The cliché ‘location, location, location!’ still counts for a lot when buying Toronto real estate. Depending on where a person’s priorities are, seeking out certain neighborhoods make sense. Location as it relates to close to where a resident works, transit links that allow them to traverse the city, and having their preferential interests surround them is key to feeling like you are home.
Identifying what makes a good location to you as a buyer of Toronto real estate is important. For example, a luxury condo buyer that wants a multi-million dollar condo is going to want to check out neighborhoods like King West and Yorkville, among others. For someone looking for something of value, they may look to areas outside the downtown core.
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For many of us, we’ve settled on living in the city and accepted the costs associated with that. Once a buyer has decided upon downtown Toronto, most then look to the neighborhoods they prefer and budget accordingly. There are a variety of reasons to consider the growing community of Liberty Village.
While some neighbourhoods and housing options have come down in price since the peak of March 2017, Toronto condo prices are still up (almost 20% year-over-year this November). Liberty Village, for example, remains a very popular place for condo buyers. Good neighbourhoods downtown tend to be more insulated from dramatic market swings. Meaning, waiting for any further market correction could very-well be a bad strategy. Good downtown condo neighbourhoods are not about to get any cheaper.
This all brings us back to an earlier point. Liberty Village is still a neighborhood in re-development mode that has already attracted buyers from across the city seeking to move into a slightly more affordable central/west area. Part of the reason has been because the neighborhood has demonstrated more reliable growth than other parts of the GTA have been able to. Liberty Village’s existing condo developments are bringing in buyers and there are plans for further developments in the coming years. In addition to the residential spaces being built, numerous spaces have been re-developed to accommodate commercial businesses – meaning – you can work where you live.
Needless to say, there’s a clear sense of renewal and creativity in the air in the neighborhood and this is something that has attracted many eyes. Some GTA freehold neighbourhoods have been hit hard with low sales numbers and stunted growth in recent months. In part due to Liberty Village’s reliance on condos, much of its growth has been retained.
Beyond the impressive properties available for rent and sale here, Liberty Village is well connected to downtown (even more so since the King St Pilot Project started) which is simply down the street when one rides the King streetcar. Due to an abundance of restaurants and bars and other convenient amenities, it has a lively feel, day and night, which is perfect for many Torontonians.
It also has a strong sports atmosphere with Toronto FC, Marlies, Argos and the Toronto Wolfpack rugby team regularly hosting games here. The neighborhood is also not far off from Queen Street West, King Street West, Ossington, and a range of parks.
For buyers, as the market continues to grow, there simply won’t be a better time to buy than right now. Though many may be saving for a starter semi-detached or detached home, there are simply not that many around in Toronto for a reasonable buy-in for a first-time (or second-time) buyer. It may make more financial sense to invest in a Liberty Village condo that you can sell five or six years down the line, having built some equity while experiencing, on average, 5-7% annual increases in value.
Should the time come to cash out, the current climate is a good one to sell a Liberty Village condo. The demand is strong, supply is low and the amenities continue to attract new businesses to the neighbourhood.
Location is always going to be one of the biggest influences in buying and selling real estate. Today, it might be the single biggest influence on Toronto real estate. While some neighborhoods are struggling to sell the properties available, there are others like Liberty Village that are thriving. For these reasons, among others, Liberty Village continues to receive much attention from Toronto real estate buyers and sellers.