Toronto’s real estate market is closely intertwined with the city’s infrastructure development. As the Greater Toronto Area (GTA) continues to grow, a number of key infrastructure projects are underway that are poised to reshape the real estate landscape. For both buyers and investors, understanding how these projects will affect property values and development opportunities is crucial in 2024.
In this blog, we’ll explore the most impactful infrastructure projects happening in Toronto and how they are influencing real estate trends. Whether you’re looking to buy your first home or invest in preconstruction properties, keeping an eye on these developments could give you a significant advantage.
Major Infrastructure Projects to Watch in 2024
- The Ontario Line
One of the most anticipated transit infrastructure projects is the Ontario Line, a 15.6-kilometer subway line that will connect Exhibition Place in the southwest to the Ontario Science Centre in the northeast. This new line will provide much-needed relief for Toronto’s overcrowded subway system, connecting several high-demand neighborhoods.- Impact on Real Estate: Properties along the Ontario Line, especially those near planned stations, are expected to see a rise in demand and prices. Preconstruction condo projects in areas like East York, Leslieville, and Riverside are already becoming hot commodities as buyers and investors anticipate the convenience the new transit line will bring. If you’re considering investing in preconstruction properties, these neighborhoods are worth exploring, and Taya Real Estate can help you find early opportunities.
- Neighborhoods to Watch: East York, Riverside, Leslieville, Thorncliffe Park.
- Eglinton Crosstown LRT
The Eglinton Crosstown Light Rail Transit (LRT) project has been in development for several years and is nearing completion. This 19-kilometer transit line will run across Eglinton Avenue, connecting the west and east ends of the city, with 25 stops along the way.- Impact on Real Estate: Homes and condos along Eglinton Avenue, particularly in midtown areas such as Forest Hill and Leaside, are already experiencing increased demand as the completion of the Crosstown line draws nearer. Property values in these areas are expected to rise further once the line is operational, making it a great time to invest. If you’re interested in exploring opportunities near the Eglinton Crosstown, our team at Taya Real Estate can guide you toward the best options.
- Neighborhoods to Watch: Forest Hill, Leaside, Mount Dennis, Yonge-Eglinton.
- Gardiner Expressway Revitalization
Another major project shaping Toronto’s future is the revitalization of the Gardiner Expressway. The aging highway, which runs along Toronto’s waterfront, is undergoing significant repairs and upgrades to improve traffic flow and access to the downtown core.- Impact on Real Estate: The revitalization project will enhance access to the waterfront and downtown areas, which could boost property values in nearby neighborhoods. As the waterfront area becomes more accessible and attractive, real estate developments—especially condos—are likely to see increased demand. Investors looking for long-term gains should consider waterfront properties that will benefit from the improved infrastructure.
- Neighborhoods to Watch: Harbourfront, Liberty Village, King West, Fort York.
- SmartTrack Stations Expansion
The SmartTrack project, an initiative to enhance Toronto’s regional transit system, aims to add six new stations to GO Transit lines, improving access to the city for suburban commuters. With improved transit options, suburban areas are expected to see increased development and rising property values.- Impact on Real Estate: For investors, suburban areas near these new SmartTrack stations will become more attractive, as the improved access to downtown Toronto will likely boost demand for both residential and rental properties. Areas in Scarborough, Markham, and Etobicoke that have been underserved by transit could see significant growth in preconstruction projects in the next few years.
- Neighborhoods to Watch: Scarborough, Etobicoke, Markham.
Why Infrastructure Drives Real Estate Growth
Infrastructure plays a critical role in determining where real estate development happens and how property values change over time. Here are a few key reasons why upcoming infrastructure projects have such a significant impact on the Toronto real estate market:
- Enhanced Connectivity: Proximity to transit lines or highways greatly increases the desirability of a property, as easy access to public transportation or major roads makes commuting more convenient. Areas with new or expanded transit options tend to see a rise in property values, as demand from both buyers and renters increases.
- New Development Opportunities: When infrastructure projects are announced, they often lead to new real estate developments. Preconstruction condo projects tend to pop up near future transit stations or newly accessible areas. For investors, buying into these developments early can offer significant returns once the infrastructure is completed.
- Increased Economic Activity: Infrastructure projects often bring new businesses, retail spaces, and services to previously underserved areas. This increased economic activity can further drive up property values, as new residents move in and the neighborhood becomes more attractive.
How Buyers and Investors Can Benefit from Infrastructure Projects
If you’re looking to make the most of Toronto’s real estate market, keeping an eye on key infrastructure projects can help you identify neighborhoods with strong growth potential. Here are some tips to help you get started:
- Research Transit Projects
Areas with upcoming transit improvements tend to see the most significant real estate growth. Whether it’s the Ontario Line or the SmartTrack expansion, focus on neighborhoods where transit access will improve in the next few years. - Invest Early in Preconstruction
Preconstruction properties near future infrastructure projects often come with lower prices compared to post-completion. By investing early, you can secure a property at a more affordable price and potentially see significant appreciation once the infrastructure is completed. - Consider Long-Term Growth
Infrastructure projects take time to complete, and real estate values typically rise gradually as the project nears completion. If you’re looking for long-term investment opportunities, buying near areas set for infrastructure upgrades could yield strong returns over time. - Work with a Real Estate Expert
Navigating the complexities of Toronto’s infrastructure projects and understanding their impact on real estate can be challenging. At Taya Real Estate, we specialize in identifying key growth areas and can help you find preconstruction properties that will benefit from upcoming developments. Visit our website Taya Real Estate or follow us on Facebook to stay up-to-date with the latest opportunities in Toronto’s evolving market.
Conclusion: A City on the Move
As Toronto continues to grow, its infrastructure will play a pivotal role in shaping the future of its real estate market. For buyers and investors alike, understanding the impact of these projects can help you make informed decisions and secure valuable properties before prices rise.
By keeping a close eye on key infrastructure developments, you can position yourself to take advantage of the changing landscape and reap the rewards of investing in one of Canada’s most dynamic cities.
