The fall market in 2023 has thus far been slow in the GTA. Condo prices are mostly stagnant or slightly dropping, many buyers are holding off for lower interest rates expected in 2024. A number of potential buyers have reached out in the past few weeks for advice on where I think will be the biggest capital growth in West Toronto/Etobicoke for the next five years for resale condos. If you are looking to buy an investment property or a primary residence below you’ll find some useful information on the best Etobicoke neighbourhoods to buy a resale condo in 2024.
This area has grown a lot in the past 10 years and is primed to continue its growth in the future. There are a number of buildings that are either under construction or planned in the near future. A new access spot for transit with the proposed Park Lawn GO station is likely coming soon. A new catholic elementary school is already being built with two more schools proposed in the plans for the 2150 Lakeshore Rd project. There are more than 30,000 units that are planned, or proposed.
Along the Eglinton Crosstown West Extension
There is plenty of evidence that major public transit lines increase property values and future growth. The Eglinton Crosstown West Extension will raise property values along the Eglinton West corridor in the coming years. The project is already underway and is expected to be completed in 2031. Density should increase in the next ten years which will bring a lot of new businesses and amenities to the area along with a great transit connection throughout the city.
What happened in Scarborough along Eglinton LRT
“Property values began to creep up, when the transit line had slowly but surely begun to materialize, says Strata.ca. The average cost PSF around Scarborough’s Kennedy station has risen by a stunning 135%.” – link to article by Storeys. The smallest percentage increases along the Eglinton LRT were around Yonge/Eglinton since that’s the area where affordability was lowest. In areas where it was still relatively affordable the price increases have been higher.
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Six points interchange
This is a neighbourhood with huge potential for growth, There are plans for several condo communities in the area where the six-point interchange reconfiguration is complete which makes the area more urban and resident friendly. It’s already on the Bloor subway line and close to the 427 so the location is excellent.
More of a community feel
Downtown Etobicoke at six points is on the cusp of transformative growth with over 35 applications and approvals for new condo towers underway. Rental and condo buildings are expected along with the New Etobicoke Civic Centre under construction at 3755 Bloor St. It will be a mixed-building that will feature a wide range of community amenities for residents along with municipal offices.
Granted, this isn’t in Etobicoke but it gets an honorable mention due to its proximity. The Inspiration Lakeview master plan will drastically transform the southern part of Mississauga and bring approximately 20,000 new residents to the area. This could easily become the most in-demand area of Mississauga.
Currently underdeveloped area
As it stands, currently there aren’t very many condo buildings in the area. Your choices are limited but the price per square foot is one the most appealing in West Toronto while boasting proximity to the Lake, downtown, and Gardiner/QEW/427 access. I believe that the higher prices of the new developments at Inspiration Lakeview will raise the property values of the current resale condos as it will add businesses, amenities, and more to this underdeveloped area.
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