of the “old” Regent Park.
“We’re starting to see more sales in the area, but there is still a kind of stigma about Regent Park,” she tells REP.
“It was notorious for not being the best area, like other areas such as Moss Park and condos in the west end near West Mall Road, but things are changing. It reminds me of what Liberty Village was like a few years ago. I had a friend who purchased a property over the south of King St. and the market has done well.”
Still, investors looking for good opportunities would be wise to look at the Regent Park area as sales and rental head upward, said Tarik Gidamy, chief sales officer at TheRedPin.com.
“More than 60 per cents of the units sold [in Toronto] are sold to investors and vacancy rates are historically low, so it’s a good time to invest,” he said.
“The development just south of the area near the Distillery District will increase market value in the area over the next several years as development continues.”
Ralph Fox, a real estate broker and consultant in Toronto, said more than $3 billion in development projects in the Regent Park area and the Canary District make the area a charming proposition for investor clients.
“It was almost forgotten land a couple years ago but not there are more than $3 billion worth of projects occurring in the lower east side of the city, some of which I’m involved in. It’s changing the whole area and making it more attractive for consumers to consider the opportunities.”
According to the Toronto Real Estate Board president Paul Etherington, sales were up 8.3 per cent in the fourth quarter of 2014, compared to the same quarter of 2013.
“While the supply of condominium apartments listed for sale grew in the fourth quarter, including a large number of newly completed units, the number of sales grew at a faster pace. Competition between buyers increased in the condo market over the past year,” he said.
With condo rentals up by 17 per cent in the fourth quarter of 2014, Realtors and their investor clients are cashing in on a strong market and solid demand for properties in ideal locations.