Toronto Real Estate – Focus on Roncesvalles Village
From The Condo Guide
In this issue of Condo Guide, Urbanation continues its tour of Toronto’s diverse neighbourhoods with a visit to Roncesvalles Village, or ‘Roncy’ as it is often called by its loyal residents. Just east of High Park, Roncesvalles is largely considered a Polish neighbourhood characterized by the city’s best schnitzel, sausage and sauerkraut! Family-run pastry shops and delis still dominate the storefronts, but a growing number of independent boutiques like Frock, Scooter Girl and Soap Scope have started to dot the avenue, not to mention well-known franchises like Timothy’s, Second Cup and The Friendly Thai.
Getting to Roncesvalles Village is easy – you have the choice of several streetcar routes, or you can take the subway to the Dundas West stop.
You can’t miss it by car or bike either – take King or Queen Street West and you’ll end up at the Roncesvalles junction. With Lake Ontario and Sunnyside beach to the south, High Park to the west and Bloor West to the north, this small town within a big city is superbly located for those who want to combine urban living with nature walks, bike trails and waterfront activities.
Much like Cabbagetown, Leslievillle and Riverdale, Roncesvalles has been a house ‘flippers’ dream. Over the last seven to eight years Roncesvalles has grown in stature and property value. The demand to live in the area has been fueled by first-time homebuyers and young families looking for loads of character and a neighbourhood appeal, yet priced significantly lower than The Annex or Bloor West Village. Although dominated by detached and semi-detached homes, there is also a growing loft conversion and condo market.
Despite its village feel, Roncesvalles Avenue has been deemed an ‘arterial road’ by the city and province, which means it’s an area targeted for ‘intensification’. To this end, condominium developments are being considered where they never were before – “design, not density” is the Roncesvalles BIA’s (Business Improvement Association) mantra.
There are currently three new loft projects in the Roncesvalles area that still have units left – the new High Park Lofts with its 1201 cathedral nave-inspired atrium, located on the corner of Roncesvalles and Ritchie Ave.; Robert Watson Lofts, a five-storey industrial loft conversion and a new six-storey loft building; and Roncesvalles Lofts, a five-storey Miami-style building with open-air corridors, which just launched in June 2006. There are also several recently completed projects that are now trading in the resale market, including BeBloor, Bloorline Lofts, The Cathedral Lofts, Chelsea Lofts, Glenlake, High Park Condominiums and the Wallace Station Lofts.
There are also lots of affordable ownership opportunities to be had in the Roncesvalles condominium market. Urbanation has been tracking the Toronto CMA high-rise condominium market on a quarterly basis since 1981. In our quarterly report we break the Toronto market down into smaller submarkets. Roncesvalles Village falls under the ‘Roncesvalles/Junction’ submarket, which includes a total of six new condominium projects selling at an average price of $313 per square foot at the end of the third quarter of this year. Ranging from $140,000 to $670,000 in price, condominium units in the Roncesvalles market are significantly less expensive than the Metro Toronto market, which commanded an average of $371 per square foot at the end of the third quarter. Another interesting fact is that 78% of the new condominium units in the Roncesvalles/Junction area are sold, leaving just 103 units available for sale!
Roncesvalles’ unique housing stock of loft conversions and innovative building design, surrounded by old Victorian and Edwardian homes, makes this neighbourhood an easy sell in my mind. Affordability, coupled with culture, High Park, Lake Ontario and quick access to downtown is everything you could want from a Toronto neighbourhood!
Next month’s issue of Condo Guide will focus on South Riverdale / Riverside / Queen East / Leslieville – by the end of the tour, I hope to have a better understanding of this rapidly changing area and know just what to call it!
Quick Facts:
• The Roncesvalles streetcar yard is the TTC’s oldest yard, built in 1895. It is also suspected that the intersection of Roncesvalles, King and Queen may have the highest number of streetcar tracks in the city.
• Indian Road, two blocks west of Roncesvalles Avenue, is thought to be an ancient Mississauga Indian path.
• The name “Roncesvalles Village” is an invention of the Roncesvalles BIA. Roncesvalles is historically part of Parkdale, which in the late 19th and early 20th centuries, battled Rosedale as the most affluent area in Toronto. Parkdale’s sharp decline is attributed to the construction of the Gardiner Expressway (completed in 1958) and the widening of Lake Shore Boulevard, which created a detrimental neighbourhood disconnect from Lake Ontario, Sunnyside Amusement Park (demolished in 1955), the Palais Royale dancehall and Sunnyside Pool, a.k.a. “The Tank.”
• Built in 1922, Palais Royale has recently been restored to its original glory as one of Toronto’s most famous dance halls. My grandfather spent many a night on that dance floor – if only he could see it now!
Jane Renwick is Vice President, Market Research of Urbanation – a quarterly publication that has been providing market research, in-depth analysis and consulting services to the Toronto condominium industry since 1981. Urbanation uses a unique, multi-disciplinary approach to understanding the market, which combines empirical research techniques and statistical analysis with first-hand observations and regular on-site visits – Jane doesn’t miss a condominium opening! Read her take on Toronto’s neighbourhoods, featured monthly in Condo Guide.
The Condo Guide Magazine is an excellent source of housing information for those looking for information on new condos in Ontario, Canada. We offer the most up-to-date information on new condominiums across the greater Toronto area.
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