Established Toronto neighbourhoods – such as The Beaches, Yorkville, Forrest Hill, and High Park – are desirable places to live, but many investors are put off by the sky-high single-family home prices. However, with an influx of planned and nearly completed mid-rise options, these ‘hoods may once again be the target of Toronto investors.
“The investors that we have dealt with in the past are not your speculative investors; we have people that are thoughtful in terms of construction-deconstruction of a portfolio of unique buildings in mature, desirable neighbourhoods,” Jordan Morassutti of North Drive, told Canadian Real Estate Wealth. “We have one investor who has a small portfolio, but they have a unit in the Distillery District, one at Yonge and Summer Hill, and another on King West, and thought that this was a nice addition to their portfolio.”
North Drive specializes in mid-rise condo units in mature markets such as High Park, The Kingsway, Yorkdale, and mid-town Toronto.
And similar developers are focusing on building mid-rise buildings other highly-regarded Toronto neighbourhoods, such as Leslieville and the Beaches.
It’s these mid-rose buildings that offer a unique purchase option in a town full of cookie-cutter high-rises, according to Morassutti.
“We don’t anticipate the same level of turnover you would see in a tower building … and unlike those buildings, when the market isn’t looking so hot and you put your unit up for sale, and there are 12 other units with the same exposure and layout,” he said. “With a mid-rise, if you put your unit up for sale, there are likely only two or three other similar units in the building.”
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