Ads Google

Midtown West perfect for certain kind of investor

by Neil Sharma on 20 Jun 2018

The west side of Midtown Toronto is experiencing rebirth—and promises opportunity for the right kind of investor.

“It would be great for investors who want to get into the Toronto market. It would be somebody in their late 20s and early 30s, a young professional,” said Huong Luu, a real estate coach and consultant. “It’s also ideal for parents who want to help their children get into their first property.”

‘Get real about real estate – find out how with the new CREW’

The strip on St. Clair Ave. W., between Keele St. and Caledonia Park Rd., will soon be dotted with new condos Luu believes can help build a portfolio. She does have a caveat, though:

“If they were to rent it, they would be in negative cash flow, but there are ways to run the numbers so that if that property appreciates 8% in five years, they’d make $180,000 in appreciation growth over that time.

“If they were to rent it out, the renter would actually help them pay down their mortgage by about $49,000. Even though they negative cash flow every month, they would actually see some money five years down the road.”

The neighbourhood has dedicated TTC streetcar with tracks in the middle of the avenue, a new police station, and it is close to Black Creek.

Adiharma Purnomo, director of development project management of Graywood Developments, which is developing a new condo called SCOUT, notes that neighbourhood already possesses many cornerstones for development.

“The ‘Main Street’ element already exists,” he said of St. Claire Ave. “It is located between Little Italy, the Junction and the stockyards.”

Having personally scoped out the site for SCOUT, and its predecessor SCOOP Condos, Purnomo cites rapid appreciation throughout the neighbourhood.

“It has to do with the value,” he said. “We know this area has been charging a lot lately. We started the evolution of this neighbourhood and there are a lot of amenities that are there, and they will support investors. Nearby schools are already in existence and there’s the public park.”

An additional draw is the proximity to downtown and the Yonge-Eglinton hub, he added.

 

Related stories: 
Waterfront development expects to attract strong interest, have low maintenance fees
Resort town accommodations swell



Post a Comment



Most Trending News

Canadian buyers returning to major cities, expecting to spend more: BMO survey
News

The survey shows that buying a home in a major city centre has risen 5% since last year.

Read More
Hiking development charges will only make homes more unaffordable
News

The more time and money a developer spends navigating the extensive labyrinth of procedural processes, the costlier it becomes to build a new home.The more time and money a developer spends navigating the extensive labyrinth of procedural processes, the costlier it becomes to build a new home.

Read More
Upcoming Multifamily Conference offers investors unmatched opportunities to learn, network and grow
News

Coming to Toronto May 14-15 is an in-person event discussing multifamily investing and the benefits it can have for new and experienced investors.

Read More