Opportunity In Eatonville?

If you’ve watched my Pick5 videos over the years, you’ve probably seen me talk about this neighbourhood before.

But for the rest of you, it’s an area you might not be familiar with, or might not have even heard of.

The original housing stock is mainly 1950’s, but these large lots are turning over, and there’s opportunity for buyers to purchase new homes for a massive discount, relative to the central core…

Raise your hand if you knew that “Eatonville” derived its name from the famous “Eaton” family in Toronto?

I did!  Do I get a prize?

I believe I read it on a plaque while cruising through this area a number of years ago.  It was a little friendlier then.

While filming this video, I was chased out by somebody calling me a “real estate asshole,” while banging on the hood of my car.

How did he know I was in real estate?  I don’t drive the standard-issue Realtor Audi or Mercedes.

But then again, I was driving slowly while filming.

He told me “You’re ruining the neighbourhood.”

In any event, the rest of what I know about Eatonville is straight out of Wikipedia, so you can take back my prize.

The Eaton family purchased what was probably known as a “modest parcel” of land back in the 1890’s – a mere 400 acres, so they could build a farm to supply milk for their department store in downtown Toronto.  The Eaton’s eventually donated some land for the city to build a school, and

The Eaton family sold the land in the 1950’s to a developer, who built a few thousand homes between Rathburn, Kipling, Dundas, and an area just west of what is now the 427.

The land was subdivided, and as a result, the lots were larger than most of what you’d find in other areas, specifically in the central core.

Today, we see 50-foot lots as something special, and you’d think those are reserved for Forest Hill, Rosedale, and areas of prime real estate.

But in Eatonville, almost all the lots are large.  And with original homes that are approaching 70-years, there’s incredible opportunity for development – much of which has been well underway for years.

I started talking about this area in my Pick5 videos about three years ago, and since then, the prices of land (ie. “tear down” houses, mainly bungalows) have risen dramatically, and we’ve seen a lot more custom-built homes hit the market.

Even as prices approach $3,000,000 for some of the new, extra-large, extravagantly-finished homes, you can still value in the $1.7 – $2.2M range for new custom-builds.

A house sold on Laurel Avenue in March for $2,125,000.

A 60-foot frontage, 4-bed, 5-bath, 4,500 square feet.

What would that same house cost in The Kingsway?  At least double, no doubt.

What would that house cost in Rosedale?  At least triple.

Sure, this isn’t Rosedale.  But it’s not Brampton or Ajax either.

And although the TTC subway runs out at Kipling, it’s still somewhat transit accessible.

I’ve seen a lot of crazy sales so far this year.

Condos selling for $1,200 per square foot with no parking or locker.

Semi-detached houses at Coxwell & Woodbine selling for $1.3M.

So while I know that $2,000,000 is a completely different price range, I’m still shocked at the value that exists in the Bloor & Shaver area.

If you’re perusing MLS this week, no matter what price or area you’re looking in – have a look at Eatonville, just for kicks…

3 Comments

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  1. Natrx says:

    Sounds like a lot of pissed off neighbours there. Not sure if it’s desireable to have such nosey and vested neighbours.

  2. Ed says:

    In 2006 I sold a small bungalow to a builder in this area. The lot was 50 x 161. I stuck a home made sign in the lawn on a Thursday and by Monday I had my price, $450,000. Today that small bungalow would be worth 1.2M

  3. Westender says:

    This area is going to increase in popularity with the redevelopment of Six Points and the former Westwood theatre lands over the next 5 years. Very good schools in this area too…

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