Many of Toronto's oldest restaurants were able to buy their building more than a decade ago when property prices were much more affordable. But in today’s real estate market, how often does that happen now?
This got me wondering: What’s going to happen to the city’s dining scene if the talent is being priced out every few years? If a restaurant opens today, can it ever reach a 30- or 40-year anniversary like previous ones have?
Stephen Murphy of OMG Real Estate Team, which specializes in restaurant properties, says it’s more common now for buyers to think of buildings as an investment property, rather than a place to open up shop and live. “It’s not a trend that are buying their buildings. It’s still a desire, sure, but I don’t know a lot of restaurateurs who have half a million for a building,” he says. “Back in the day, it was the norm to have the owner-operator whose family lived above the businesses.
“Owning the building definitely helps us to invest in the business because you know you’ll be there 10 years from today. That mindset is one huge benefit,” he says, adding that the bakery recently underwent a large renovation and added a deli and hot table counter. “It helps us make decisions like renovations easier, because we can put everything into it, which hopefully means the return would be a lot more.
“Not every restaurant owner wants to be a property owner or has the ability to,” she says. “It requires a much larger percentage on a deposit and a whole other skill set. A baker just wants to bake. It’s not an inclusive approach to economic development and creates inequity.
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