Page 8 - REN Nov/Dec 2021_Loralee Burns

How to Spot an Up-and-Coming

Neighbourhood Before it’s Popular

Joseph Czikk courtesy REALTOR.ca
Wouldn’t it be great if you could spot the next up-and-coming neighbourhood before it turns into a highly-sought after
area? With a little research and by knowing what to look for, you can reap the benefits of buying in a neighbourhood
on the cusp of revitalization.

Home values are always a good starting point to finding neighbourhoods that are beginning to turn the corner but
several other factors go into the making of an up-and-coming neighbourhood. Here are a few clues:
1. Recent renovations
If you notice an abundance of homes under
renovation and repair, it could mean formerly
downtrodden or lower-valued areas could be
turning around.

If the local city government is willing to invest
money into local infrastructure, it can attract other
developers looking to build their next project.
When government and developers are all-in on an
area, homeowners often become more invested in
their own homes and community, as well.

It might be worth taking a trip down to the city
building permit counter to see whether staff have
input on areas that have seen investment, and what
they think the neighborhood might become.

2. Proximity to other popular neighbourhoods
As real estate values increase, people can get priced out of hot
markets. These folks tend to look at spill-over markets that tend to
mirror the attractive characteristics of the hot market.

Proximity to a desired neighbourhood often has positive effects
for areas adjacent to it. When rents and home values increase,
those closely impacted – like young professionals and families –
move outward, seeking more a more affordable cost of living, and
the cycle of redevelopment continues.

3. Influx of young families and professionals
When young people are priced out of established neighbourhoods,
they can often help lead the way to a less popular neighborhood’s
resurgence.

The movement of artists, musicians, painters, tastemakers
and other creatives can help change the feeling of a location,
beautifying and adding character to it. Once they move in,
restaurants and bars often follow.

8 | REAL ESTATE NOW | LB@LoraleeBurns.com