The Regent Park neighborhood is turning into one of the fines communities in Toronto. What was once a low-income community now is a modern, urban, and well-developed neighborhood, with a lot more great things underway. The $1 billion revitalization project is still not completed, and there is a lot to be done.
When the revitalization is finished, Regent Park will be a mix of retail spaces, affordable houses, and condo units. City planners expect 12,500 new residents to move into the new residential units. Thanks to the revitalization project, 465 jobs have been created, with more to come as the project progresses.
Almost 92% of all residential units on the property market are condos, whereas the rest are either condo townhouses (5%), semi-detached houses, or other condos. One-bedroom apartments are one of the most popular apartments.
Getting around Regent Park is very easy because of the bus routes and streetcars that cut through the neighborhood. Those that prefer to drive can easily reach the Don Valley Parkway and the Gardiner Expressway.
Thanks to the rejuvenation, some parts within Regent Park are already transformed into chic, modern, and expensive communities of condominium buildings and townhomes. Nevertheless, city planners are determined to turn Regent Park into a mixed-income neighborhood where everyone can co-exist.
The goal is to ignite a cultural, social, and economic awakening of the Regent Park neighborhood. What were once isolated streets are now an integral part of the city, which will open new transit lines and will enable easier getting around.
One of the most astonishing parts of it all is that an entire neighborhood can be completely demolished, re-invented, and re-built. If all turns out as planned, Regent Park will be a stunning success and a template for urban living, just with entry-level prices. Then there is the location of the neighborhood, which further increases the appeal of the idea of living there.
Due to all that, there is a lot of interest from investors, buyers, and developers. Condo hunters looking to get a good deal are already circling the local development projects. It is hard to tell how many of the condo units still in development have been sold. However, there is an impression that developers are pleased by the demand.
One of the summer trends is condos with balconies. During the COVID-19 pandemic, the balcony is almost like an oasis. Even before the pandemic, buyers paid premium prices for condos with balconies. Nowadays, they pay even more for a condo with a terrace or a balcony attached. This new found love for condos with balconies is because of the spring lockdowns that were particularly hard for people who lived in condos without access to balconies or terraces.
Many people don’t realize that the balcony does not belong to them, even though they paid a premium price for a condo with a balcony. Instead, the balcony belongs to the condo corp. The fact that the owner can only gain access on the balcony means that he only can use it. Currently, most balconies and terraces in the city are around 40 sf, translating into a $20,000 premium. That’s $20,000 extra for the same apartment just with a balcony/terrace.
The demand for condos with balconies will remain strong throughout the year and beyond, regardless of this fall. Other than that, real estate experts predict that condo prices will start declining this fall, as early as the second half of October.
Their reasoning is based on the fact that at the moment, the number of active listings is twice bigger as the current sales. As we progress into the fall and even a smaller spike of new coronavirus cases, the sales will further drop. That’s the basis for that projection.
Regent Park is somewhat of an urban experiment, a mix of affordable housing and stylish condo units. The city of Toronto has already invested heavily in the success of their project, and from the look of things, they are not ready to stop until Regen Park is shaped the way they’ve imagined it.
The demand for condos in Regent Park is already ramping up. The logic says property prices should grow significantly in the coming period. But at what pace the property prices will grow won’t depend just on the demand as it seems that the city will also have its say in this matter.