Did I make a mistake buying in Old North?

That_Chris · #1 Posted: **Jan 12, 2012, 12:28 AM**

My wife and I bought a lovely little home in Old North. It's been completely flipped and is absolutely perfect for us. We love being within walking distance of Gibbons park, The Downtown, and the grocery stores on Adelaide (and we've become HUGE Jumbo video fans!).

And while we love the area, This new announcement of the upcoming Soho Complex has got me thinking; With the Old East being completely reborn and a similar outcome seeming likely for the south of the core region, will all this gentrification and development in the other core adjacent parts of London hurt the Old North's reputation and value?

Despite all the nice old homes, it doesn't exactly have any urban offerings in the immediate vicinity. There are no Wortley village like areas, no dundas type commercial streets. Aside from our restaurant neighbor and a salon up the street, we have to walk about a kilometer to get to any sort of business (which is nothing for us, but too far for others). And it seems susceptible to an influx of student properties leading to a decline in property values.

So I'm wondering, when we eventually decide to sell, will Old North still be the sought after location it is now? or will it be in a tough competition with other areas of London. Did we make an investment? or just buy a place to live?

MolsonExport · #2 Posted: **Jan 12, 2012, 2:14 AM**

Old North will hold its value and then some. Why? In a word (Acronym): UWO. Profs just love old north.

K85 · #3 Posted: **Jan 12, 2012, 4:02 AM**

Agreed. Your house will keep the value and grow. It's just other areas will grow faster. Hell, I live near McCormicks. When that bastard turns into something useful and the home reno's are done, the current $140 will turn into an easy $180

Highinthesky · #4 Posted: **Feb 3, 2012, 10:15 PM**

I don't think you have anything to worry about. Also contrary to conventional wisdom student houses do not negatively impact property values even when there is a large percentage of student housing.

That_Chris · #5 Posted: **Feb 7, 2012, 3:48 AM**

Of course, this is all dependent on the economy not exploding...

Highinthesky · #6 Posted: **Feb 7, 2012, 3:15 PM**

Of course, but then if you're worried about the economy exploding it doesn't matter where you decided to buy a house.

MolsonExport · #7 Posted: **Feb 7, 2012, 5:41 PM**

the economy is imploding.