The Liberty Village condo market has grown considerably in the past five years – adding units, redeveloping historical buildings, and seeing property values heighten. Many first-time buyers have sought out Liberty Village because of the many options available as well as the affordability of these options when compared to centrally-located downtown Toronto units.
Liberty Village is among the most affordable Toronto neighborhoods in this class of high-end condo developments. There is no way to lie about it. To many, even Liberty Village condos are not going to be seen as affordable. If you are a first-time buyer and are serious about making a purchase, Liberty Village condos offer a high value but at a lower price point than what you’d expect. This is not a bad thing.
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Condo values are rising in Liberty Village, all the more reason to make a purchase now and not to wait. Condo owners that are able to reserve units in their name are bound to see values rise and see their investments grow in the next five to ten years by considerable means. There is perhaps no other neighborhood that can offer as much value as Liberty Village can. It has transportation to take one anywhere they need to be in the heart of the city. It has access to the fashion, entertainment, and boutique culture of King West. It has access to the Queen West music scene. The close proximity to the lake and the community events that are common in this area has also brought in many young professionals and a select number of younger families as well.
When analyzing the affordability of Liberty Village condos and why these are ideal for first-time buyers, one must set upon identifying what “value” means. If we interpret value to mean average cost by square foot, data shows that Liberty Village condos actually have a lower cost by square foot than units in competing communities such as Leslieville, King West, the Distillery District, the Downtown Toronto Core, and Queen West – as much as 10 percent lower approximately. This is ideal for first-time buyers as it gives them the chance to make an investment in their future and not having to sacrifice to a bad location for it.
Speaking of location, Liberty Village condos does boast an excellent collection of amenities including grocery stores, furniture and lifestyle shops, cafes, restaurants, pubs, salons, gyms, and anything else that one would expect. So amenities-wise, Liberty Village is A+.
The neighborhood also has a distinct, authentic industrial edge that is not found anywhere else in the city with unique brick-and-beam builds and historic architecture. The 43 Hanna Ave – The Toy Factory Lofts would be a great example. Therefore on the look and character, Liberty Village gets another A+.
The third point that needs to be made is the community feel based around the neighbours. The community has a real heart to it that is not always evident in similar downtown regions. Thereby on the third point, it’s a home run when it comes to associating Liberty Village with something that can be a home – another A+. You don’t have to look much further than the prolific Liberty Village Residents’ Association. A neighbourhood association for the residents of Liberty Village dedicated to building a strong community. Their Facebook page has over 8,000 members.
Admittedly nothing is a sure thing. Buying a condo anywhere in Toronto does not guarantee an investment well made. There are a lot of factors to consider. On nearly each of these factors though, Liberty Village rates high and there is no reason to think that it won’t continue to rate high. There are major success stories in Liberty Village of people having bought condos with values that have jumped as high as 20 percent within a few years. This is not the case for every buyer but it does happen.
The most important thing to consider when buying a condo is to do your research, know what you want in a condo, and to not be afraid to make a decision. The neighborhood of Liberty Village has a range of condos available placed in unique buildings with a number of amenities surrounding them and, at times, they’ve been put on the market to sell quick.
There are several reasons why Liberty Village condos are thought of as less affordable and why they are increasing in value with each passing year. As we explained here, that is not necessarily a bad thing. If you are a first-time buyer, there’s no question that Liberty Village is an area to keep your eye on.
If you have questions about the Liberty Village condo market please contact Michael Camber, Liberty Village’s #1 selling Realtor: [email protected]