Despite gentrification, residents from public housing projects and affluent home owners mingle at a discount supermarket and a community medical clinic. Panhandling and drug-dealing are part of the urban landscape; so are gourmet shops, upscale boutiques and arts festivals, book-launches and wine-tastings at local restaurants.

Semi-Detached House 

Detached House

Attached/Row/Townhouse

However, Parkdale is seeing increasing signs of gentrification, as Queen Street West’s sphere of influence extends further westward. “Hipster” cafés, lounges, restaurants, condominiums, shops, and art galleries are cropping up, and former “dive” hotels such as the Drake and the Gladstone have recently been purchased and renovated in a trendy manner. Local taverns have begun receiving new patronage from artists and urbanites seeking refuge from the fashion boutiques further east on Queen Street West.

Semi-Detached House  (south of Queen St.)

Detached House (south of Queen St.)

Attached/Row/Townhouse (south of Queen St.)

Today the neighbourhood is a noted tourist attraction, and a centre of Toronto’s cultural life as artists and writers moved into the area. Land prices in the area have increased sharply, but despite its increased appeal to professionals, Kensington still remains a predominantly working class, immigrant community.

Semi-Detached House

Detached House

Attached/Row/Townhouse

Little Italy, sometimes referred to as College Street West, is well known for its numerous Italian Canadian restaurants and businesses. The side streets are mostly detached or semi-detached single-family homes dating to the early-1900s Edwardian period, with front porches and smaller lots, as was the custom at the time.

Semi-Detached House

Detached House

Attached/Row/Townhouse

In recent years, it has seen an explosion of new condominium loft and row house development. The area is located close to the Fashion and Entertainment districts. The area is also part of the Trinity—Spadina riding which covers a much larger section just west of the downtown core. Niagara is well served by public transit. King Street West is served by the Toronto Transit Commission’s 504 King streetcar, which with an average of 50,000 passengers per day is the busiest surface route in the city’s system.

 Semi-Detached House

Detached House

Attached/Row/Townhouse

Semi-Detached House

Detached House 

Attached/Row/Townhouse 

 Semi-Detached House

Detached House

Attached/Row/Townhouse

(Toronto Real Estate Board)

The area is well-served by the TTC. There are the 505 and 506 streetcar lines along Dundas and College. There are north-south bus lines on Lansdowne, Dufferin, and Ossington. The area has many residents of Portuguese and more recently Brazilian backgrounds.[3] There are also many Asian businesses in the area, especially those that have Vietnamese and/or Chinese roots. (Wikipedia)

Semi-Detached House

Detached House

Attached/Row/Townhouse

The businesses along Ossington Avenue just north of Queen Street have changed in the last decade, with former sports bars and social clubs becoming trendy restaurants, bars and cafes. Some of this conversion has been due to higher commercial rents along Queen Street relative to Ossington Avenue properties. The high conversion rate into bars and the accompanying late-night noise prompted a city-ordered halt to conversions and new liquor serving licenses along Ossington.  (source: wikipedia)

Semi-Detached House In Trinity Bellwoods

Detached House In Trinity Bellwoods

Attached/Row/Townhouse In Trinity Bellwoods

Recently Renovated 2 Storey 3 Bedroom Home With Parking In Trendy Ossington. Renovated Top To Bottom With New Electrical, Windows, Doors, And Furnace. Gourmet Kitchen Includes Caesarstone Countertops, Marble Tile Backsplash, And Top Of The Line Stainless Steel Appliances. Off The Kitchen, Walk Out The New Double French Doors To The Private Patio. Dark Hardwood Flooring Lends An Air Of Elegance Throughout Home. Basement Apt W/Sep Entrance Generates $800/Month.

