As the housing market in Toronto ebbs and flows, demand for East York homes remains strong.
The latest data from the Toronto Real Estate Board shows East York homes selling on average about 10 per cent above their Toronto counterparts throughout the last year.
In August the average East York home was selling for $873,993. That’s 17 per cent above the Toronto average of $726,712 for the same time period.
Much of the demand for East York housing is due to the unique community it offers, according to real estate broker Anna Michaelidis of Urban Reality.
“I think in the end it comes down to it being still like a small community type of feeling,” she said. “It’s like being in your own little town, your own bubble of East York.”
The unique feel is combined with convenience. “I think the proximity to downtown makes this a very attractive option for most folks that need to commute into the core,” Michaelidis said.
Access to nature is also a driving factor, along with plenty of parks to choose from and access to hiking trails in the Don Valley.
“It’s like a little town within this major metropolitan city,” she said.
Opportunity for growth
All of this has created a strong demand for housing. “The folks are naturally attracted to the neighbourhood and there’s not enough supply to keep people happy,” Michaelidis said. “So, what we really see in East York and some of the surrounding pockets is the opportunity for growth.”
This hasn’t been missed on store owners.
“We’ve seen so many new retailers coming in because they see the demand,” Michaelidis said. “It’s definitely attracting more of the trendier kind of indie places, because they see a demand for the neighbourhood.”
The neighbouring arteries along the Danforth are also seeing growth.
Pape Avenue in particular has seen a number of new stores opening up in the last couple of years. Michaelidis attributes a lot of this movement to the high expenses of operating a business on the Danforth and the property taxes that come with it.
“Pape is the New Danforth,” says Michaelidis. “That’s the quoted phrase.”
As market confidence rebounds since its short downturn in April, the East York market is expected to continue to grow.