One of the hottest real estate regions is Toronto is the Leslieville area. Its located just east of downtown before the long time favorite of the Beaches. It was mostly know as an industrial part of town until recently.
Its location close to downtown has made it attractive to young home buyers. The rise in demand for housing stock in the area has seen the development and conversion of old factory buildings into residential condos. The stretch of Carlaw AVe between Eastern Ave and Gerrard St used to house various factories. One of the newer condo developments in Leslieville is called the Printing Factory Lofts. This building was completely redone and its attracted some attention in the media for the wrong reasons although the building has been occupied. The lofts have been developed but an article in the Globe and Mail details some potential problems for the building that were raised in early 2014. Those problems have likely been addressed but anyone looking to buy in the building should review the building status certificate to find out if everything has been resolved.
Beside thos issues the area has become very busy with two new developments right near the corner of Dundas and Carlaw both built by the Streetcar developer. The developer is well know in the eastern part of Toronto for some of the developments its done including its latest project the redevelopment of the Jilly strip bar on Queen St and Broadview Ave. The strip club closed down and all the long time residents moved out so Streetcar is now turning the building into a boutique style hotel showing the development potential for the eastern part of Toronto including the Leslieville properties.
Many residential buildings in the area are selling very rapidly because of the price points. Young buyers with kids might have been looking in the western part of downtown Toronto but finding something priced for a young family in the Annex area is extremely difficult. Those buyers have been forced to look even farther west and finding something affordable that is still close to downtown Toronto is difficult. Without going out to the popular Beaches area young family buyers are able to afford something in Leslieville where some two bedroom rooms that are move in ready can still be bought for the low $600,000 price point. Homes in the Beaches or Riverdale matching the same layout and number of bedrooms would be priced over $700,000 if not more if the properties received multiple bids.
The lower price point has created some depend in the area so many home received multiple offers which drives up the prices and makes some properties extremely pricey when compared to other buildings in the area. The right location, close to schools or parks, can cause buyers to pay at least 20 per cent over value when compared to some units in the area.
These higher prices has created the potential younger buyer condo market in Leslieville. These buyers have been priced out of residential homes so they are looking for condo units priced around the $300,000 price point in Leslieville. Those lower price points exist along with some units priced in the upper $400,000 range depending on the unit size and the buildings location in the area. A new large condo development is being planned for the old Weston Bakery property at the corner of Logan and Eastern Ave. The building will have hundreds of units and it will be interesting to see if these units sell out like the successful Streetcar development called the Carlaw. The Carlaw was sold out and even before people move in the building units are being resold by buyers who purchased in the pre-construction phase. Streetcar is now developing another building right beside the Carlaw called the Taylor and they should enjoy success with that building.
They created a great video showing the construction of the Carlaw building; https://youtu.be/n7eD0icMbjk