Yes the future of downtown East is Very Bright
Two of Toronto’s game-changing developments will be taking place in Downtown East.
The first is a brand new Subway line (The Ontario Line) which will be the relief subway line the city has been patiently waiting for. The new line proposes a subway stop called “Corktown” which will be the main subway hub in this area.
The second is what I believe to be one of Toronto’s most important developments, a proposed development that will radically transform the land use and the transit patterns of the area: East Harbour. With more than 50,000 jobs promised, this area is poised to be Toronto’s newest employment district. This multi-modal hub will be the GTA’s best served transit station outside of Union Station. The Toronto Star reported that East Harbour “will be the commercial heart of the redeveloped port lands. … the outlet for future growth of employment space in the city.” Some of the world’s biggest names in business have expressed interest in spearheading the growth of this important district. Comprising 10 million square feet of office space and two million square feet of retail, entertainment, cultural and institutional uses – including business and artist incubator spaces.
I am a full-time Realtor for Landpower Real Estate Limited., Brokerage, specializing in 3 main areas: resales, investment, and leasing. From bachelor condos to luxurious detached homes, I have proven experience in a wide range of real estate in the GTA. Having lived in Toronto for over 15 years, I am very familiar with downtown Toronto, Markham, Richmond Hill, North York and Scarborough. I'm always readily available to provide personal, insightful and effective advice, potential areas, updates on the latest real estate trends, statistics that actually matter, and various inventory information. I understand that making any real estate purchase isn't easy, whether it be the first time buying or investment. My goal is to help guide your real estate needs from beginning to end. My clients range from the first time home buyer to the seasoned investor. I work with an array of different clients which allow me to understand/respect every deal is unique and different in its own way.
I am fluent in 3 languages; English, 廣東話, 普通話.
Should you have ANY questions or would like to find out more about Real Estate, please don't hesitate to message, or call me at 647-287-8002.
Best posts made by Gencan_lam
Latest posts made by Gencan_lam
RE: In the long run, is it worth investing in one of the small condos near the riverside area in Toronto? Let’s say I want to hold for 5 years.
Yes the future of downtown East is Very Bright
RE: For Hong Kong people, which neighborhood should I consider if I am going to work near the Yonge and Bloor area in Toronto?
I would say the Financial district and Yorkville. This "Bay Street Corridor" is a perfect combination of old and new buildings appropriately situated nearby the facilities that include hospitals, The University of Toronto, the Financial District and the Ryerson University. The Students, lawyers, doctors and those who are in the medical and financial industry are going to find that a residence in Bay Street condos enables them live within a walking distance to work and every other facility for to their north, they will have Yorkville to shop and for eateries, they have subway to the east. Condos in Bay Street comes with a number of office towers and banks and also has almost total 50 stories with approximately 486 units. It is very close to the 3 different subway lines, the Gardiner Expressway, the Bloor street and the Yonge street and also has access to all the downtown attractions and core businesses.
With its lively location, the Bay St neighborhood offers a perfect residence for professionals who seek to live close to work and nightlife. It has the Bloor-Yorkville and Yonge Street shopping district nearby and many options for entertainment and night life. Since they are in close vicinity to the universities and hospitals, Bay St condos can be a great investment opportunity too! The condos situated in in the Bay Street corridor are very convenient for all of its residents as they are situated in midst of the sauna having very peaceful and tranquil environment making it very suitable for the residents for leading a relaxed life. The area also comes with various public areas that provide parking facilities. Thus the location also comes with amazing views of the city. It also provides a large park area where you can enjoy all your holiday afternoons with your loved ones or your family. All these facilities make the area very convenient for living a luxurious life.
RE: With so many developments in downtown Toronto, do you think there is an oversupply in newly built?
The number pre-construction condo projects starts in Toronto have slowed down a lot since COVID occured in March. Many projects were supposed to launch in the Spring and Summer of this year, but some developers have held back and decided to launch at a later date. However, the projects that DID launch in the Core, downtown East, and a few more have absolutely exceeded the expectations of many. Over 70% of units sold out during their launch week. This has been quite significant to the investor market because the demand and appetite for new-build is in fact very strong and resilient still.
One of the reasons to this wave of investors is due to the flexibility in the deposit structure for these new pre-construction projects. Instead of the 15% deposit or 20% of deposit required for foreign investors to purchase condos in Toronto, many projects have adopted a 5% per year deposit structure until occupancy (usually around 4 years). So for example, a typical project that would have launched today in August 2020, 1 bedroom condo in downtown Toronto at $600k, you would only need to come up with $30k per year until occupancy in 2024. ($30k in 2021, $30k in 2022, $30k in 2023).
RE: How has the Toronto real estate market been since the post lockdown period with COVID-19?
Pre-Covid, the Toronto area real estate market was red hot in Feb, with 17% appreciation in home prices year over year; pre-construction condo sales were similarly robust, and the main worry was that the market might be overheating. In spite of real estate being declared an essential service, the market came to a near complete stop in mid-March as we entered lockdown with April seeing an unprecedented 70% drop in sales volume.
The novel coronavirus came along to devastate almost every sector of the global economy. However, Canada’s real estate sector was one of its most impressive industries due to the massive demand for real estate and increasing immigration. The onset of COVID-19 did not leave the real estate sector alone.
For years, the increasing demand in major urban centres in the country and immigration led to prices flying high, especially in Toronto and Vancouver. Analysts had long been warning of a housing crash due to the inflated prices. With the global outbreak of the pandemic, everybody expected the housing market to tumble significantly. Despite all the scares and the conditions being ripe for a housing market correction, the sector suddenly boomed. While the number of sellers decreased, the demand became more substantial. Analysts are even predicting a good year for the sector.
Speakers Jason Mercer, Chief Market Analyst at the Toronto Regional Real Estate Board, and Shaun Hildebrand, President at Urbanation, a leading Toronto condo market research and consulting firm, suggested they will likely return to pre-Covid price projections with the average Toronto home price expected to rise to $900,000 and condo prices per square foot to rise by 6.5% by the end of this year.