Pass or Pick: Should You Consider Investing in a Regent Park Condo?
Regent Park covers more than 69 acres and is one of Toronto’s most densely populated neighborhoods. Since 2002, a massive development project is underway to transform this housing community into a modern one with all sorts of amenities.
The revitalization project costs approximately $1 billion and, when finished, will count more than 5,200 new condo units.
Regent Park is already way different since the start of the revitalization project, and there is a lot more coming to this area. Its former reputation is almost a thing of the past.
That begs the question: should you pick or pass the opportunity to invest in some of the new Regent Park condos for sale?
Well, here are the facts that should help you with this decision.
Consider the many new amenities
There is a list of many new amenities added to Regent Park, such as the stunning Regent Park Aquatic Center containing a 25-meter pool, water slide, a leisure pool, spa pool, diving board, and a Tarzan rope!
Then there is the Daniels Spectrum Center, a $30 million investment, where numerous cultural and art events are hosted. It is a 60,000 square foot facility that attracts thousands of visitors every year. In 2015, the Daniels Spectrum Center received the EDRA Great Place Award.
Consider the many new job openings
The revitalization plan boosted the local economy and propelled the creation of more than 500 jobs. Once the revitalization is complete, the number of jobs is expected to rise to 1,100. Some of the new jobs were created by Rogers, RBC, Sobeys, and many other renowned companies. A strong local economy has always been seen as a hint that the local real estate market is doing great as well.
Consider the location of Regent Park
Some of Toronto’s most popular neighborhoods are within walking distance from Regent Park. That includes Moss Park, Corktown, Ryerson University, Cabbagetown, and St. Lawrence Market. In all of these communities, the average condo price is $1M.
Consider public transport
Regent Park has fantastic public transport options. TTC lines cut through the neighborhood, plus the DVP is quite close, a minute or two drive.
All in All
Long gone are the days when Regent Park was marginalized. A lot has changed since the former mayor David Miller started the Clean and Beautiful City Campaign and the revitalization of Regent Park started. Nowadays, it indeed looks and feels like an integral part of Toronto. It is a growing community that has a lot to offer for anyone interested in living there.
At the same time, it makes a lot of sense for investing in a condo. The condo rental market and the condo market hasn’t been doing great recently, but that won’t last forever. Once the pandemic starts to loosen up, the universities open their doors, and migration returns to normal, condo prices in Regent Park will begin rising again. The ones that will benefit most from those can see a bit further than the current circumstances.