Today, I’m going to bring you on a very special journey.
You will see a very different side of Toronto, maybe you didn’t even know it existed.
Let’s take a look at the building on my left.
It was built in 1971, so it’s 51 years old.
What’s your impression of this kind of building?
Low quality, low income…
I would think so too.
But this is an exception.
Most of the home owners here have renovated and modernized their suites.
Guess how much it is to rent a 600 square feet 1 bedroom unit here?
$2,000 per month.
With that price, you can rent in new condo buildings in downtown Toronto.
Yet, it is so tough to find availability here.
Only 1 unit had become available this year and it was leased right away at $2,030 with only 1 day on the market.
You see, people are obviously here by choice, not because they have no choice.
Let’s take a few steps down to the next building.
This is also a 51 year old building but it looks much nicer because the exterior is all renovated.
It is only in an upscale neighbourhood where people would agree to invest
in a big upgrade to the building exterior.
The rent for a 2 bedroom unit here?
$4,000 per month.
Are there any younger buildings here?
Let’s walk all the way down the street.
The youngest building you can find in this neighbourhood is this 28 year old condo complex.
The city didn’t approve anything else in this pocket for the past 30 years.
A 1600 square foot 2 bedroom unit, with an almost $2,000 monthly condo fee, was sold for $1.6 million dollars.
And it only took 8 days to sell, at the end of May, when most people are talking about a cooling market and worrying about another rate hike in early June.
The rent? $5,000 per month.
You see, people really want to come live in this neighbourhood, even though the buildings are so old, the condo fees are so high and the rents are so expensive.
They are here by choice.
So what is the thing that attracts them here?
Let’s go to the other end of the street.
We’ll turn left here and go towards the north.
Some nice neighbourhood shops at the intersection.
We’ll take a right to Lonsdale Road.
Do you know how much it costs to live on this street?
Just normal houses like these ones.
$2 million? $3 million?
Over $5 million dollars.
And having the money doesn’t mean you can buy what you want.
Only 1 house had become available on this street this year.
It was sold at $5.35 million dollars in May with only 16 days on the market.
Again, this is when everyone is talking about a crashing market.
With $5 million dollars, you can buy a mansion in Markham.
But people fight to buy a small house here instead.
So here we are, at the first gem of this neighbourhood.
The Bishop Strachan (strong) School, BSS.
You can tell from its architecture that it’s not just a regular neighbourhood school.
It’s an all girls private school.
Just the registration fee will cost you $8,500.
The tuition fee for day students is $36,000 and there’s a boarding option for an additional $30,000.
Did you know that Toronto’s Pearson International Airport was named after Canada’s 14th Prime Minister Lester Pearson?
He’s also a Nobel Peace Prize recipient and his daughters came to school here in BSS.
Just another minute down the road, we have arrived at the second gem.
The all boys Upper Canada College, UCC.
It has a huge 35 acre campus.
I’m sure you can already tell that it’s a highly selective school.
Only around 15% of applicants will be accepted.
You know the company Rogers, our cell phone, internet and TV networks all depend on it…
Its founder Ted Rogers, as well as his father and grandfather all attended UCC here at the corner of Lonsdale and Forest Hill Road.
Just by looking at these houses, you can immediately tell this neighbourhood is different from any other in Toronto.
It gives you that upscale and elegant feel.
Rich people love this neighbourhood and they don’t sell.
If you take a $3 million dollar house in Markham and put it here on Forest Hill Road,
it will be over $8 million dollars.
As an investor, of course I would love to invest in this neighbourhood.
But I need something smaller, something that I can collect a monthly rental income,
just let it run and appreciate over the long term.
The problem was… like I said at the beginning… no condo was approved in this south Forest Hill neighbourhood for the past 30 years.
Finally, the chance has come.
It’s going to be very exclusive.
And exceptionally upscale.
Let’s go back to the street when we first started, it’s only a short 10 minute walk from the Upper Canada College along Lonsdale Road.
Remember this 51 year old building with the renovated exterior?
Our site will be right across it and it goes from this sign all the way to the end of the street.
It’s a huge site but we’re only going to have 2 boutique style buildings, 20 and 21 storeys.
Look at that.
So grand and classy!
Each unit comes with a 2-meter deep balcony, that’s 6.5 feet, highest standard the city has ever seen.
Obviously, this project is going to have units from $3 to $5 million dollars.
The amazing thing is you can get into this building with less than $900,000 for a 1 bedroom unit.
As an investor, I want to get in at the low to mid price range and let those super expensive suites bring up the value of the whole building.
Here’s the thing.
The number of suites below $2 million dollars is going to be very limited, only 250 units or so.
You see, it’s like getting a limited edition sports car.
Let me show you 2 more hidden gems.
There will be a new laneway behind the porte cochere (port co-chair)
You can simply walk up here from the laneway and this wall will be decorated with artistic greeneries.
The first hidden gem is just right around the corner.
That’s the St. Clair West subway station.
Even the subway station here has that upscale feel.
Now the second hidden gem (jam) is just behind the subway station.
It’s a super nice trail!
I’ll let you enjoy that real background sound for a moment.
Where else can you find such a neighbourhood in Toronto?
This is Forest Hill.
If you’re ready for a limited exclusive opportunity at Forest Hill, schedule a call with me now at the link below.