NEIGHBOURHOOD SPOTLIGHT: GREENWOOD & DANFORTH

By | August 29, 2017

In this month’s Neighbourhood Spotlight we take a look at Toronto’s latest upcoming area, Greenwood and The Danforth. We talk gentrification, rising house prices, Platform Condos, and a few neighbourhood highlights.

This month The Danforth hosted the 24th annual Taste of The Danforth, a highly popular festival that shuts down a stretch of The Danforth from Broadview to Jones Avenue. The festival, which garners well over a million [1] visitors over the course of the weekend, celebrates Toronto’s diversity by way of mouth-watering Greek, Thai, and Indian cuisine – and that’s just the beginning.

While The Danforth hosts a lot of people during the festival, this neighbourhood has been attracting an increasing amount of new home buyers over the last few years. The area’s comparatively low home prices has led to an influx of new home owners looking for more space — both inside and out — at a more feasible cost. The low prices however that have been found in the areas that surround the main stretch of The Danforth will likely see a substantial increase in the coming years.

The Danforth is going through a similar gentrification to that of Leslieville and Riverdale about five to ten years ago. These areas started attracting residents with higher household incomes and with that, more boutique retailers, cafes and bars started to appear on the scene. Incredible growth in the community attracted some developers to build what are now highly popular condos and the area is now one of the city’s most sought after neighbourhoods.

The Carlaw (built 2015) in Leslieville

In 2015, when a Starbucks was added to the Danforth just east of Greenwood, this BlogTO article talked about the Starbucks Effect as evidence that an area is gentrifying, which inevitably has a positive impact on the value of real estate. This was certainly the effect in Leslieville and now, two and a half years later, there’s proof in the numbers for the Danforth.

In 2013, the average home price in the Danforth and Greenwood area was $562,979. Today, the average home price stands at $876,515. That’s an increase of 56% in just four years. The Danforth is an attractive neighbourhood as it is directly along the subway line which draws new retailers and development. Residential price growth also favours properties on transit lines. With The Danforth’s sheer proximity to the highly popular Riverdale and Leslieville neighbourhoods, the area is becoming increasingly desirable. This month it was announced that Platform Condos, a new boutique style condo development, is being added to the corner of Danforth and Greenwood. Currently, the area has little to no residential inventory like Platform Condos which means this is going to be a hot property for investors and buyers alike. With the value increases we’ve seen in the last four years, there’s no doubt that the property values in this area will continue to climb.

HIGHLIGHTS

The beautiful tree-lined streets of the neighbourhood are attracting more and more young families and new home buyers. Young families have been flocking here for more reasons than just the price alone. The area offers a plethora of schools and parks that seem to be on every other block. Between Donlands and Coxwell along the Danforth there is an incredible selection of restaurants and bars offering great dining experiences, many of which offer a vast array of local beers. Speaking of local beers, Left Field Brewery has become a neighbourhood staple. Located just south of the Danforth off Greenwood, the small microbrewery is regularly filled with local residents, many of whom show up with strollers in tow. The community here has a small town feel. Charming is certainly the word the comes to mind.

Monarch Park Pool (left) Left Field Brewery (right)

If you’ve been thinking about buying or investing, you may want to consider making the east end your home. If you’re interested to learn more on Platform Condos it’s set to launch in the next few weeks and our Insiders will be the first to receive all of the details. Register here to become an Insider, receive Platinum Access and get all of our hottest pre-construction opportunities right in your inbox.

By | 2017-08-30T13:56:57+00:00 August 29th, 2017|Buying, Investing, Neighborhood, Toronto East End|0 Comments

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