Â The National Post put a great article about the rejuvenating Queens East which detailed the developments and timelines in the re-creation of Queen street East as an alternative to downtown West condo living. The article is here.
Â There’s no argue that Queen East will grow and flourish. However a few issues are at hand:
1. Lack of multiple cross-town transportation routes. Once East of DVP, Queen streetcar is the main option to the downtown core for the Carlaw street residents, it’s a bit slow and no King streetcar alternative exists.
3. Lack of community support. The area is less developed so it’ll take a few more years for the area to come up to par with the West side. Are you willing to wait that long?
4. Most projects are small. Smaller projects mean less or no amenities. Amenities such gym, pool, rooftop access and movie theatre mean a lot to renters, who lease from investors.
5. Average prices are lower. Is that a problem? well, it can be if prices do not go up as fast as the West side. Yes, your entry point is lower, and investors will make a positive return, because they paid less. But, will the East side appreciate as much as the West side?
6. Price sustainability in times of recession. If the market corrects, it is logical to assume that the East side may lose more value then the already established, close to many downtown jobs,Â West side. It’s that simple.
The combination of these factors force builders to sell cheaper and lure investors and end-users into the area. I’ll stay cautious for now and suggest that if you love the East side for what it is, go for it, otherwise, carefully examine your position and consult a Realtor to get a second opinion before acting.
we strongly recommend all interested buyers to be accompanies by myself (or a licensed Realtor) on the first time walking into any condo sales centre. Realtors get paid by builders and their service is free to you, neither the price of your purchase will change. A Realtor will guide you through the selection and the purchase process and negotiate with the builder on your behalf, as well will refer you to professional such as lawyers and finance/mortgage. Please call me to arrange 416.441.2888 x678.
Â© Yossi Kaplan, MBA
Specializing in Condos, Lofts, Investments and New Developments
Harvey Kalles Real Estate Ltd., Brokerage
tel 1.416.441.2888 x 678