CLICK HERE TO SEE ALL PICS AND TOUR 

        Home Details

• Trinity Bellwoods/Ossington
• 3 Bedrooms, 4 pc Washroom
• 2 Storey
• Attached/Rowhouse
• Lot Size: 15.1 x 89.9
• Large Patio Space
• Parking: 1 Parking Spot – Laneway
• Heating: Gas Forced Air/Central AC
• Taxes: $2911.15/2010
• Possession: December 1/Flexible

        Home Features

• Home Completely Renovated in 2009
• All New Appliances Including:
• S/S Fridge, S/S Gas Stove,
• S/S Dishwasher, S/S Microwave/Fan
• Hardwood Floors
• New Electrical
• New Windows
• New Doors
• New Furnace
• Caesarstone Countertops
• Marble Tile Backsplash
• Double French Doors
• Convenient Stacked Laundry
• 10’ Ceilings
• 11” Baseboards

Basement Apt Features

• Fridge, Stove, Dishwasher
• Separate Laundry
• Separate Entrance
• 4 pc Washroom
• Modern Kitchen
• Open Concept

        As an investment property:

• Main & 2nd Floor: $2,500/month
• Basement Apt: $800/month (potential for $875)
• Total: $3,300/month

Conservative Yearly Gross Income: $39,600

Expenses:

• Taxes: $3,000/year
• Hydro: $1,800/year
• Gas: $1,200/year
• Insurance: $1000
• Total: $7,000/year

Conservative Yearly Net Income: $32,600

Written by Nick Horton

The Argyle lofts are one of Toronto’s more elegant industrial loft buildings.  Located in Beaconsfield Village, the Argyle Lofts are a powerful presence in a neighbourhood that is full of well-maintained character homes. The building is particularly relevant for homeowners who want to downsize from a house or as a stepping stone into a valued area.  Currently the entry price into the argyle lofts is high $300′s for a 1 bedroom on the second floor. Starting on the third floor are the two-story units which run in the mid $400,000 range and up. This fall a unit sold for a record $845,000.

In fact, there are many design cues in new condominiums that are more suitable for office space then living space; kitchenettes, privacy curtains or partial walls, track lighting, sliding doors, etc. At first glance these features may seem neat or even smart, but when the majority of new developments are using them to maximize the amount of units and keep prices down, these features quickly become stale.

I am not sure what the solution is or if this is even an issue the average investor or buyer is raising. What I do know is that when the condo market cools off, inventory rises and buyers have more choice within their budget, it will be units with these attributes that won’t hold their value as well. Remember this when you are buying a condominium in downtown Toronto.

UPDATE: Shortly after writing this post I came across a story in the Toronto Star that offered an explanation as to why condominiums are becoming smaller. Here is an excerpt:

“…developers are trying to ease the optics of escalating prices by cramming two bedrooms into roughly the same footprint that used to have just one. That means everything — from kitchens to sleeping space — are getting tighter.

Blame the HST, escalating land costs and the increased costs of building, says Riz Dhanji, vice-president of sales and marketing for Canderel, which has a novel distinction in the Toronto condo market right now.”

So blame inflation and the government. That’s is exactly what you would expect someone in his position to say. It is what any sales executive says when asked why their product now costs more for less. While taxes and building costs may be contributing factors, I find it hard to believe they are the most significant. Take the HST argument for instance. The HST doesn’t apply to new condominiums under $400,000, so the HST shouldn’t be a reason why the consumer is paying more for the average 1 bedroom condo. The fact is, if the HST was scrapped tomorrow, the builders wouldn’t pass on the savings. The market is hot, they don’t need to.  If they are again pestered by the media to justify their pricing, they will just resort to another convenient excuse. Until the market drops, the average Torontonian will not have much incentive to buy a condominium as a home or even as an investment. If you want to or have to, my advice is you find a building that is part of a neighbourhood/community, preferably a mid-rise and has a unique or functional layout with lots of light. Don’t buy a unit with an uninspired floorplan.

