The Beaches in Toronto’s east end has so much growth potential that investors are taking note. And unlike the typical condo cluster downtown, the lifestyle the neighbourhood offers is as much a draw as the homes.
And according to Cara Hirsch, locals are leading the charge, with some purchasing units at WestBeach Condominiums.
“A lot of people from the area were buying to invest because they know the area, live in the area and see the growth potential for the area,” said Cara Hirsch, director of sales and marketing with the Milborne Group, which oversaw WestBeach sales. “I think the Beaches is a very well-known neighbourhood, but there’s a lot of growth potential there because there’s a lot of transition, and a lot of young families are coming there. A lot of people are looking to downsize in their homes, and as an investor myself, you look at something more long-term, and I see a lot of growth going on in that neighbourhood over the next five, 10, 15 years.”
The Beaches is a draw because of the nearby lake and, of course, accompanying beaches. But there are also parks, shops and the proximity to downtown that are major draws for residents.
“It’s easy to get around transportation-wise, and it has a big community feel,” said Hirsch. “It’s very close to downtown but has an almost cottage feel. That’s what I always say.”
The other major attraction of Beaches properties is their valuation.
“There’s definitely a big trend of people looking to live in the Beaches, and not just for buying, but for renting,” continued Hirsch. “For condos, there isn’t much product, and that was a big selling feature for us—and because it’s a midrise, the big trend for a lot of investors and people looking to rent is they don’t want to be in a big tower.”
Zev Mandelbaum, principal with Marlin Spring Development, WestBeach’s builder, says the neighbourhood itself is the main amenity.
“You have everything from beach life and park life,” said Mandelbaum. “It’s a couple of minutes’ walk from all the retail, coffee shops, etc. I think the neighbourhood is really part of the beach, so I characterize it as WestBeach.”
Neil Sharma is the Editor-In-Chief of Canadian Real Estate Wealth and Real Estate Professional. As a journalist, he has covered Canada’s housing market for the Toronto Star, Toronto Sun, National Post, and other publications, specializing in everything from market trends to mortgage and investment advice. He can be reached at neil@crewmedia.ca.
