Today let’s take a look at one of my favourite Toronto hoods: the Entertainment District. Encompassing the 6ix’s biggest attractions; TorontoED or TED, as it’s called, is our city’s destination for arts, culture, sports, nightlife, and good food, i.e. pretty much everything. And, big surprise, it’s one of the hottest places to live, too.
Before it was a city hotspot, the district was host to some of Toronto’s biggest textile manufacturers, jampacked with old-style Edwardian warehouses up and down King Street West. But no more. The arrival of the CN Tower in the late seventies opened the area up to tourists. Then, in the eighties, it transitioned into Toronto’s clubland.
By 2006, the city implemented strict rules to control noise, nightlife crowds, and litter to promote residential development in the area. As a result, the total number of clubs fell from 90 to 35. And condo development boomed.
You’re close to everything. TIFF is literally in your backyard. Leafs and Raps games are just steps away. Same could be said of our beloved Jays and Argos, too. Plus, you’ve got the theatre strip, dozens of the city’s best restaurants and bars, shopping, tons of transit options… Speaking of which, the new King Street Transit Pilot promises to transform King Street into a pedestrian paradise, so keep that in mind.
When it comes to the TorontoED, I could go on. It is truly the epicentre of everything our city has to offer. But it’s also leading the way in high-density, vertical development. You might have noticed that it’s chockful of high rises and sleek skyscrapers. For some, this is exciting. It offers a glimpse into our city’s future.
One of the biggest pros, especially for the savvy condo investor, is the high rents supported in the area. As of two weeks ago, condos in the Entertainment District have an average rental price of $2400 per month, which is nothing to scoff at. And its demographic base is strong, too: youngish professionals with a median per-capita income of $65,000, or nearly double the Toronto average.
Being close to everything, for one. To some, being central offers convenience. To others, it’s a stress-inducing headache. Toronto’s Entertainment District is many things, but it’s definitely not quiet. Beyond its many attractions, the neighbourhood is experiencing a development boom. And that’ll likely continue, FYI.
Though the community offers high-quality tenants, they’re on the younger side—mostly singles and couples. That said, with rents as high as they are, tenants are likely to stay put, which is a good thing. And even if you were to experience a high rental turnover, there’s plenty of eligible tenants looking for a centrally located place to live. So you’ve also got that on your side.
The location of the Entertainment District alone makes it a win in my books. For one, tenants will always be lining up to live in the heart of the city. Resale numbers are also encouraging, should you choose to eventually sell. In 2016, price per square foot for a condo in the district jumped $164. In 2017, the trend continued, with a $95 spike. Right now, condos in the area are going for $947 per square foot.
If you’re curious, I’m currently investing in a new project at Adelaide and Widmer called Theatre District Residence by Plazacorp. I’m extremely excited about this one, so if you’d like more information, feel free to register on my site or get in touch to grab a slice of one of Toronto’s hottest hoods.