I met up with my client “Christine” (not her real name) just after she sold her house in Etobicoke. The closing on her house was 45 days and she was hoping to find a place quickly so she would not have to move in with friends or family while hunting for a new home. That plan blew up fast. Although Christine has lived in Etobicoke and Brampton for most of her life, she has never lived in downtown Toronto. Like many people coming to live in Toronto for the first time, her sights were set on being right in the core, close to Union Station.

Her budget was $300-350,000 but quickly grew to $350-400,000. Parking was not a necessity but was preferred. The first few times we agreed would be dedicated to showing her different types of condominiums in different neighbourhoods. This has become standard for me when a client is new to town. It is a good way to explore value and broaden the client’s perspective. A lot of agents would likely balk at this. They would say “give them what they want”, but the truth is a lot of people have no idea what they want until they see it. Buyer’s remorse is not a pleasant feeling and I try to curb it as much as I can.

It turns out Christine really wanted a loft. She wanted something unique. The lakeshore was now out of the question, as were most high-rises, condos with amenities and living extremely close to Union Station. In addition, she also wanted space. Christine works from home 3 days a week and she didn’t want to spend her days feeling stuffy and claustrophobic. I like to joke with my clients who are looking for condos that once we figure out what it is they are looking for, it is exactly what everyone else is looking for! Something unique, something spacious, possibly a loft with low maintenance fees, parking and outdoor space for under $400,000. It’s obviously a very competitive segment of the market, but she landed up getting very close to that. Coming up I will chronicle the four properties she made offers on. Two of them she lost in a bidding war, one she gave up on and of course, the one war she won!

Offer #1: 954 King St. West

At this point, Christine had already moved in with her parents. Her plan to find a place fast and limit the time she would have to spend at her parent’s place was out the window. We had been to Roncesvalles, Parkdale, Leslieville, and of course downtown. On this night we were in King West near Strachan Ave looking at a two-storey soft-loft that had come on the market only a few hours earlier. It wasn’t perfect. It needed work. Christine wasn’t impressed right away, but after I pointed out some of the positive attributes the unit had and the future potential, she became interested. The building was 954 King St W., one of the original loft-style buildings in the area. It is a large rectangular white mid-rise with nice private patios for the street level units.

The unit Christine was interested in was on the fifth floor facing north. On the second floor of the unit, you had a great tree top view of a residential neighbourhood. It was here where Christine was to spend most of her days working, sitting in the second bedroom turned office basking in the sunlight coming through the 17 foot windows. She had plans to pull out the closet and adjoining wall, opening the second bedroom up into the master. She would install new hardwood and update the kitchen. It was estimated she would drop at least $20,000 once everything was said and done, but it was worth it. The seller was not holding offers and Christine could afford the unit at the asking price while still having enough cash left over for the renovations. She slept on it and the next day we put an offer in. I had been in touch with the agent throughout the day and while there was interest, there were still no other offers. That evening we would meet the seller and listing agent at the condo and present our offer. I would meet up with Christine after work to draw up the offer.

Unfortunately I had bad news for Christine when she arrived: another offer had come in last minute. This had just become a bidding war. We looked over the previous sold listings again and theorized what the other offer might be. Ultimately, because of the costs associated with renovating the condo and because Christine “liked it, but did not love it,” we didn’t change our offer significantly. We made a firm offer just below asking and the other buyer made a conditional offer $10,000 above asking. It wasn’t even close.

Offer #2: The Printing Factory Lofts

Since Christine had decided a loft was what she really wanted, Leslieville had become a real option. Other than an ex-boyfriend who lived there, Christine had very little knowledge of the area. To familiarize her with Leslieville, we drove around the neighbourhood a few times. As we scoped out the boutique clothing stores and quaint cafés, it wasn’t long before she warmed up to the idea of living in the area. It was clear that if the right unit came on the market she would at least give it a chance. The loft that drew Christine to Leslieville was a spacious 1 bedroom with a very large terrace on the first floor of The Printing Factory Lofts.

