Flashback just a handful of years ago and Toronto’s intersection of Yonge Street and Eglinton Avenue would look completely different from how it does today. Naturally, when a certain part of the city goes through such a notable redevelopment, the neighbourhood’s local real estate market also goes through a few changes too.
And, seeing as Yonge and Eglinton was already such a highly regarded residential community, keeping track of major changes to the area’s real estate market will be of enormous interest to both its current residents and potential future residents alike.
To learn a little bit more about the current state of Yonge and Eglinton’s local real estate market and where we think it’s heading in the near future, our post below is here to offer you our professional opinions and experienced insight.
What’s New About Yonge And Eglinton?
As we stated above, Yonge and Eglinton has experienced some large-scale developments in recent years — and that’s putting it lightly. The most obvious of redevelopments has come in the form of the TTC’s Eglinton Crosstown LRT line, which will add 25 LRT stations along Eglinton Avenue from Kennedy in the east to Mount Dennis in the west.
While this transit development has caused major headaches for motorists, pedestrians, and cyclists alike for what feels like an eternity now, once the project is complete it will undoubtedly add a substantial amount of value to the area. The TTC hopes Line 5 Eglinton, the Eglinton crosstown line, will be ready for use in 2022, but as of now, there are still enormous holes in the ground at several junctures across the popular east-west street.
In addition to the transit-focused construction, there are also a large number of newly-built high-rise condo buildings that have been completed in recent years too. Whereas Yonge and Eglinton’s real estate market was once dominated by detached and semi-detached single family homes, the sharp rise in popularity and availability of new condo buildings is changing the landscape of the neighbourhood’s housing market.
At Silver Burtnick, we have a deep love and appreciation for the Yonge and Eglinton area. Find out more about the neighbourhood we feel so fondly about in our Yonge And Eglinton Neighbourhood Guide here.
Who Lives There?
Due to the notable number of new condo buildings in the Yonge and Eglinton area, the general demographic of residents has changed remarkably too.
Before the construction of the many new condo developments, the average resident of Yonge and Eglinton were families and empty-nesters who were typically long-time residents of the area. This is because away from the busy main streets of this intersection, the residential areas of the neighbourhood are made up of two-to-three-storey single family homes, most of which are Edwardian or Craftsman-style in design.
While those types of homeowners are still hugely prevalent in the neighbourhood, especially within the quieter sidestreets of the community, the newer large condo buildings provide an alternative housing type that appeals to different demographics.
Now, it’s much easier for singles, young couples, downsizers, and new Canadians to live in the Yonge and Eglinton area too. With a huge influx of bachelor, one-bedroom, and two-bedroom condo units recently becoming available for sale in the area, the diversity of local residents has increased too.
What’s The Real Estate Market Like?
Although inventory, in general, is down, one sector is seeing an increase and that’s condos. However, even with the significant development, the perennial desirability of living in the Yonge and Eglinton area also means the barrier to entry for some buyers still very much exists there.
In fact, the values of the single family homes in the greater Yonge and Eglinton area have increased markedly as a result of the new neighbourhood developments, though might’ve dropped off initially during the infancy stages of the huge construction projects.
More engaging amenities, easier transportation, and an all-around increase in the area’s development mean that property prices have steadily gone up over the past few years. And once all of the messy construction at Yonge and Eglinton finally ceases — or slows down, at least — in a few years’ time, you can expect the neighbourhood to reach a very high peak in terms of local housing prices.
Buying A Home At Yonge And Eglinton
If you’re looking to make a good long-term investment in a piece of Toronto real estate, we would strongly advise you consider purchasing a home in the Yonge and Eglinton area.
For the reasons stated above, we’re big believers that the area poses a lot of long-term value for homeowners, and property values are almost certainly going to sharply appreciate over the next two to five years. Between now and then, we really only foresee a steady increase in home prices, so if you’ve been biding your time thinking about if you should purchase a home here, there’s no better time to do it than as soon as you’re ready.
In addition to the area’s vast development, we also predict the long-term cultural appeal of the community will also appreciate in value over the coming years too. More residents of diverse backgrounds and demographics tend to reveal growth-positive trends in urban neighbourhoods.
With a larger, more diverse community, you can expect to see more locally-owned and locally-focused businesses appear in due time. These will not only make the neighbourhood more vibrant and interesting to visit but will also contribute to the property values of homes at Yonge and Eglinton.
If you’re thinking about investing in the Yonge and Eglinton area, don’t wait too long to get started. With home values rapidly increasing across the neighbourhood, we can help you get in the door while the market’s still on the rise. See how in our detailed homebuying guides here:
Selling A Home At Yonge And Eglinton
If you’re thinking about selling your home in the Yonge and Eglinton area, you’re definitely not alone. After years upon years of major construction and redevelopment in the neighbourhood, factors such as lifestyle, transport, and aesthetics have been put on the back-burner for longer than many can accept.
We’re seeing big trends of empty-nesters, downsizers, and even frustrated families listing their homes in the Yonge and Eglinton area as a result of the increasing number of day-to-day inconveniences in the neighbourhood. Whether it’s the noise, the traffic, the ugly construction, or all of them at once, many homeowners are deciding that it just isn’t worth it to live in the area anymore and are seeking greener pastures.
Do you own a home in the Yonge and Eglinton area (or elsewhere in Toronto) and are set on selling? Learn more about our smooth and stress-free selling process at the link below, then schedule a home evaluation to learn more about the current market value of your property.
Selling your home in the Yonge and Eglinton area at this time, right before the projected culmination of some of the neighbourhood’s largest project, isn’t necessarily advisable for maximizing the ROI of your home. However, property prices have definitely increased over the past few years, so you would still stand to make a tidy profit in the real estate market.
That being said, if you do own a single family house in the Yonge and Eglinton area and want to cash in while the market is still hot, you don’t necessarily have to leave the area for good. Now is the perfect time to sell your home and downsize into one of the area’s luxury condos or townhouses, and doing this should most definitely end up earning you some extra cash along the way.
If you’ve been considering selling your home and moving into a smaller space better suited to your current lifestyle, learn more about how we can help you Rightsize the right way via our informative guides below.
