What Is An Exclusive Listing?
People often ask what the new Ossington, Parkdale or Dundas Street West will be. The answer? Look no further than Koreatown, Toronto. If you don’t know where little Korea is, chances are you aren’t the only one.
Koreatown is the small strip located on Bloor West, situated between Bathurst and Christie. In the late ’60s, the area flourished with a huge influx of Korean immigrants. At one point, it was the hub of Korea life in Toronto. Today however, very few Koreans remain in the area, but many of the businesses still cater to its origins.
The winds of change are in the air along this somewhat rundown strip. Over the next few years, this little-known area will become the next it spot. In fact, hints of this are already popping up with Playa Cabana’s Barrio Coreano, Sam James Coffee Bar, and the hipster board games mecca Snakes and Lattes. You’ll also find Basecamp Climbing, the repurposed rundown porn theatre on Bloor West converted into an indoor rock climbing gym.
Anchoring the gentrification to this area is the massive redevelopment of Honest Ed’s and Mirvish Village. Purchased five years ago for $72M, construction is well underway here. You can expect this once desolate corner to revitalize with 800 new rental units, parkettes, restaurants, galleries, and shopping. This will no doubt be a game changer for the entire area.
On the other end of Koreatown towards the west is Christie Pitts. The 8-hector park has ice rinks, baseball diamonds, and a community center. Christie Pitts is also home to the Toronto Maple Leaf Baseball Club and its outdoor film festival of critically acclaimed short films. You might be wondering, does Christie Pitts have the potential to become the next Trinity Bellwoods Park? It absolutely does. As the area continues to gentrify with greater density, expect to see more people looking to take advantage of one of the city’s most underrated parks.
With the Annex to the South and Seaton Village to the North, some of the most beautiful and sought-after residential streets in Toronto surround the short span on Bloor. Here, some of the homes fetch well over $2M. Running directly above the Bloor West subway line and Koreatown bookended by Bathurst and Christie subway stops, this area is highly accessible and central. In fact, it’s far more so than Ossington, Parkdale, and Dundas Street West.
As the city begins to encourage mid-rise residential development along downtown transit corridors, we’re anticipating this pocket of Bloor to be getting a lot more attention from the development community.
The bottom line? Five years from now, Koreatown, Toronto is going to look and feel a lot different than it does today. With greater density, gentrification and better retail, higher real estate prices will inevitably follow. For those wanting to take advantage of a downtown local investment positioned for significant long-term appreciation, look no further. This developing area is trending to outpace the overall Toronto real estate market. It’s definitely a neighbourhood to take a good hard look at it.
This article is written by Ralph Fox, Broker of Record and Managing Partner here at Fox Marin Associates. Ralph is a Torontonian native who recognized from an early age that the most successful people in life apply long-term thinking to their investments, relationships, and life goals. It’s this philosophy, along with his lifelong entrepreneurial drive and exceptional business instincts that help to establish Ralph as a top agent in the real estate market in downtown Toronto.