Toronto's pockets of gentrification
Tags: Toronto real estate, Real estate Toronto, Toronto housing, Toronto homes, Toronto condos, Alvaro Mallarino
Gentrification is defined as the process of converting an area into a place suitable for the mixing and integration of people of higher socioeconomic status. The gentrification process in Toronto is fuelled by various factors, but the ultra-low interest rates and the rapid rate of population growth have been the most important influences. This growth has resulted in the gentrification of formerly working-class urban neighbourhoods into middle- and upper-class areas, as evidenced by data from Environics, in which incomes in gentrified neighbourhoods increased by an average of 53 percent, while city incomes increased by only 18 percent.
However, gentrification is not a quick process and can take several years to fully transform a neighbourhood. A good example is Leslieville, which took almost 30 years to transform from a working-class neighbourhood to what it is today.
So which neighbourhoods in Toronto are experiencing gentrification currently?
Regent Park. Although it remains a low-income neighbourhood, many recent condominium developments have helped transform this area and increase the average sold price of properties in the neighbourhood as well as the average household income.
Birch Cliff. Situated on the western end of Scarborough Bluffs, this neighbourhood is a great place to raise a family and you can find condos at a reasonable price.
Gerrard East. A growing number of coffee shops and restaurants can be found east of Riverdale, indicating that development has begun to spread east.
Rockcliffe-Smythe. New developments in the neighbourhood include the Stockyards Open Mall and the York Community Centre. When the Eglinton Crosstown is finally completed, the Mount Dennis stop will make the neighbourhood more accessible to the TTC.
The West Don Lands. There is a strong demand for housing due to the excellent location near the water, the Distillery District, and downtown.
Allen Road and Lawrence. With the New Lawrence Heights project currently underway and the newly renovated Lawrence Allen Mall, this area is expected to improve significantly in the coming years.
In conclusion, it is still possible to find opportunities in the city if you are willing to wait until development is complete and can recognize the potential of these developing neighbourhoods.
At In Black and White Real Estate Team, we are here to partner with our clients during their real estate transitions. We continuously strive to match their evolving needs by bringing insight that makes a difference. We provide innovation, expert advice and we enable our clients to focus on what is important to them.
If you are interested in buying a home, please give us the opportunity to show you all that we can do for you. Let us do the heavy lifting so that you can enjoy the experience.
