I am often asked about where the Toronto housing market is headed. In the long-run we all know real estate has to go up. After all, there is only so much land and the population keeps growing. Toronto is one of the top destination cities for immigrants from around the world. However, in the short-term, as governments pass policies and regulations affecting housing, the Toronto housing market will be impacted.
We’ve already seen the consequences of tightening mortgage rules and the Ontario Government’s fair housing act, which seems to have contributed to dampening of house appreciation, while possibly decreasing availability of rental units and increasing rents. Contrary to what the government tried to accomplish? Correct. The reason being that with the extra costs of providing rental housing, any new units on the market will need to be rented at higher rates to cover the increasing tax and regulatory related expenses.
So, as the market adjusts to these new changes and with what I believe will be a Bank of Canada interest rate hike this month, I expect Toronto housing market growth to be hampered further. Of course, some neighbourhoods will be affected more than others. Contact me if you’re looking to buy and I’ll help you choose the right neighbourhood and home to meet your needs in this changing market.
Follow me for my next post in regards to another development this month that will further dampen Toronto housing market growth. (
CLAIRLEA-BIRCHMOUNT – ANOTHER TORONTO UP AND COMING NEIGHBOURHOOD POISED FOR POTENTIAL APPRECIATION IN HOME VALUES
In the 19th century the St. Clair and Victoria Park intersection was home to the village of Moffat’s Corners, surrounded by rural lands. They later named, Clairlea area was one of the first areas of present-day Scarborough to be developed as a Toronto suburb. As a result, it went through a transformation in the early 1950s. This middle income neighbourhood features affordable homes and mature streets. The neighbourhood’s landmark Warden Woods ravine offers some downtown nature.
Clairlea-Birchmount is a destination neighbourhood for young families, perhaps because of the family-friendly mix of population and has a low percentage of divorced (5%) and Separated (3%) families. Warden Woods Community Centre (a United Way member agency) provides support and programs for the community. There is also the West Scarborough Neighbourhood Centre founded in 1956 as the area boys and girls club which provides support to the residents.
The neighbourhood consists of 17% Children aged 0-14 (much more than the average for many other Toronto neighbourhoods) and 13% Seniors 65 and older (lower than many other Toronto neighbourhoods).
From 2001 to 2011, Clairlea-Birhmount’s official population grew 24% (from 19,960 to 24,575). Of special note, the largest growth came from the youth who increased 40%, from 2,265 to 3,170 indicating, followed by 25-64 year olds (up 30.1%) indicating a healthy demand for single-detached homes in the neighbourhood. Townhome developments have been built, mostly close to the Warden TTC Station on St. Clair.
The vast majority of the residents (15,096) speak English at home, or about 62% of those surveyed. English is the mother tongue for 50% of the residents with the remaining be accounted for by Bengali (6.4%), Tagalog-Filipino (5.6%), Urdu (3.1%), Chinese-Mandarin/Cantonese/n.o.s. (7.3%), Greek (2.4%), Tamil (2.2%), Italian (1.9%), and Spanish (1.4%).
This up and coming neighbourhood with its many new builds is positioned for price increase as it is surrounded by more expensive properties to the south, west and north. In addition, according to City of Toronto’s Wellbeing tool, the neighbourhood is heavily weighted for ‘Approved New Dwellings’, further supporting potential development and price appreciation. The neighbourhood’s properties also score well in terms of ‘Home Repairs Needed’ scoring better than average and better than the surrounding indicating a pride of ownership and care. With the construction of the Eglinton Crosstown light-rail line (announced by MetroLinx in 2015) with the stop at Birchmount Road and Eglinton Avenue and added public transit options for the local residents, it is likely that the construction will bring additional residential and mixed-use development to the area. The government investment is part of a 25-year, $50 billion dollar plan for coordinated, integrated transportation and transit in the Greater Toronto and Hamilton Area.
One of the largest employers in the Neighbourhood is the landmark Providence Healthcare, established in 1962. Its services include a hospital, specializing in rehabilitation and complex continuing care, Providence Community Centre (offering clinics and support programs for seniors and caregivers), and a nursing home (the Cardinal Ambrozic Houses of Providence).
Ideal for professional couples and families is one of the newer builds in the
Clairlea-Birchmount Neighbourhood newer build
Neighbourhood, a wonderful detached, 2-storey, 2000+ S.F. home located at 199 Raleigh Avenue. This stunning custom built home has an open open concept on the main floor with a great Chef kitchen equipped with built-in appliances, custom cabinetry, as well as a living room and dining room with walkout to deck and yard. The Second floor has four bedrooms, laundry facility and walkout to balcony. The master bedroom comes with large walk-in closet and spa ensuite is a gorgeous space to relax and unwind at the end of the day. A finished basement with extra bedroom, high ceilings and separate entrance is a highly desired o the home, the interlocking driveway and front balcony sets the stage for your visitors. Around the bonus. As you drive up tback, a fenced yard provides great privacy for you and your family to enjoy the outdoors.
If you would like to view this or other homes in Toronto, contact Baldo Minaudo, MBA, Broker, Real Estate Homeward Brokerage 416-698-2090, Dir: 416-564-0245.