Breaking condo conventions
By Derek Raymaker - Globe and Mail
There are two common assumptions when it comes to planning and launching a successful high-rise condominium community.
One is that it must have a premium location - either in a central downtown core or, failing that, in an attractive recreational site, such as a waterfront area.
The other is that it must be situated close to a mass-transit line to enable dwellers to eschew any reliance on cars.
Over the past few weeks, we’ve taken a look at some condo markets that have popped up and thrived despite the absence of one or both of these elements. We’re wrapping up our look at these counter-intuitive condo markets with western North York, a sprawling area between Bathurst Street and Islington Avenue, south of Steeles Avenue.
For the most part, western North York is a non-descript reflection of postwar residential development throughout North America, consisting of block after block of working-class bungalows with the corners of major intersections anchored by strip malls or small industrial parks.
As you head north, slightly more affluent neighbourhoods appear in the proto-suburbs that were built in the 1950s. The monotony of the tightly packed neighbourhoods is broken up by two huge tracts: The former Canadian Forces Base Downsview and its air strip - now a federal park - and York University.
Even in today’s high-octane market for detached family housing, this area does not produce much demand beyond those buyers who are looking for affordability within the boundaries of the 416 area code. But it has established itself as a family-friendly pocket, held together by tightly knit neighbourhoods.
Somewhat surprisingly, three locations around western North York have emerged as hotbeds of high-rise development, in spite of having nothing in particular working in their favour in terms of location or easy access to mass transit.
What does give them some advantage is their ready-made market of surrounding residents.
Many buyers are empty-nesters who’ve grown accustomed to their local rituals and want to stay close to friends and neighbours.
Another surprise about the western North York condo market is that prices are not particularly discounted from the average price in the Greater Toronto Area.
At the end of January, the average price a square foot stood at $386, only $13 below the Greater Toronto condo average of $399, according to RealNet Canada data.
This is a 31% increase from the average price of $294 a square foot registered a year earlier, in January, 2007.
The transformation of the Downsview air base into an urban park will give the area a much-needed recreational feature, though development is proceeding at a glacial pace. Three high-rise communities poised to take advantage of the changes are in the works on the eastern edge of Downsview at Allen Road and Sheppard Avenue,
One is Metro Place, a community with a 14- and a 16-storey tower and 460 suites being sold in the first phase, with over half the suites already sold.
A total of five towers are planned for the site.
Prices and sizes at Metro Place closely reflect the market average for this area, ranging from $187,000 for 515 square feet of living space to $529,000 for 1,460 square feet, with prices including a parking spot.
The first two buildings feature an attractive and unique art-deco facade, and are within walking distance of the Downsview subway station, the terminus of the University-Spadina line.
Nearby, on the north side of Sheppard is the Plaza Royale, a 120-suite, eight-storey high-rise now under construction by the Torbel Group. Prices there range from $245,000 to $456,000 for between 735 and 1,265 square feet of living space.
As the prices indicate, Plaza Royale has a more exclusive boutique feel to it, with some handsomely designed suites featuring separate living and dining rooms and angular breakfast bars.
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Contact the Jeffrey Team for more information - 416-388-1960
