SoHo refers to the area south of Horton St to the Thames River and west of Adelaide St. Originally settled as a working class neighbourhood in the late 19th century, it remains so to this day. Recently, the City and the residents have implemented the SoHo Community Improvement Plan to spur revitalization and leverage its excellent location with the Downtown to the north and the Thames river frontage along the south and west boundaries of the neighbourhood. It is expected that gentrification will occur quickly (and is beginning already), especially when new development along the river on the site of the Old Victoria Hospital gets underway.
The SoHo neighbourhood, like many of the other downtown neighbourhoods, also benefits from having a secondary business district bisecting it along Wellington St. – the gateway to the downtown. The businesses in this commercial district are turning over rapidly as the neighbourhood improves.
The predominant housing style in the SoHo neighbourhood is the frame bungalow (about equally brick and wood-sided) on spacious lots, though there are lots of one-and-a-half, and even two-storey brick homes, scattered along SoHo streets. Reflecting its past socioeconomic status, many of the homes have been multiplexed over the years, though conversions back to single-family are beginning to happen. Given that the neighbourhood is within easy walking distance of the downtown, it is a prime location for the multi-family residential investor to enter the market.
Above all other neighbourhoods in the core, it is SoHo that offers the quickest opportunity for equity build-up from gentrification. Prices are highly affordable at present, though as the neighbourhood improves, prices will undoubtedly increase.
In 2012, the average selling price of homes in the SoHo neighbourhood was $136,924 on sales of 69 properties, excluding private sales.