Should First-Time Buyers Be Blue?

It's tough for first-time buyers right now. I really do feel for them, especially if a house is the property of preference. On top of the Feds making it difficult for first-time buyers to qualify for a mortgage, there is a huge demand for houses at a time when most of the new inventory added to the Toronto housing market have been condos.

I remember when I bought my first house back in east end of Toronto, almost ten years ago. I would proudly tell my friends that I bought a fixer upper in this neighbourhood called Leslieville. Often, they would scatch their heads, and ask me: "What's a Leslieville?"

At the time, Leslieville was only a place between Riverdale and the Beaches (now called the Beach). The Queen East strip was dead at night with a the exception of a few crusty bars that attracted a lot of folks that look like pirates. There were a few coffeeshops, and the beginning of some galleries, but it was not the go-to destination that it is now.

I did some very un-scentific research today with the help of the MLS to see what the prices were like 10 years ago in the month of September compared to the sales in September now. The median price in Leslieville was $251,500 at that time. Today it is $617,000, and that includes a disproportionte number of smaller homes that came out this month. So, to me, it seems that median pirce may be lower than it should be.

If I take a west end neighbourhood, like the neighbourhood I live in now, I can see a similar price appreciation. West Bend, like it's neighbour, The Junction, was considered an early emerging neighbourhood 10 years ago. On the MLS, both areas are a part of "High Park North". Ten years ago, in the month of September, the median price for a  home was $350,000. Today, though there have only been 4 completed solds to date in September, the average sale is $874,000.

All of this info can have two different outcomes, depending on who you are. First, if you own a house in these emerging neighbourhoods or another successful one, you are patting yourself on the back. Yes, we were all smart investors, and maybe a little lucky too.

Alternatively, if you are one of the Torontonians who have not bought property in this city, you may find this news a little depressing. You may even think the writer of this blog is a jerk for bragging about his investments. You may saying to yourself "If only I bought ten years ago, I could live in a great neighbourhood at a great price! It's too late for me!"

But I'm here to tell you otherwise. In many ways, things are not that different now than they were ten years ago. I will easily concede that it's more expensive to buy a house now,  and competition for finding a decent house is stiff.  Still, a lot of the same rules apply when I bought my first place in an emerging neighbourhood as they would today. Here's why:

1. It's Called An Emerging Neighbourhood for a Reason

Okay, today places like the Junction and Leslieville are trendy destination neighbourhoods chock a block of cool restaurants, community involvement and kick-ass farmer's markets, but ten years ago, they were dreary, run-down and didn't have much going for them. The Junction didn't even serve alcohol ten years ago. So, it would be next to impossible to get a profitable restaurant  launched without a liquor licence. People would have rather lived off Roncesvalles where there was more of a neighbourhood feel.

2. You May Have to Go Further than You Feel Comfortable

At one point, the Junction was far way. Moving to Mimico was considered radical. I mean, it's in Etobicoke! And yet, it's now considered one of the best neigbhourhoods to live in - Top 10 in Toronto according to Toronto Life any way. My point is that if you want those first-time buyer houses at a lower price point you will have to go out to Danforth close to Vic Park, and even into Scarborough. If you want to buy a big house for less, you may need to consider Weston or even Caledonia-Fairbanks.  They may not seem like the greatest hoods right now, but after 10 years, they could be the next big deal.

3. You Can Always Buy a Condo

Condos are in much greater supply, but they exist in emerging neighbourhoods as well, and if you want to be central, then they are the perfect option. The good news is that condo prices are not running way out of control at the moment. So, they are still in reach for most first-time buyers, and in some ways the same rules apply. Emerging Neighbourhoods like Corktown will be, in my opinion, worthy neighbourhoods to invest in or own a condo in the years to come.

So, first-time buyers of Toronto, you don't need to despair. Not only are condos in your reach, but houses too. If you want a house, it won't be easy. Currently, it is still fairly competitive to find a house. So, bring your potential goggles, know you may have competition, and hang in there! It can be done!

No, It's Not 1989 Again

Lately, I've been seeing a lot of comparisons between now and the  late 80s. I'm not talking about the return of Dr. Pepper or that Atari is making a comeback, though I would be happy to see both of those again! No, I'm talking about how some people like to compare the real estate bubble of 1989 to now, as if we are all on the verge of falling over the edge into another abyss where prices fall for 7 years. No, there is a big difference between the 1980s real estate market and today's market that don't really make them good comparisons.

Back in the 80s, the baby boomers - you know, the largest demographic in history - were coming of age and discovering how to spend their money. So, you had a lot of people reaching the age they would like to buy a house or a condo at the same time. Also, women were entering the workforce in large numbers for the first time ever. With the usual guys buying homes, plus many more woman buying homes the numbers of buyers were big. Today, we don't have that kind of growing demographic, though we do have some of the boomer's kids buying more properties, and we do have more singles buying properties, the cultural shift is just not as sudden or as large as it was in the 80s. Initially this demand drove up prices, until they crashed.

In both the 80s and now, a lot of condos were, or are, being built. In the 80s, they were being built on spec, financed by banks and lending institutions without significant presales requirements. It took a long time to absorb all of these condos. And since the banks got burned, they changed the rules. Now, pre-sold condos need 70% or more sold before a shovel hits the ground.

And there were a lot of investors. 80s investors were a different animal, though, than today's investors. In my opinion, there was much more speculation going on. The focus was more on flipping condo purchases for short term profits. Today, the investors would rather rent their units or homes out than to sell them. They are less likely to dump their units for a lower price. Sellers don't have to sell and are not forced to do so. 

Today we don't have the same stressors. Yes, interest rates have crept up a little, but they didn't jump one percentage point like they did over a week in 1989. Since everyone is starting to have a more Japan-like economy where growth is slower, and inflation is low, the interest rates will probably not go up by very much.

Also in 1989, we saw a spike in unemployment. Between 1989 and 1996, we saw a decrease in prices of over 50% in Toronto.  We also saw a rise in unemployment in 2008 and the start of the recession, but prices only took a pause before rising again.

Finally, you may find today's prices high, but the pace of price escalation in the late 80s was in the double digits for several years  before the crash. From 1985 to 1989 prices increased by 113% or by an average of $240,992 in 2013 dollars. From 2012 to 2013 the increase in the price of an average home increased by roughly 5%, (Interestingly, if you take just houses and no condos, that number is around 8%).

If we could go back in time to buy a house in Toronto, I think we would want to set our time machines for 1996, the best year to buy a house in this city when the crash of '89 had fully wiped out and begin to bounce back. But since I don't have a time machine, I can only talk about the now and make some guesses about the future.

So, my future guesses would be: rates may rise a little, but they'll stay pretty low; prices in Toronto will still go up, but not by double digits; the government will make it tougher for buyers to obtain a mortgage, and 1989 won't be repeating itself any time soon.

Three Best Toronto Neighbourhoods to Buy a New Condo

There are many reasons why someone should not buy a new condo. For starters, it takes an average of 3.85 years for a typical Toronto condo to move from the initial sales stage to occupation. As we all know, a lot can change in that time - romance, babies, breakups, job relocations, or it could be as simple as you bought yourself a St. Bernard in a building that only allows small dogs. Also, at this particular moment in time, in this city, you can often buy a resale condo at a better price per square foot than a new condo. On top of that, the average Toronto unit is shrunk by 65 square feet in the last four years. So, why buy new?

Well, it's not always a rational decision, and, to be fair, there are some pretty amazing projects under way in this city where SOME of the newer condos can clearly outshine the condos that have been around for a few years or more. In other words, the smart new condos have witnessed how some of the old ones have failed and attempted to improve where others screwed up.

Of course, not all new condos are worth considering, but some are pretty impressive. So, with that said, here are three Toronto neighbourhoods I think would be the best place to buy a new condo right now.

1. Corktown. This River City project where several condos went up all at once was planned perfectly. There is a good mix of midrise condos here so you don't feel like the extreme height of the buildings have blocked most of your daylight. You're still centrally located south of King Street East just west of the Don River. So, it's easy to get around. Best of all, the design behind this place was not a hodge podge of different developers squeezing every last spec of greenspace out of a neighbourhood. Not here. There are parks and promenades and some pretty great new community businesses starting to move in. The best part? Well, you have one of the best green spaces in the city called the Corktown Common. Believe or not, Waterfront Toronto can do something well besides not make decisions. In my recent walk throught the Corktown Common, I was amazed at how well the park was designed. It is overflowing with local plants and wildlife with extended boardwalks throughout. The large marsh also has a practical function as part of the stormwater management system. But it's also a place to play - playgrounds, splashpads, an athletic field and open lawn for informal gatherings. I think this area will be a little undervalued at first. You are investing in a vision, but this one has been well planned, and I think it's a great place to live or invest.

2. High Park North/ West Bend/ The Junction One thing about this area north of Bloor from Dundas to Runnymede, is the amazing collection of historic homes. Not only does it have great infrastructure with the city's largest park nearby, but this neigbhourhood entails an exploding commerical strip that is becoming a new centre for the hip restaurants and cool shops, right along Dundas West in the Junction. There's not a lot of room for condos in this area, but that's why you should consider buying here. When it comes time to sell in the future, your competition with other condos will be limited. It also has a lot of warehouse and church conversions, which I believe is a great buy in any neighbourhood, but especially this one. If you want everything new, there is a great opportunity here to buy right across the street from High Park, where there will never be a building placed in front of you to block your view of miles of green space and well-maintained parkland right down to the lake. If you can care less about the view, then know that it will be gold when it comes to resale down the road. Daniels, the developers, have been waiting a long time to get their hands on this land, but the High Park Condos are on their way! Also, I would suggest the very cool "Duke" condos, just east of Keele on Dundas. This part of the the West Bend/Junction strip is a little under-appreciated, but the design on this place is fantastic and this midrise fits in perfectly with the neighbourhood.

3. Yonge Street South of Bloor If the condo market ever goes down, I often say, it would be best to own something unique and boutique that does not look like every other condo. Alternatively, if you like to be high in the sky, you want to be near the TTC. And by TTC, I don't mean a pokey street car or a smelly bus, but a subway that can actually get you around this city quickly, like the Yonge Subway Line. If you like the views from the bigger condos, the Toronto city by-laws will now allow developers to build higher than ever before on places like Yonge Street. Further south on this main street, you have condos coming up like Yonge and Rich, sure it's a terrible name, but wow, they could sure use some condos with decks down there, which these condos offer. Then there's Aura. Though I don't always think big is the way to go, I think Aura confidently tells us to go big or go home. And at 78 stories, it contains the highest living spaces in Canada, at the corner of Gerrard and Yonge, an area that really needed an infusion of wow. And when you have a perfect walk score of 100, you can practically walk any where, get rid of your car, and rent out your precious parking for lots of money.

If any of these projects tweak your interest at a time where you would like to buy a new condo unit for yourself or for investment, it would not be wise to go marching into the sales centre and buy a unit. Use a real estate salesperson so you have someone working in your corner, and not working for the builder's best interest. If you want to save on new condos, get in early. Though it's always more of gamble to go in early without the sales centre set up, I think you can score some good deals here during the VIP days. Alternatively, wait until the building is registered when a lot of buyers, who have bought years ago, will all be trying to sell at once. At that point, prices can be temporarily be pushed down when there's a flood of new units on the market from the same building. So, if you want to buy new, do it right, and do it in the right neighbourhoods!

Home Ownership in Canada: Some Surprising Stats

I think most Canadians can admit that we are a little home ownership crazy. People like to talk about out-of-control bidding wars and neighbouring properties that never sell like they do about Miley Cyrus on the MTV video awards. Not quite as titilating, maybe, but certainly more impactful to our lives.

But just how does Canada stack up with the rest of the world? Well, it's pretty high up there. Of the 196 countries in the world, Canada is ranked 16th, slightly ahead of the U.S. and slightly behind the U.K. As of 2006, 68% of Canadians own their homes. Some believe that number may have cracked 70% since then.

Many believe that North Americans love home ownership more than Europeans because they have a history of land ownership that dates back centuries. Immigrants once came to the Canada and the U.S. where they were offered land for practically nothing, and if they were lucky a free mule was thrown in. In Europe, land ownership was often geared around the upper class. Peasants would rent from the gentry. As you can imagine, this model does not hold up as well nowadays.

Today, home ownership has a lot to do with the policies of the government, of a particular nation and the culture of that country. In Europe, for example, Germans are super keen on renting. They are a bit more cautious by nature, and the federal government does not make purchasing easy. Taxes are much higher in Germany and a buyer requires a 20% down payment. In addition, the increase in property values across Germany has not increased a great deal in value over the past 10 years compared to other European countries. That is why places like Berlin have a 90% rental rate. Financially, it may be easier to just rent. The UK is quite different. Despite their drop in property values since the recession, the value of their properties have doubled in the past ten years. And when Brits can't afford to buy in expensive cities like London, they go to Croatia and Spain and other parts of the EU to hunt for properties. They see a good return on their investment and they want to own property, even if it's a big commute on a plane or train.

Canada may be slightly lower than the UK, but we prefer home ownership as well. Since 1971, home ownership rates in Canada have plateaued for a short time, then rose steadily.

Some argue that home ownership rates may be peaking now in Canada. The government is making it tougher for first time buyers to qualify. Prices in cities like Vancouver and Toronto are making it costlier for people to get into home ownership, even thought the cost of renting has increased substantially as well. That is why home ownership rates have declined among the lowest income earners in Canda in the last ten years.

In Canada, home ownership also has a lot to do with whether you have children. Even single parents have a higher rate of home ownership than couples with no children. Of course young families with kids are most likely to be owners. The biggest change in Canada, though, has been the fivefold jump in home ownership with unattached youths. From 1971 to 2006 the rate of home ownership jumped from 13% to 60%.

At the end of the day, the question usually becomes: Is home ownership worth it? Well, if you live in Germany, maybe not, but if you live in Canada or the UK in the past 10 years, it's definitely worth it, or at least nearly 70% of all Canadians think so.

REAL ESTATE INVESTORS: GOOD OR EVIL?

 People are afraid of the unknown. Some times there are good reasons.  Perhaps aliens are visiting earth and would like to use us humans as their food supply. Other times, there was really nothing to fear at all, like the concern of  Christopher Columbus about steering his ship off the edge of the earth.

When it comes to real estate, the big unknown for Canadians has to do with how many real estate investors there are out there. These investors, from Canada and abroad, are buying properties for investment purposes and do not plan to live in their purchased properties. They either wish to hold them and rent them out, or they are hoping they can flip them and sell them for more money down the road.

What's the unknown to be afraid of here?  Well, as far as Canada goes, there is no official record of how many investors have bought into the real estate market, particularly in the condo market of big cities like Toronto or Vancouver. Some estimate that up to 50-60% of all units now being built are for investors.

 Why be worried? Some fear investor have artificially pushed up the demand for housing, particularly with condos. If the market should suddenly fall, then some believe investors will attempt to get rid of their property as a way of minimizing their loses.  For some, it will not be cost-effective to keep a condo that's tanking in value.  Those owners who live in the place they have purchased are more likley to ride out the rough times since they need to live in the place they have bought. So, they are far more likely to hold on to their properties. If many investors leave at the same time, the housing market is flooded with oversupply and prices plummet and no one's happy, except those poor first-time buyers who have been waiting for a break for over a decade.

Think Florida, a place where vacation rentals and tourism are a key part of the economy. There's a place that has a definite high number of investors.  And low and behold, it was one one of three states that has the worst price drops during the American recession and housing crash. Luckily, they are on their way back up.

In many ways, it sound like a horrifying recipe for disaster. But investors can be good too!  What many of those worried about the numbers of investors in the market don't realize is that investors are currently very essential to the rental market. In many cities, such as Toronto, there are very few new projects that are built for renters. Builders can simply make more money if they sell condos. Regardless, those in need of rental accommodations continues to rise. For those who are not ready to buy or even never intend to buy, the rental market is tight. Strangely, as prices go up and the banks make it more difficult for buyers, particularly first-time buyers, to get financing, there are more rental units required. In growing cities with migration and immigration, there is even a bigger need for rental units.

In many ways, these real estate investors are the solution to what could have been a rental crisis in many cities across Canada.

In Toronto, rental condominiums are currently outpacing resale prices.  And this has two key ramifications. First, investors are not necessarily keen on flipping their property and would prefer to rent out their units.  And second, the rental market stays more balanced. Even with all the investors providing the rental accommodations, rental demand is still up 4.1% from last year to a record $2.35 per square foot, according to the research firm Urbanation.

In fact, currently with the increase in rental units coming to market, the vacancy rate is still low in most Canadian cities. The average Canadian vacancy rate is 2.7%, but many of the larger cities have lower rates including: Calgary and Edmonton, both at 1.2%, St John's Newfoundland at 1.5%, Toronto at 1.6% and Vancouver at 1.8%.

Of course, we all know in real estate that things can change quickly. Currently, though, it seems that the investors are not attempting to flip their properties as much. Instead they are deciding a more conservative approach by holding their units for a longer term, and having their mortgage paid off or partially paid off by the rent they generate. Some of this may have been brought on by the recent decision of Revenue Canada to come down like a hammer on those who are flipping their properties to make sure they pay their capital gains and income tax. Financially speaking, it may be wiser for the investors to hold out.

Any way you slice it, investors are  here to stay, and there will be more to come, though there numbers may be dwindling as foreign investors move on to cheaper destinations in the United States. Regardless, there will be more new condo units coming to market in Canada, but builders have really begin to ease back on their builds, reducing the supply, and hopefully steering away from an oversupply situation. But real estate is not a science. There will always be a fear, real or imagined.

Termites: Where You May Not Expect To Find Them

If they were not such a threat to my clients and their homes, I believe I would respect the mighty termite. They are industrious workers that never stop, focusing on their munching task a full 24 hour each day. And though they are not native to anywhere in Canada, except a small portion of southern British Columbia, they have settled into every province across Canada hitching a ride on shipping cargos from the all over the United States. They are pioneering. They work as a team. And in the right light, they are kinda cute. Well, maybe not conventionally cute, but I've seen uglier insects!

Unfortunately, we humans and termites cannot be such good friends. According to Pest Control Canada, termites cause more damage to our property than tornadoes, hail storms, windstorms and hurricanes combined. They're have been recorded reports of termites in Ontario since the 1920s, and in Toronto since the 1930s. Though they have traditionally favoured the neighbourhoods near the ports where the termites and their families first arrived, they can  now be found all over the GTA. 

But how were they able to expand so much in Canada? Well, for starters, they are tough to see and move around without us humans even knowing. They are silent nibblers. They are hidden behind your walls and under your house. If you don't know what you are looking for, ideally with a qualified home inspector, you may never know how at home they are in your house. 

Termites are unassuming insects. They are less brazen than the mosquito and not nearly as dramatic as the cockroach.  And since they want your home and not you or your food supply, they stay out of your way and often go undetected. 

There are a lot of misunderstandings about termites. I think the biggest myth arises from the advice that many contractors and termite specialists give to homeowners. They often suggest homeowners remove all wood-to-soil contact to prevent the termites from coming into your home/condo.  It's not bad advice. Termites love wood. Unfortunately, removing any wood-to-soil contact functions more as a deterrent for termites, but it is no guarantee they won't get in.  You may have no wood-to-soil contact with your home, yet the termites may still drop in. 

Don't believe me? Well, let me tell you about a recent experience I had.  Not too long ago I took on a beautiful listing in an established neighbourhood that is known for having termites. The thing is, this home was less than five years old, and it had a concrete foundation with absolutely no wood-to-soil contact. Nothing beside concrete was in contact with the soil.  My seller and I were fairly confident that this home was termite-free, but thought it wise to check for them with an inspector.  And as it turns out, they were making their way into the home, moving up the concrete in some of the typical fine cracks that develop when the house settles.

Lucky for us, they did not move more that a foot into the house and the property was not damaged or compromised. Termites are the turtles of the insect world. They are VERY slow moving. It will take  several years  for them to do any real damage to homes. Since this house was fairly new, the termites could not really travel very far. It was something we disclosed to any potential buyers, and we had the property treated to remove the termites from the house. 

I asked the termite inspector why termites are appearing in new homes, and he told me this: Before the city of Toronto amalgamated, the old city of Toronto made it mandatory for all new builders to treat a site for termites wherever they built new. Once the amalgamation took place, I was told this policy was removed. Builders were no longer expected to treat for termites in the new almagamated Toronto. So, when a site that previously had termites has been knocked down, then the termites may be waiting in the ground, and can easily travel into a new property, even with concrete foundation. 

So, now that I have scared you that termites can show up in properties where you might not expect them to be, let me give you the good news. If you have termites, you don't necessarily have to freak out.  Many homes have had termites, that have subsequently been treated, and are now fine. It all depends how long you have had the termites and how much damage they have caused. The presence of the insects themselves is treatable. You can get rid of them, but you may need to have an update treatment every year. Another piece of good news:   There is a new treatment coming in Canada next year that is even better than the current one. Both of them will get rid of the termites. The current treatment deters termites from staying or coming into your home, but requires update treatments each year. The new treatment will kill the termites in and near your home, and future treatments will not be necessary.

Ultimately, the thing to remember:  If you are buying or selling a home, it may be wise to have a termite inspector go through your house to see if you have any signs of termites.  At the very least, you may want to contact the local pest control company to see if they have treated anywhere near where you plan to buy or sell, though this is no guarantee.  

 In most cases, I find, if the termites are caught early, you are fine. Because they don't bother us directly like say, the pesky bed bug, we are not inclined to hunt them down. However, if you want to be sure your home is not a buffet for a colony of termites, you may want to have a specialist in to have a have a look. 

When an Emerging Neighbourhood Takes Flight

Emerging neighbourhoods can vary widely. They often start out as dismal and down-on-their-luck areas that MAY turn around, but they can also be the neighbourhood that was once down-on-its-luck and has since transformed into one of the most vibrant and successful neighbourhoods in Toronto.

I have helped clients buy and sell properties in both types of emerging neighbourhoods. I become excited when I see a neighbourhood transformed from a lackluster, underpriced outpost to a location where buyers are clamouring to buy property or open a business that has creative flair and imagination.

Sometimes an emerging neighbourhood comes about slowly but when the whole area has gathered enough momentum there can be a sudden swift surge of change. The locals, especially those who have become involved with their neighbourhood, watch in wonderment at how rapidly their neighbourhood is transforming.

In 2013, I believe the neighbourhoods of West Bend and the Junction are experiencing that pivotal surging moment. These adjacent neighbourhoods, which have always had high quality housing stock, were at a lower price point for decades compared to most other neighbourhoods in downtown Toronto. The main commercial street, Dundas Street West, once struggled to attract and retain businesses. (With a few exceptions like the longstanding and outstanding Vesuvio's Pizzeria). It certainly did not have the draw to attract people in large numbers despite its impressive architecture. However, in the early 2000’s, change slowly began. The long established "Dry" bylaw, prohibiting the sale of alcohol, was removed in a plebiscite and very soon, restaurants, organic food supermarkets, design/furniture stores and health-related businesses began to open up. For those new business owners, it was an inexpensive place to open up. And it was this lower price point that allowed newer businesses to experiment and try out new ideas.

For many, there was a belief that the Junction and West Bend did not have the density or the easy transit access to allow for a vibrant exciting commercial strip. Many speculated that these areas would not draw crowds in the manner of Trinity Bellwoods or Leslieville with their easy access to downtown via the Queen streetcar. However, 2013 has put those fears to rest. Not only has the number of new businesses exploded in the Junction and West Bend, but the community in both neighbourhoods has come together to create a Farmer's Market, a Flea Market and now proposes to turn an old police station into a community hub.

In the last year alone, this part of Toronto has seen the arrival of the wildly successful Cantina and Indie Ale House. In the last 6 months, we have seen a surge in the number of new business arrivals. We have seen "Coming Soon" signage for a wine bar, an Italian restaurant on Annette, and a cheese store offering gourmet grilled cheese. We have seen the opening of Gerhard Supply, a men's clothing store where Canadians designers make all the clothes from Canadian sourced material. And though there are many, many coffee shops to choose from, we now have yet another delicious option at Full Stop. For meat lovers, there is the new Gourmeats. East of Keele, a strip of Dundas West that can be a little more challenging to entice new business, there is Foodbenders, offering catering and take-out options for those in search of a healthy alternative. Should you find you have overeaten at all these new tasty options, you can head out to the new RPM: Total Fitness for spin class or strength training.

This neighbourhood is now chock a block with options that most neighbourhoods would die for. On top of what I have already mentioned, there are bars, patios, Thai, Indian, Cajun food, a vegan bakery, a regular bakery, clothing stores, chocolate stores, lawn bowling, ice cream, yoga, pet grooming stores, a doggie supply store, a TV production company, pies and more. To be honest, I am not sure if the Junction and West Bend neighbourhoods are missing anything.

This is what you want an emerging neighbourhood to become.

First time buyers often ask me “what neighbourhoods will emerge next? Where can we buy in the hope that prices will appreciate more than other neighbourhoods in the city”. However, the question should really be “What will an emerging neighbourhood look and feel like if it fully emerges?” Then I could simply drive prospective buyers through West Bend and the Junction to illustrate how a neighbourhood can change. And later, when that person is ready to sell, he or she can make a great return on their investment.