The Printing Factory Lofts are not a true full loft conversion. In fact, the majority of the building is new construction with only a few units enjoying the features of the original brick printing factory. The unit was not a true loft and being located on the first floor, it received very little natural light. Christine seriously deliberated the merits of the unit and even had her parents view it, but ultimately decided against putting an offer in. It wasn’t long after when we viewed another unit in The Printing Factory that Christine loved and wanted to buy. Unfortunately the builder had different plans. The Printing Factory Lofts had only been recently completed and still had some units available directly from the builder. Many of the units available were two-storey units on the first floor facing the bustle of Carlaw Ave.

The floor plan consisted of one level below ground and one level above. The units were just under 1000 sq. ft and Christine loved the space. She was willing to sacrifice the lack of natural lighting for the additional floor space. The problem was the unit Christine wanted was pushing her budget and we both agreed was also overpriced. Since these units didn’t sell before or during construction, it is rational to conclude they are the runt of the litter since they have been on the market for many years. Also to be considered was that there were fees levied against the builder by the city during construction that would also be passed on to the buyer. These fees amounted to an additional $5,000. After taking this into consideration, Christine made an offer of $375,000. The asking price was $400,000 and the agent in the sales office representing the builder was not impressed.

It was here we ran into the bizarre logic the builder was using to determine his negotiating position. While there were four almost identical two-storey units available, only one was being advertised on MLS. When we went in to view the advertised unit, the salesman showed us the other three. The unit Christine wanted was not the one advertised and the builder would only negotiate on price with the unit that was being advertised. After the advertised unit was sold, he would then arbitrarily choose another unit to advertise. The unit Christine wanted was actually smaller and I believed less desirable then the advertised unit, but it didn’t matter. The builder hardly budged from the listing price. As the weeks passed and she viewed more condos, Christine became more disillusioned with the Printing Factory Lofts and Leslieville in general. Today she feels lucky to have not had her offer accepted, as the builder prevented her from buying a unit that she now considers overpriced and undesirable.

Offer #3: The Noble Lofts

By the time Christine made her third offer, over two months had passed. We had been all over the city and as her scope widened so did her frustration. I have had clients who find exactly what they want right away and I have had clients who take longer. When it takes awhile, people sometimes become disillusioned about the idea of finding the perfect home. The expectations they have are tempered.

A few of the first lofts I showed Christine were in Parkdale. She was quick to dismiss the area because she didn’t feel comfortable living alone there. It was a valid concern, but I also knew most of the inventory in her price range was in Parkdale or even further west. Although by now Christine had been broken and was considering all options. A spacious open concept loft had come on the market in the Noble Lofts and she loved it. It was over 800 sq. feet and was asking $349,000 with an offer date. It was right in her wheelhouse. She knew she could afford to bid on the unit and bring a strong offer. It looked like the end was near.

I was in touch with the listing agent about getting a status certificate before the offer date so we could bring a firm offer if needed. Unfortunately, the listing agent had ordered it, but it wasn’t going to be ready on time. Although Christine was not a first time buyer, it was her first time buying a condo and she did not feel comfortable making a firm offer. I also advised her it wouldn’t be prudent of her to not see the status certificate for the Noble Lofts, as there was obvious maintenance work being performed on its exterior. When the offer date came, there was only one other offer and her chances looked good. She made a very strong offer that was a considerable sum above asking and even broke the cardinal rule of offering above true market value. When I presented the offer, the listing agent made it very clear that this was a very good offer. She even seemed a bit surprised.

The Noble Lofts aren’t about to win any awards for design or architecture. They aren’t in the safest neighbourhood (at the time there was someone randomly attacking people at night) and they are right beside the railway tracks. For reasons like these, the Noble Lofts have always been known for their questionable value. At this point, Christine wasn’t receiving value. She was trying to buy what she wanted. But as it turned out, she couldn’t even get that. Originally the other offer wasn’t as high as Christine’s, presumably. The listing agent asked if we would like to make any changes to the offer, possibly firm up. I discussed the options with Christine and she ultimately decided to not change her offer. She knew she had a strong offer and she wasn’t going to get roped into the listing agent’s game and overpay more then she already had. The other buyer did not receive the same advice; they revised their offer and came in both firm and higher.

