The biggest reason to live in downtown Toronto is that it’s replete with big city amenities, but the equally biggest drawback is that it’s congested.
But what if you could live somewhere that both brims with activities and isn’t crowded?
As it turns out, North York is undergoing revitalization right now that’s importing the best of downtown Toronto, but without the bumper-to-bumper traffic and frantic sidewalk bustle. The area around Glencairn Ave., in particular, is home to new developments and restaurants, and according to the developer of The Dylan Condominiums—which, at Glencairn and Marlee Aves., is situated smack in the middle of what’s effectively going to look like a brand new neighbourhood when it’s occupied in 2024—the area is reminiscent of Toronto’s Ossington Ave.
“Using Ossington as an example, there are condos built on the street with interesting shopping options nearby, like small supermarkets, restaurants, cafes, and family-run businesses, many with a European flare,” said Ralph De Luca, president of Chestnut Hill Developments. “Similar things are happening where The Dylan is being developed and the values are shooting up: there are nice townhouses nearby for $1.8-2 million and detached houses for $3 million.
“A lot of young professionals are moving into the area because they’re away from the centre of the city, but close to a lot of things like Yorkdale Shopping Centre and all the restaurants on Dufferin St.”
De Luca knows what he’s talking about. Chestnut Hill developed Massey Square Condos near Trinity Bellwoods and helped catalyze the rapid appreciation that swept nearby properties, including those on Ossington Ave. Chestnut Hill’s Gardens at Queen Condos did the exact same thing to the Queen and Bathurst neighbourhood.
Additionally, The Dylan is a three-minute walk from Glencairn Station, the least utilized subway station in Toronto, well-nigh guaranteeing the turnstiles won’t dangerously overflow with people during rush hour, and a few short blocks north of the Eglinton Crosstown LRT, which will have 25 stations along a dedicated track.
“It’s going to appreciate rapidly around The Dylan because you’re in the city but you can go downtown by subway or by car,” said De Luca. “You have more livable space as opposed to being downtown, where prices are higher but the space is significantly smaller.”
With Yorkdale and the Trans-Canada Highway minutes away, condos in the neighbourhood are being developed for around $1,200 a square foot, although The Dylan, a boutique 118-unit mid-rise, is being built for about $200 less.
The value doesn’t stop there. According to Ryan Coyle, co-founder of Connect.ca Realty, The Dylan will yield investors high returns.
“Aside from the building’s beautiful masonry and dark metal panelling, the interior units are very roomy because this isn’t a downtown project, although you might not realize that at first when you’re standing at street level,” said Coyle. “This development will attract a lot of end users, but savvy investors will also flock to it because, with access to four-way transit, residents won’t need to drive anywhere. Whether they’re going to the University of Toronto or York University, the Rogers Centre or Pearson International Airport, they’ll be connected to every point of the city, and that kind of convenience will be reflected in the rents they pay.”
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Written by Canadian Real Estate Wealth.
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Canadian Real Estate Wealth