New, thrifty hotspot for GTA investors

East Danforth is becoming a go-to spot with first-time buyers seeking an affordable home or investors looking for a duplex, say veteran agents and investors in the GTA's increasingly pricey downtown area.

“The Main-Danforth area, as well as Woodbine and East Danforth, is attracting a lot of interest from people and there are homes available there in the $600,000 range,” Davelle Morrison, a real estate agent with Bosley Real Estate, told CREW.

“It’s a neighbourhood with property that doesn’t need to be renovated too much and there are a significant amount of investment properties such as duplexes that are good bets for investors.

Transit has also helped to increase the awareness and attractiveness of the neighbourhood with the new GO station and TTC access.

That convenience is drawing people from Scarborough who are looking to be closer to the city and perhaps rid themselves of the family car, said Morrison.

With interest rates at all-time low levels, many buyers are looking to take advantage of prices, while buyers are looking to agents for hotspots to invest.

According to a recent study by ReMax Hallmark Realty, affordability continues to be a driver in the search for detached homes in Toronto as many neighbourhoods saw double-digit increases in price for these property types in the 416-area code.

“Detached sales rose a nominal 1.5 per cent to 2,358 units in the city's east end where tight inventory levels during the first six months of the year served to limit activity,” the report reads.

“Competition has been intense in recent months, no more so than in Riverdale, Leslieville and the Danforth, where days on market fell to 10 in June and the sales-to-list price ratio hit 110 per cent.”

Some east-end neighbourhoods, such as Riverdale, Leslieville and Danforth, saw a decline in sales due to less inventory, which in turn elevated house prices in the east end.

“Overall, the east end … posted the greatest increases in average detached housing values at 15.5 per cent … during the first six months of 2015, with prices rising to $727,221 (on average),” the report reads. 

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