I recently received an email from a reader who’s a long time North Toronto resident. The email contained a fairly detailed and accurate description of what’s been happening in her neighourhood. This reader is clearly on the ball.

Essentially, developers/builders are buying old homes and renting them out short or long term until the developer/builder decides to get permits and build a new home. Not surprisingly, this has made a noticeable change to the neighbourhood. The new homes are higher and larger than the old homes and many of the old trees are disappearing. Some people are unhappy about this as they prefer the charm of the older homes. Other people like the look of the newer homes. Who’s right?

Personally, I love the detail, character and workmanship of older buildings. Let me loose in Paris, Rome or London and I’ll walk from sun up til sun down. They just don’t make ‘em like they used to. But I also like certain aspects of a newer home – high ceilings, plenty of light, good closet space and better heating and cooling to name a few.

Katherine and I used to live in an old home in North Toronto. When we wanted more space, we initially set out to find a larger old which had already been renovated or an old home we could renovate ourselves. We spent several years looking for the right home and eventually found a property we fell in love with. But there was a problem. Although the location and lot were great, the home itself wasn’t charming. We never set out to build a new home and really didn’t want to go down that road, but we grudgingly decided to do that and incorporate some old world charm into the design to get what we wanted – old world charm in a new home with modern conveniences. We’d still probably prefer the charm of a grand old apartment in Paris, Rome or London, but we’re very happy with our home.

Corinne has lived in old homes, new traditional style homes and a new modern home. She likes all the different styles, but is now very happy in her modern home and can’t see herself turning back the clock and moving into another style of home.

Just as our tastes change, so does the market. When buyers want older homes, developers/builders don’t build new homes. They’re in it to make money and there’s no sense investing time and money building a home they won’t be able to sell.

What’s happening now is many North Toronto buyers want new homes or extensively renovated old homes. This is what’s driving demand. Developers/builders aren’t out to destroy the neighbourhood.  They’re trying to give people what they want and make money in the process. Everybody knows how market forces determine prices (supply and demand), but this is how market forces also determine what’s being sold (old homes), what’s being built (new homes) and how homes are being renovated (modernly and extensively).

Is this a good thing or a bad thing? Who’s to say. It depends on who you ask and when you ask them because it’s a matter of taste and everyone’s different. Ten years ago I would’ve said it’s bad because I preferred old homes. Today I’m okay with it because I’ve come to enjoy the conveniences and features of a new home.

Truthfully, it’s neither good nor bad. It’s just the way things are because of market forces. And market forces are usually determined by the will of a large group of people. Old homes are giving way to new homes because a large group of people want new homes. We live in a free society and enjoy a free market economy. This is the way things are supposed to work.

If you know anyone who’s interested in learning how the market works and who’d like to receive the kind of help that involves honest answers, straightforward advice, no pressure and being treated like family, please let me know the best way for me to connect with them because I’d like to offer them this kind of help. And as always, don’t be shy if you have any questions or comments about this post! Thanks for reading.