“Regent Park is an area under complete renewal and rebirth. It’s a terrific opportunity to be a part of that in the downtown market,” Brent Binions, president and CEO of Chartwell Retirement Residents, told Canadian Real Estate Wealth. “I have no doubt [prices] will continue to rise. Everything will have doubled or more compared to the original prices [prior to revitalization].”
That bullish outlook inspired Chartwell to establish a retirement residence in the up-and-coming neighbourhood.
What drew the company to the area was the revitalization efforts – which is apparent in the number of condos and parks being developed – as well as the affordability of the land.
“It’s very difficult to do senior living in Toronto because the cost of land is very, very high. You need pretty good density to make this work,” Binions said. “This is a multi-generational is great. And in the downtown core there just isn’t much down there for seniors, so this is great. And it’s a renewing area.”
Despite its close proximity to the downtown core, prices in the area are still affordable due to the poor reputation Regent Park is quickly shedding.
“Absolutely, [investors should be targeting this area]. I look at what they’ve done there and it had to take quite a vision at the beginning of this process,” Binions said. “And I’m not sure if they had come to me on day one, before they had begun the renewal, and said ‘this is what we’re going to do – we’re going to turn this neighbourhood around and this is going to be an area in demand’ I’m not sure 100% what I would have said back then.”
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Many investors have been priced out of Toronto, but one neighbourhood is poised to see impressive price growth – and those who buy in now could make a fortune.