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Emerging Toronto Loft Community: Davenport Village

Emerging Toronto Loft Community: Davenport Village

We talked last week about loft-style townhouses bringing much needed stock and variety to the Toronto loft market. One of those builds was the Heritage Towns in the new, master-planned community of Davenport Village, just to the north of Wallace-Emerson.

I wanted to talk about the existing hard lofts in this emerging condo community today. If you’re considering an investment property or you’re looking at Toronto lofts for sale for yourself in the West End, it’s definitely an area that you should talk to your Realtor about.

Davenport Village is primed for major growth - both in terms of an influx of commercial services and amenities as well as rising real estate values. It’s a ’hood to consider in your property search if you’re looking for an area that has the potential to appreciate at an above-average rate in years to come.

While the area is becoming known for its condos and townhomes, there are a few existing hard lofts in the area that offer incredible value, even in this hot Toronto loft market. Get in now, in the right building at the right price, and you could see a stellar return down the road as the area undergoes a massive transformation over the next five years.

Just be careful not to overpay, particularly with the pre-construction buildings in the area, or you’ll be eating into your future profits before you even begin.

authentic Toronto Lofts in Davenport Village

The Foundry Lofts

The Iron Works Lofts at 99 Chandos Avenue

Just a few blocks further east lies the intimate, hard loft building The Iron Works Lofts which opened in 2010. A conversion of, you guessed it, a former iron works factory, there are only 15 units in this building. Units don’t hit the market often but when the next one does, providing the price is right, this could be a really smart move.

A sale in 2015 brought the average price per sqft up to $476 but in 2014 but prior it stayed under the $400/sqft mark. As well, despite a jump in fees a few years back (typical of most new builds and conversions in year 3 or 4 after opening), maintenance fees are reasonable here at just $0.38/sqft, well under the city’s average.

So, just from a numbers perspective and location factor (being blocks away from the much pricier new builds of Davenport Village), this is a great value building.

From a style perspective, these aren’t the sexiest lofts around but they are nice looking and owners seem to maintain their units well. They have 10.5’ to 11.5’ high ceilings and a minimal design that, while it doesn’t scream with wow-factor, provides a pleasant, neutral backdrop for adding your own personal design flair to.

The biggest selling feature, beyond being one of the best-value lofts in Toronto, is the direct-to-street private entrances and outdoor spaces you’ll get with some of these units, perfect for cyclists, dog-owners and young families.

If you’re keen on this area but looking for more options in addition to Davenport Village lofts, there are a number of great lofts in nearby Wallace-Emerson and Dovercourt including the Wallace Station Lofts and the new build 707 Lofts on Dovercourt.