Toronto, Canada, was once a quiet and large enough home for the occasional immigrants from across the world. The constant wave of people, all of different ethnicities, religions, and regions continued and the areas on Toronto began to spread. So much was the effect that by 1934, the Toronto Stock Exchange rose to be the greatest in the country.
This popularity of Toronto was also based on the fact that the country and the city did not discriminate between the settlers on the basis of race, thus making the place safe and profitable for every settler. This popularity brought not only a great real estate boom but also massive infrastructural developments and as a result, prices all around went skyrocketing.
Renewed demand for houses in East End
Being one of the oldest parts of Toronto, the East-end is not only an antique neighborhood but the restored Victorian homes and businesses, the demography of this area is that it houses some of the wealthiest and some of the poorest population in the city. But, the architecture and planning of the neighborhood are such that you feel that you have gone to the Victorian era. It will not surprise you if you saw a couple of ghosts in typical Victorian garb stroll past you in the evenings. But, the contrasting high-end businesses and shops are designed and located such that they complement the old world feel. It is this entire setting of this neighborhood that has made a comeback in terms of real estate demands for people who are shifting to this quaint locale.
Parts of Moss Park and Regent Park, deemed to be the oldest settlement, are going through some massive renovations in terms of demolishing and rebuilding of mixed housing types to accommodate the demand for more people. But why is this surge? Why is this particular locality so popular? The answer lies in its feel and the neighborhood. Everyone wants peace and safety in terms of accommodations and those two are what you will definitely get here in East End. The prominent silence when you enter Danforth from Bloor somehow encompasses you in a warm embrace. But, the quiet is not a mark of isolation. Rather, the adage of the world at your feet can be aptly applied to this area of Toronto. From some of the best schools to businesses to popular eateries and sights that attract millions of tourists, you will find everything here. Accessibility is highly rated and reaching the Entertainment District or the Financial District is a matter of fewer than 15 mins from anywhere in East End.
Reasons for the surge in prices of houses in the East End
News reports reflect that the sales on real estates, especially the detached homes, have gone up to 88% in the market and in the Toronto Real Estate Board. And, the news is that the price hike will keep on ascending. If you plan to buy a house in any of the areas of Blake – Jones, South Riverdale, North Riverdale or Greenwood – Coxwell you need to dole out at least a million dollars to be even considered in the race for landing on your favorite spot. But this is not a deterrent for thanks to the low-interest rates on home loans from RBC, people are not letting the financial aspect of buying a house deter them from making a booking.
But what is the cause behind this surge? Is it just the accessibility and quiet wait of life? The answer is majorly yes. Toronto is still one of the cities where greenery is preserved and the old world feel is soothing and a welcome change for anyone who has lived amidst the hustle and bustle of a thriving urban life and needs to relax. The riverfront, the farmer’s markets and gardens, the walkways and the constant homely atmosphere is not only peace-inducing but you can also turn Miss Marple and have a good study about human nature. After all, there is somebody from everywhere who decided to grow roots in East End. But, the hustling and grandiose downtown is just next door of the East End but the ambiance does not leak into the peaceful settlement.
The reports that speak of the rise in the housing prices of East End also predict that this hike will not lessen and if you are looking for affordable accommodation then the outskirts are your best bet. The scenarios in Steeles and L’Amoreaux of Scarborough are the toughest (from the point of view of the buyer) in terms of demand and price hikes as 76.2% of sales in detached homes have been in these areas alone. This is because they offer family units as compared to West End’s bachelor pads or single units which is a hindrance for several buyers.