We’re seeing it in the Beach and in many other neighbourhoods across the GTA – the dream of owning a detached home is become just that, a dream. With that, the demand for higher density development is growing.
For anyone who wants to live in Toronto, a detached home is quickly becoming a luxury and families are compromising living space and home style for a lifestyle.
Two things made us consider this dilemma…
One, an article featured in the National Post that says “The dream of an affordable single-family detached home is fading fast.” And second, recent developments in the Beach regarding condo and higher density development.
We work with a lot of buyers who are willing to renovate or build and the goal of finding a 40 or 50 foot wide lot with essentially a tear down is a conversation that typically starts around a million dollars depending on location. For those who are not willing to make the trek to the burbs, many families are considering how much space they actually want and need. Walkability, transit and lifestyle have outweighed large backyards and bedrooms for those who have decided to stay within the city limits.
The debate about condo and high density development in the Beach has been a heated one to say the least. Beyond aesthetics of the design, the neighbourhood is fighting fiercely to retain its small town flavour and concerns about traffic congestion and parking are real. But the neighbourhood has also gone from once being considered almost suburban to now a village just minutes from downtown with high demand from buyers to get the neighbourhood feel with both the downtown and waterfront lifestyle.
Low supply of land and demand from the large market of buyers have made this a long term development plan versus a recent trend.
We’ve seen this through the demand and price increases for areas that were not considered ‘Prime Beach’ in the past. Upper Beach, Beach Hill, The Bluffs, Hunt Club, Cliffside, Birchcliffe…all of these pockets are attracting buyers who want the Beach but who also want the home. Now even renovated semi’s in the Upper Beach are going for $650,000+
How will your neighbourhood look in 25 years? What do you think the average cost of a detached home will be in your area? What neighbourhoods will be considered dream areas compared to today?
The Financial Post says prices will double in 25 years. We remember when Leslieville was just a down and out place to pass through on your way to downtown and now it’s a hot neighbourhood with some of the best dining and entertainment.
Check out these recent articles for more info and let us know your thoughts on density and development in Toronto!