This is where bidding wars have skewed the true value of homes in Toronto. If Christine had not bid on the loft or the eventual buyer hadn’t, the unit would have sold for no more then the asking price, which is closer to what it’s actually worth. Two weeks later a unit similar in size and on the same side of the building came on the market for $349,000 with an offer date. It sold on multiple offers for a similar price. Christine had helped set a price precedent for that type of unit in the Noble Lofts. I talked her out of putting an offer in on the new listing. She didn’t put up much of a fight.\

Offer #4: The Gotham Lofts

The fourth time is a charm. Of course after 4 months, 3 offers, and 30 viewings, one tends to act humbled by the housing gods and stretch the meaning of inspiring idioms.

The loft at 781 King Street West came on the market at the wrong time. It came on the market on a Wednesday and wasn’t holding offers. Unfortunately, Christine had left the city for a conference in Niagara Falls and wasn’t due back until Thursday evening. Not viewing a listing in the first 24 hours in almost any other city in Canada wouldn’t matter, but in the $300-400,000 price range in downtown Toronto, it does. I immediately viewed the unit Wednesday afternoon and knew right away she would be very interested. It was a nice 1 bedroom loft under $350,000 in King West with parking and a locker. An especially nice characteristic of the unit was its east facing balcony. The unit was one of a select few in the building with a balcony and the only unit on its floor with one.

However, there were drawbacks. Construction had just started on the Minto condominium next door, and the building is known for having high maintenance fees. At first glance we assumed the new Minto condominium would completely obstruct the view from the balcony and almost render it useless. However further investigation revealed that the Minto’s courtyard was to be constructed below the unit and the condominium’s tiered design would only partially obstruct the view. Christine would likely still have a decent south-east view and overlook a nicely manicured courtyard. The maintenance fees were high, but justifiable. Everything we had viewed to this point had cost considerably more, had been further outside of the core and didn’t have parking or a locker.

The unit was not the first loft to come on the market in the Gotham Lofts during her exhaustive search, but it was the first with a decent layout. Most of the units that usually come on the market in the building are two-storey units with spiral staircases. They sound nice, but in reality they waste a lot of space. The spiral staircase sits off-center in the living area and disrupts the entire functional use of the unit. Discount the two-storey layouts in the Gotham Lofts and the building’s turnover is very low. I sent the listing to Christine and she liked what she saw.  We arranged for her to view it first thing Thursday evening. In the meantime I got in touch with the listing agent and made sure she knew I had an interested buyer. I also asked her to forward me the status certificate. As a realtor, I only get paid if I successfully help my client buy or sell a property, but I also want to see my clients get exactly what they want. What worried me in this situation was that within the time it took Christine to view the unit, another agent would have time to prepare an offer. Of course that is exactly what happened. Christine viewed the loft Thursday evening and we submitted a firm offer for full asking with a 24 hour irrevocable later that night.

The seller apparently didn’t expect to receive an offer so soon and unbeknownst to her realtor, had left town for a cottage up north with no fax machine. This only delayed the inevitable. Another offer came in Friday afternoon and the listing agent presumably convinced her client to come back into town to review the offers. Now with a competing offer, I once again discussed the options with Christine and she decided to increase her offer by $11,000 dollars – the logic being that this offer was $1000 above the $10,000 per competing offer that is custom on a well priced property in this price range. Much to her relief the offer was successful. To this day Christine couldn’t be happier with her purchase and is very proud of her new home. She lost some battles along the way, but she ultimately won the war.

I have done my best to chronicle my client’s experience and range of emotions, but much of the process of buying for the first time in downtown Toronto has been left out. I did not write about many valuable discussions about condo vs. houses, neighbourhoods, mortgage qualification and deposits, to name a few. With each new offer and each new neighbourhood comes additional due diligence. It isn’t an even playing field when it comes to investing in real estate in a city as large and as diverse as Toronto. Make sure you have the right person in your ear.

