Affordability to Fuel Continuing Demand for Suburban Condos in 2020

3 years ago 286

The Greater Toronto Area condo marketplace finished 2019 with rising prices and beardown purchaser demand. That communicative is expected to proceed successful 2020.

As prices proceed to increase, an emerging inclination volition go adjacent much evident successful the 2020 market, according to Scott Davie, laminitis of Davie Real Estate Inc. and a existent property manufacture seasoned with much than 30 years experience. The high-rise marketplace is defined by affordability, helium explains, and arsenic 416 terms escalation continues, radical are looking for much affordable options.

“Downtown Toronto caller condo prices are betwixt $1,500 and $2,200 per quadrate ft and we’re opening to spot radical crook distant from the precocious prices of Triple A sites downtown to much affordable suburbs specified arsenic Etobicoke, Vaughan, Scarborough and Mississauga,” says Davie. “It’s parallel to what happened with the low-rise marketplace erstwhile radical looked to Milton, Caledon and beyond for affordable ——low-rise caller homes.”

Epoch Times Photo (Courtesy Solmar Development Corp.)

Buyers privation businesslike suites, prime plan and a convenient lifestyle, and immoderate suburban locations are delivering each this and more, Davie says. The occurrence of 2 caller condo projects by Solmar Development Corp. successful premier locations successful 2 fashionable suburbs—Mississauga and Vaughan—lends credence to this, with Solmar’s 30-year estimation for prime and craftsmanship, coupled with fantabulous lawsuit work besides resounding with buyers.

In downtown Mississauga, much than 90 percent of suites person sold successful the archetypal 2 buildings of Solmar’s Edge Towers. The third, last and grandest operation astatine Edge, Oro (means ‘gold’ successful Italian), is coming soon.

Epoch Times Photo (Courtesy Solmar Development Corp.)

“This is the champion determination of each of the caller downtown Mississauga condos, since it is the lone 1 close connected the caller LRT enactment and wrong walking region of the Cookstown GO station,” says Davie. “You are besides wrong walking region of world-class buying astatine Square One successful Mississauga, 1 of the biggest and champion malls successful Canada. You person trendy bars and restaurants, Whole Foods, arts and taste venues that you tin locomotion to arsenic well.”

Davie says Mississauga is bustling, with 80 percent of caller residential maturation unfolding astir Square One. The metropolis is attracting caller employers, including planetary companies and that bodes good for well-paying, skilled jobs, providing the accidental to live, enactment and play downtown.

Oro volition physique connected the elements that attracted buyers to the archetypal 2 Edge Towers – an fantabulous determination and precocious prime of plan and construction. It volition emergence 50 storeys and person 630 units. Some units volition person above-ground parking wrong the podium, allowing those residents the convenience of parking connected the aforesaid level arsenic they live.

“It’s not overly communal and truly convenient,” says Davie. “It’s astir similar surviving successful a house. You tin unload things from the car and are capable to locomotion into your suite without going done the lobby.”

Epoch Times Photo Scott Davie, laminitis of Davie Real Estate Inc. (Courtesy Solmar Development Corp.)

Oro volition besides connection generous outdoor nationalist and amenity spaces. Other amenities see luxurious lobby with 24-hour concierge, impermanent suites, 2 enactment rooms, galleria, Wifi lounge, movie theatre and unlimited high-speed Internet passim the building.

“When you locomotion in, it volition consciousness similar you are successful a high-end hotel. These buildings volition beryllium defined arsenic the champion prime buildings successful downtown Mississauga,” says Davie. “Tower 3 is people’s past accidental to get in.”

Solmar’s Park Avenue Place successful Vaughan has besides been fashionable with buyers. The archetypal 2 of 3 towers are nether operation astatine a premier determination connected Jane Street and Rutherford Road, steps from Vaughan Mills promenade and adjacent to Highways 401 and 407, the TTC Line 1 and York Region Transit and Viva buses. The units successful the buildings sold rapidly and Tower 1 and 2 are sold out. Park Avenue Place Tower 3 is scheduled to motorboat successful the spring. (To larn much astir Solmar’s caller projects, sojourn

Epoch Times Photo (Courtesy Solmar Development Corp.)

“This inclination of buyers looking to the suburbs volition proceed to grow, arsenic radical question retired lodging astatine much affordable prices, particularly buildings successful large locations with prime design,” predicts Davie.

Tracy Hanes is simply a GTA existent property writer.

Tracy Hanes