Spotting these future hot neighbourhoods takes long-term vision. Whether you’re a young professional, smart-sizer or an expanding family, there’s something for everyone in an evolving area.
Here are 5 signals you can use to identify an up-and-coming neighbourhood:
1. Major Renovations or New Builds are Underway.
You can see this change in a variety of ways:
• Smaller homes are being torn down and new builds are appearing.
• Home owners are “topping up” their homes versus moving. Creating additional space by adding additions.
• Infill land is being used as for re-development.
• Warehouses, empty parking lots, gas-stations, vacant schools, neglected city land, etc. is being replaced by mixed use buildings.
These types of new investments increase existing and future property values.
2. Close Proximity to other Hip Neighbourhoods
Some Toronto neighbourhoods are ones which everyone dreams of living in, and the prices reflect this. The good news is, development expands outwards, especially as prices and population in these neighbourhoods begin to rise. Communities which are in close proximity to these popular areas are a great option. You will have easy access to the amenities available, you won’t have to pay the premium and it’s only a matter of time until the cycle of redevelopment continues.
3. Young People
The demographics of each neighbourhood are different and change with time. One indicator of an up and coming community is young professionals moving in. Young people are often priced out of established neighbourhoods, which is why they often lead to up-in-coming ones. Once they move in, restaurants, shops and other trendy amenities are to follow shortly.
4. Trendy Restaurants and New Shops
Restaurant and store owners want to be located in spots where they will have local clientele and not in neighbourhoods where rent prices are out of control.
5. Transportation Improvements
Our city responds with transportation improvements when population and demand increase and require it. These changes and expansions significantly reduce the commute time to downtown. The shorter and easier accessible, the more desirable these neighbourhoods become and positively impact property values. For example, the new Metrolinx Pearson Union Express will increase property values over time.
Check out the projects below, located in up-and-coming neighbourhoods:
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