East York housing in high demand, expert says

Potential buyers attracted by 'good vibes,' reasonable prices

This home at 43 Aldwych Ave. sold for more than the asking price in December. Fleur Boomsma//Toronto Observer

The East York community is booming, and so is its housing market.

According to Toronto-based real estate agent Suzanne Lewis, the neighbourhood has developed substantially over the past 10 years. From restaurants to boutiques, this has brought a different vibe to the area, she says.

While people may start out looking for homes in Riverdale or Leslieville, they quickly come to the realization that the lack of inventory and subsequent price hikes put those homes out of their price range, Lewis points out. That’s when clients turn to East York, where they can still get that feeling of community without necessarily paying exorbitant prices.

Leslie Hubel has lived in East York for 12 years. She moved to the community during the lead-up to Halloween and recalls the homes being decorated festively.

“A very accepting neighbourhood can always seem daunting at first,” she said via Facebook Messenger. “I have come to know many great people here. Many who have lived here for generations, even.”

East York is home to a lot of post-war bungalows that people may want to buy and renovate. According to Lewis, they’re worth anywhere from $900,000 to $1 million. Once renovated, that figure jumps to between $1.5 million and $2 million.

“There is the walkability, the Danforth, and even Pape is changing,” Lewis said, noting that some people still prefer living in a detached house to avoid sharing a wall with neighbours. They also like have a parking space and proximity to the subway.

Real estate, says Lewis, is about supply and demand. There is always a demand in the East York neighbourhood, but there aren’t many houses on the market that can fulfill that need.

Just last December, a home at 43 Aldwych Avenue sold for $304,000 over the asking price. However, some homes may be priced under market value to attract different buyers, Lewis says.

“The first quarter (of the year) is over, and what we saw is that good product goes fast,” she noted. “There are still multiple offers.”

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Posted: Apr 24 2018 4:30 pm
Filed under: News