An excerpt from Christine’s testimonial about my services:

“Nick was patient and thorough, and presented me with options I would otherwise not have known about or considered. He demonstrated a thorough understanding of what type of unit I should be looking for to fit my lifestyle, and what type of unit to avoid. In the end, he found me a great condo in one of the best areas of the city for a price below my budget, with parking, locker, and balcony. He was a great agent and I would highly recommend him to anyone looking to move to Toronto.

The parking at the Noble Lofts is at ground level, unsecured and first-come-first-serve. Not only that, but there is very limited parking space considering the amount of units. In certain neighbourhoods, you may feel comfortable parking your car on the street overnight, but Parkdale isn’t one of them.  How will professionals feel about parking their $40k+ car on the street? As an investor, it is a question worth asking because it is evidence that the ceiling on the Noble Court Lofts may not be as high as expected.

The escalating railway traffic is a major concern. Not only because of the noise, but because of the additional vibration.  Construction for the new Metrolinx project has begun and is in the process of adding an extra track for a Union-Pearson rail link. The new shuttle will significantly increase noise and air pollution. It is possible that the new trains may be retrofitted to run on electricity, but there is no immediate plan or timetable in place. If you are thinking of buying in the Noble Lofts, make sure you do your research on this subject.

Recently lofts in the building (in my opinion) have become over-valued. The market for hard lofts is tight and it’s unfortunate a building like 24 Noble, which is known for it’s value, has seen that value dissipate. Once interest rates rise and prices stabilize or pull back slightly, it will be buildings like The Noble Lofts that will find it harder to sustain momentum. If you would like to buy in the Noble Lofts, choose the unit wisely.

I do understand in Toronto, where homes are packed so close together and one tree can shade 3 backyards, exposure isn’t guaranteed. Either way, I would rather have morning or afternoon exposure because I can control it. In the winter the sun will heat up my house. In the summer I can hit the blinds. If my house is facing north or south I may not have this option at all.

In Toronto I get the feeling most people would prefer an easterly or westerly facing home because they appreciate the ability to utilize the little outdoor space they have. Does a Torontonian really worry about corrosion or the north wind? During the winter, much of the core no matter which way you are facing is a wind tunnel.  All this aside, most of the residential areas in Toronto are facing east-west because of the cities grid pattern. Plus with escalating home prices, it’s likely not the first thing on your mind. You decide.

–Nicholas Horton

What is a 48 hour irrevocable?

In Toronto, many sellers ask for a 48 hour irrevocable on all offers.  What it means is the seller can hold onto the offer for 48 hours before deciding to accept or counter the offer. If the seller signs the offer back at a new price or with new terms, they will also change or extend the irrevocable as needed, giving the buyer time to decide. But why does the seller need two days to decide if they will accept your offer or not? The truth is, in many cases they don’t. The 48 hour irrevocable is one way to make sure a property gets proper market exposure. The Toronto real estate market has become so competitive that when a property comes on the market that is well priced and isn’t holding offers, it is snapped up on day 1. A 48 hour irrevocable gives other buyers an opportunity to submit an offer and potentially create a bidding war. Of course sometimes the seller does need an extended irrevocable because they do not live in town or are out of the city, but this is usually just posturing. Make no mistake, the 48 hour irrevocable has become the alternative to holding offers.

