10.26.2021
Your Guide To Buying A Condo In Regent Park
Condos
Only a few years ago, Regent Park wasn’t exactly considered one of Toronto’s most desirable neighbourhoods to live in. With few local amenities to choose from, both crime and homelessness rates high, and the overall standard of living low, Regent Park didn’t have much going for it.
The Regent Park of today, however, is a stark contrast. Now, it’s one of the city’s hottest ‘up-and-coming’ neighbourhoods and has sparked the interest of many observant buyers and shrewd investors. The neighbourhood itself has begun to become somewhat gentrified, and many new pre-construction condo developments have been approved and even started construction, in some cases.
So, if you’re looking for one of the next best neighbourhoods in Toronto to invest in — whether you’re buying a property for yourself to live in or as an income property — look no further than Regent Park. Here’s my guide to everything you need to know about buying a condo there.
Not Every Block Is The Same
As with any Toronto neighbourhood, not every block or area is the same — and as far as Regent Park goes, that universal truth feels even truer. Despite this previously sketchy neighbourhood going through its recent drastic metamorphosis, there are still a few areas that are better investments than others.
If you’re not overly familiar with the neighbourhood, these can be tough to determine solely from a listing’s map, so before you decide to inquire about a property (or worse, submit an offer) it’s worth it to consult a neighbourhood expert about your potential new address first. For instance, the parts of Regent Park along main streets like Dundas and Queen have come leaps and bounds in terms of safety, appearance, amenities, and overall development. The same goes for much of central Regent Park too.
However, the northern parts of Regent Park closer to southern Cabbagetown are still going through changes and might not make for the best permanent living situation for every buyer just yet. If you plan on moving to Regent Park immediately or in the near future, maybe consider finding a home somewhere in the southern part of the neighbourhood for now.
My Properties For Sale page features real estate listings from neighbourhoods all across the city. Take a second for yourself to explore my collection and fantasize about what could be your future home.
Invest Today, Enjoy Tomorrow
As much as we’ve talked about Regent Park’s recent return to form as a neighbourhood, it’s still not quite up to the standards of some buyers who are used to more polished parts of town. However, that doesn’t mean now isn’t a great time for potential future residents of Regent Park to invest in the neighbourhood.
In fact, now’s probably the most opportune time to invest in Regent Park, as the neighbourhood as a whole still hasn’t completely shaken its previously controversial reputation. Plus, now’s also the time when many new condo developments are being approved, and pre-construction units are popping up for sale.
Because of the nature of pre-construction real estate, many buyers who are investing in Regent Park properties aren’t expecting to actually live in the neighbourhood for a good few years until their condos and homes are physically built. However, in the time between now and then, there’s no telling how much property values are going to appreciate.
That’s why if you’re thinking about investing in a new condo development, it’s within your best interest to get in the market now and wait. It’s also worth noting that if Regent Park doesn’t exactly pan out the way you’d hoped in time, you can always sell your unit before move-in day — and with the way property values are already increasing in Regent Park, you can expect to make a tidy profit too.
Time and time again, real estate has proven to be one of the safest and most lucrative long-term investments you can make. Learn more about how you can safely and successfully start your real estate investing career here:
Know Your Developers
There’s more than just one reason why certain new condo developments aren’t as expensive as others, and sometimes it’s to do with more than just their location.
It’s true, units in new pre-construction condo buildings going up in Regent Park are going to cost less on average than similar units in other more developed neighbourhoods — however, price can also be an indicator of quality.
Knowing how to discern between pre-construction condo units can be difficult, especially considering they aren’t even physically constructed yet. With that in mind though, there are ways to tell whether or not a real estate development has a good chance of panning out well, and the main one is to research the development and build teams responsible for launching the upcoming development.
If you see a pre-construction unit priced at an attractive price in Regent Park, there’s every possibility it’s primarily because of its local neighbourhood. On the flip side, it could also be because the developer likes to cut corners and produce lower-quality developments. That’s why you should always do your homework on who exactly is responsible for a real estate development before you invest in one, most pertinently in less desirable neighbourhoods like Regent Park.
Curious to learn more about what makes the world of pre-construction real estate so exciting? Read through my related posts below to find out why the real estate industry in Toronto is so absorbed with pre-construction developments.
- Resale Condos vs Pre-Construction: Which Is Right For You?
- 5 Pre-Construction Projects To Keep Your Eye On Right Now
Get Local Expertise
Ahead of any investment in real estate anywhere in the world, it’s always a very useful practice to consult the expertise of a local real estate professional before putting any money down. The same sentiment obviously applies to investing in Regent Park.
While many premium Realtors® in Toronto will have limited experience working in Regent Park due to its troublesome previous reputation, those who have been following Toronto real estate trends and statistics closely will know Regent Park well despite a low number of transactions in the area.
If you’re looking for qualified real estate help with buying a condo in Regent Park, it’s best to interview several different real estate professionals before choosing one to help you make your move. Ask them pressing questions about the neighbourhood, property values, local amenities, pros and cons, and anything else that will help you determine their level of knowledge about the neighbourhood. From there, choose the professional that seems the most authentic and informed to help you devise your next steps.
There are a lot of steps that go into buying a home, especially in a city like Toronto. However, with the right guidance, the process can feel as straightforward and exciting as you’ll let it. Learn more about how you can buy a home in the city here:
