There’s a fairly real divide between east and west here in Toronto. When people talk about real estate or describe the kind of person they are, they often say things like: “I’m an east end kind of person” or “I only want to buy on the west side.” There’s such a split that somebody recently said in a meeting I was in that the east vs. west real estate divide is like Christianity vs. Judaism. 

Historically, the west has generally been considered more desirable than the east–regardless of what scale you’re looking at. Downtown west vs. downtown east, Etobicoke vs. Scarborough, and so on. And for whatever reason, this seems to be the case in a lot cities I’ve been to. Consider Montreal, Vancouver, New York, and London, to name a few. 

But lately, I’ve been noticing a growing acceptance of the east side. Friends are telling me that, even though they don’t know the east all that well, they’re almost agnostic to which side they buy a home on.

At the same time, we’re seeing Toronto’s development boom spread to the east along streets like Church and Jarvis; paralleling the kind of intensification we’ve already seen on the west along Bay Street, University Avenue and further. I’m also noticing a lot of west end restauranteurs open up on the east side. See Carbon Bar and Gusto 501 as two recent examples.

But with the neighborhoods like the Distillery District and Leslieville attracting lots of yuppies and with neighborhoods like Regent Park and the West Don Lands coming online, it shouldn’t come as a big surprise to you that developers and other entrepreneurs are looking east. Maybe you should too.

The Globe and Mail ran a piece this morning called, The Realtors of Oz: Bidding wars are unnecessarily sleazy.

For anyone who has recently tried to buy a house in Toronto, you’ll know that multiple offer scenarios, also known as “bidding wars”, are a fairly common occurrence. Demand for housing in the city is great and interest rates are low. And so homes are frequently being priced below market to generate a feeding frenzy.

When I read articles like this, I’m reminded of how much frustration I have for the way the real estate market operates today. There’s poor liquidity, there’s a lack of transparency, and there are high transaction costs. I’m a free market kind of a guy and so I’m bothered by how “imperfect” the real estate market remains.

A lot of people in the business like things just the way they are, but I believe that markets function better, for everyone, when they are open and transparent, and all participants have access to information. Thankfully, I do believe that we’re headed towards a world with more transparency, not less. Information wants to be free.

There’s a fairly real divide between east and west here in Toronto. When people talk about real estate or describe the kind of person they are, they often say things like: “I’m an east end kind of person” or “I only want to buy on the west side.” There’s such a split that somebody recently said in a meeting I was in that the east vs. west real estate divide is like Christianity vs. Judaism. 

Historically, the west has generally been considered more desirable than the east–regardless of what scale you’re looking at. Downtown west vs. downtown east, Etobicoke vs. Scarborough, and so on. And for whatever reason, this seems to be the case in a lot cities I’ve been to. Consider Montreal, Vancouver, New York, and London, to name a few. 

But lately, I’ve been noticing a growing acceptance of the east side. Friends are telling me that, even though they don’t know the east all that well, they’re almost agnostic to which side they buy a home on.

At the same time, we’re seeing Toronto’s development boom spread to the east along streets like Church and Jarvis; paralleling the kind of intensification we’ve already seen on the west along Bay Street, University Avenue and further. I’m also noticing a lot of west end restauranteurs open up on the east side. See Carbon Bar and Gusto 501 as two recent examples.

But with the neighborhoods like the Distillery District and Leslieville attracting lots of yuppies and with neighborhoods like Regent Park and the West Don Lands coming online, it shouldn’t come as a big surprise to you that developers and other entrepreneurs are looking east. Maybe you should too.

The Globe and Mail ran a piece this morning called, The Realtors of Oz: Bidding wars are unnecessarily sleazy.

For anyone who has recently tried to buy a house in Toronto, you’ll know that multiple offer scenarios, also known as “bidding wars”, are a fairly common occurrence. Demand for housing in the city is great and interest rates are low. And so homes are frequently being priced below market to generate a feeding frenzy.

When I read articles like this, I’m reminded of how much frustration I have for the way the real estate market operates today. There’s poor liquidity, there’s a lack of transparency, and there are high transaction costs. I’m a free market kind of a guy and so I’m bothered by how “imperfect” the real estate market remains.

A lot of people in the business like things just the way they are, but I believe that markets function better, for everyone, when they are open and transparent, and all participants have access to information. Thankfully, I do believe that we’re headed towards a world with more transparency, not less. Information wants to be free.