–Nicholas Horton

So far this year, homes for sale on Delaware Ave. north of Bloor St. have seen an unprecedented amount of interest. Already this year 16 homes have sold compared to a total of 15 selling in 2010 and 12 selling in 2009. After doing a little math, the average selling price of a home on Delaware in 2010 was $524,400 vs. $496,750 in 2009, a 5.6% increase. That is not a spectacular number and is typical appreciation for a single family home just west of Ossington Ave. and north of Bloor St. What is spectacular is the average selling price of a home on Delaware Ave. this year: $574,370. That is a 9.5% increase over last year’s average. What’s more is the aggressive bidding wars that have taken place. I myself was involved in a bidding war with a client for a home which sold for $100,000 over the asking price and had 8 offers. What drove this particular bidding war was a house that had sold a few months earlier for a record $792,000 and had 15 offers. This past week that record was broken again when a home sold for $816,000, $177,000 over asking. Why Delaware Avenue? I believe many people are realizing just how much character and curb appeal many of the homes on Delaware actually have. The more affluent have recognized the value and the type of atmosphere Delaware provides for raising a family comparable to nearby, more expensive neighbourhoods. In addition, it is close to the subway and the retail at Bloor and Ossington is set to improve as the city grows.

If you are looking at investing in the west end along the Bloor subway line you may have missed the boat on Delaware; but don’t worry, there is still plenty of opportunity further west. The Bloor and Dufferin area may have the most bang for your buck in the city and has pockets of family friendly streets. If you want to buy into the “next Delaware”, look for an underdeveloped street that has century old homes with character. Also look for a tree-lined street with retail and transit nearby.

–Nicholas Horton

Recently there has been a lot of coverage in the media about foreign investment keeping the real estate market hot. This is nothing new. In particular, foreign investment has played a significant role in the condo boom on the Toronto lakeshore. Although the price per square foot hasn’t appreciated as drastically as it has in Vancouver, foreign investment has had abig role in the construction in Toronto after the recession. But unlike downtown Vancouver where the inventory is low and the demand high, the Toronto lakeshore has plenty of inventory. As the condo market corrects over the next few years, the high rise developments along the Lakeshore/Gardiner west of Spadina with limited access to Toronto’s transit system and amenities will see little if any appreciation. In addition, today’s buyer is much more savvy and is looking for more then a box in the sky. Boutique condominiums or mid-rise buildings are becoming more popular for their unique characteristics and sense of community.

Condominiums or lofts abutting the CN Rail and GO Transit tracks
Don’t buy a home beside the railway tracks. This may sound like fairly obvious advice, but it is often overlooked. Like many cities, much of Toronto’s infrastructure is built around rail transit and sometimes it is hard to get away from the tracks. This is especially true if you have a budget under $400,000 and are looking for something unique. If this is indeed the case, what you need to know is that the Metrolinx project, aiming to provide a Union-Pearson Air Rail Link, is underway. Traffic along the west corridor running through Liberty Village, King West, Parkdale, Brockton Village and the Junction will increase sixfold. Another track is being installed and bridges along the route widened to accommodate it. A few places among many you will want to avoid if you sleep lightly are: south-facing units in the Electra Lofts at 1029 King St West; south or south-east units on lower floors in the DNA building at the foot of Shaw Street; and the Noble lofts at 24 Noble Street in Parkdale. Just use your discretion and be aware of the proximity of the unit to the railway. For more information check out www.metrolinx.com.

Liberty Village

If you purchased a condominium in Liberty Village five years ago, don’t worry, you are fine. That being said, if you purchased a condo just about anywhere in downtown Toronto five years ago, you too are also likely fine. But this is an article about buying today and the market influences moving forward. Today, finding value in Liberty Village is difficult if not impossible. Very much a by-product of new development and an expanding city core, Liberty Village caters to people who wish to live in a generally pre-fabricated community with popular choice amenities. This was attractive to many, including investors and renters, but now the area is starting to get convoluted. Rapid growth and limited access because of the railway tracks and lack of a pedestrian bridge has created a constantly busy and stressful environment. In many ways Liberty Village has become a suburb in the middle of the city. Aside from a few good restaurants, it is not a community you visit unless you live there. Unfortunately condos in Liberty Village are taking longer to sell and are now often overpriced. Unit holders looking to sell today who didn’t buy five years ago, were sold by marketing on potential that has yet to be realized.