Toronto’s Yonge and Eglinton is a hotbed of development, from transit to real estate to retail and everything in between. The district boasts a famously varied selection of bars, restaurants and cafes that earned it the “Young and Eligible” moniker that nobody seems to use anymore. Instead, it’s a popular zone for young families looking to have their kids attend some of Toronto’s best schools.
It hosts more parks, libraries, and family-friendly shopping than either Yorkville or Yonge and Dundas. The recent development and influx of families have helped to shed its dated reputation as a neighbourhood solely for single professionals.
The neighbourhood is, however, perennially under construction. The recently re-modelled RioCan Centre designed an ultra-modern “cube” entrance and upsized its shopping centre and office space square footage. The much-needed, $8.4 billion Crosstown LRT is slated for completion in 2020, and the area currently has over 20 condos in development. There are more cranes here than in any other part of the city.
Once the LRT is complete and starts to service an estimated 5,400 passengers per hour, the makeup of the neighbourhood will change. An influx of settlement and an upwards shift in property value over the next decade may transform midtown into the newest shopping, dining, and living hub.
Yonge and Eglinton is one of the most profitable neighbourhoods for owners with rental units. The neighbourhood has the lowest vacancy rate in the city, so units are guaranteed tenant interest with prices in the owner’s favour.
There are also more than 20 new condos undergoing construction in the area, and more are slated for development. Pre-construction condos are often cheaper than their resale counterparts, and will increase in value as the neighbourhood continues to change.
With the LRT, the RioCan office development and the condo surge, it’s a hot market where housing prices are going to increase - fast. Also, expect an indefinite slew of construction projects, and with it, construction noise. Luckily, the City is keeping tabs on it; RioCan got some heat for loud, 24-hour construction in 2013 and they were denied permanent noise exemption.
Condo development in North Toronto rose 166% in the last three years, and it’s showing no signs of slowing. While real estate speculators were worried about a market downturn in fall 2015, prices are holding steady and demand for condos will continue to grow.
The most underrated feature of the district is undeniably the owner’s market. With one of the highest percentage of renters of Toronto neighbourhoods, Yonge and Eglinton is prime real estate for those looking to invest in rental properties. The new features that are attracting young singles and families will only increase property value and rental prices.