With speculation about a slowing economy, everyone’s searching for a little security. Here are [Toronto Life's] picks for crash-resistant neighbourhoods
The most important consideration in buying crash-proof real estate is the overall vitality of a neighbourhood. Look for areas with thriving local businesses and well-maintained homes that are accessible by TTC. Districts with a diverse mix (detached, semis, towns, apartments and condos) at a variety of price points means you won’t run the risk of living in a bust area if, say, townhouses go out of fashion (ultra-high-end condos, which tend to attract foreign investment, are the exception). Flexibility is another key; properties that are easily converted between single-family and rental units will ensure against a property value–lowering fire sale if your neighbour is desperate to sell and can’t hold out for a decent price. Regions populated by those who work in IT, advertising, design and media will fare better through a downturn than nabes with high-flying financiers or auto workers. Areas with artsy professionals often have a high proportion of cafés, galleries, boutiques and other value-maintaining amenities. Having a permanent attraction such as a museum, park or waterfront, and residents with fixed incomes (such as students and seniors) provides a steady support system for local businesses. Emerging areas with undervalued properties are money-makers when gentrification hits.
They include; Annex, Guildwood, High Park - Swansea, Kingsway South, Kensington - Chinatown, Longbranch, Palmerston - Little Italy, Rosedale - Moore Park, Trinity Bellwoods, University.
The criteria for selection was; high percentage of students and seniors, high concentration of luxury condos, properties can be converted from single family to rental units, permanent attraction and populated by IT, AD, design & media types.
David Pylyp; While I agree with the selection process, concentrating in the west side of Toronto I am more familiar with High Park- Swansea. They have excluded a large up and comming neighbourhood of The Junction. This has a vibrant arts community and a revival of business thru the local BIA. The Longbranch neighbourhoods (Mimico and Alderwood) have long been undervalued compared with other Toronto locations. Another omitted and highly desireable pocket is the Markland Wood neighbourhood with what, I believe, is the highest concentration of inground pools per square mile.
In each neighbourhood evaluation one does need to examine, community involvement, investment in renovations and the turnover (stabililty of ownership) rates.