Old East Village
A significant number of young people expect to leave school, latch onto a well-paying job and buy a beautiful home in the “burbs”, furnished in the latest trends, just like their parents have. I think this number is getting smaller with the disappearance of many of those well-paying jobs and the difficulty of getting a decent job at all…but many still believe this.
It may have taken their parents years to get the home they have now; perhaps starting with a smaller home they fixed up over time. And they may have saved their money to buy that beautiful living room set as opposed to putting it on credit so they could have it “now”.
Well, there is an alternative – I thought that I would let everyone in on a secret. Of course, this is just my opinion but it will be fun to see how it all pans out in the next few years. The term “EOA” is used typically as a derogatory title which stands for “East of Adelaide” and generally refers to the area officially known as “Old East Village”. This is the community bounded by Adelaide Street, Elias Avenue (and part of Central Avenue), Quebec Street and Queens Avenue. This area is designated as the Old East Heritage Conservation District and most of the residential dwellings within its’ boundaries are protected to some extent.
It is a community of eclectic homes including quaint Ontario cottages, single storey-hip-roofed structures, 1 ½ storey to 2 ½ storey homes and even side-by-side duplexes. Many of these homes have been converted to multi-family dwellings. They range from a state of complete disrepair to dwellings that have been renovated “to the 9’s” and are absolutely stunning inside.
There is the perception that this is “not a good” area. I disagree. This is an up and coming area that over the next few years will come to rival the reputation of Wortley Village where values have been high for years.. One can find a historic, character-filled home in Old east Village at very reasonable prices – for now.
As one of two planned high-rises in the area nears completion, together with the 12 Million dollar affordable seniors housing complex, there will soon be an influx of citizens looking for local shops and conveniences. And the neighbourhood business community is already responding renovating store fronts and creating what I am sure will be a thriving community.
When people start talking about how well a particular stock is doing, it is generally already too late to buy it – it’s reached its’ peak or come close. Right now, Old East Village is an up and coming gem that will evolve into a community very similar to Wortley Village, with a mix of older, renovated homes, a strong community presence and a local business area offering a variety of shops and services.
You may want to think about looking for a home in this area now and with time and some sweat equity, build those resources to get your “dream home” after all.