Empty nesters fuelling condo boom
Derek Raymaker - Globe and Mail
The last five years have seen a tremendous explosion of condominium construction in 905 communities that have traditionally been known for suburban sprawl and tract housing.
Brampton and Vaughan are a long way from being transformed by condo development into high-density, transit-oriented communities. Construction starts on multifamily dwellings make up only about 10 to 15% of all starts there.
The condominium projects that are most successful in the two municipalities tend to cater to people who already live in them, and those tend to be older residents who have already raised children, but don’t want the hassle of taking care of a big house any more.
The fact that people want to stay is a pretty good sign in terms of the evolution of a suburban community. All these cities grew as bedroom communities whose residents commuted into Toronto to work. Now, thousands of white-collar and manufacturing jobs have settled in the 905. Along with them, so have multiple generations of families.
The oldest members of these families want to leave the big house - and lawn care and maintenance bills - behind, but they do want to stay close to their friends and family. And the condos that are most attractive to these empty-nester buyers tend to be those that are outfitted with upscale features.
These are picky buyers, after all, and they’re also not under any pressure to buy the first suite that comes along.
Renaissance, a sleek 27-storey building under construction on George Street in downtown Brampton, is viewed as at the vanguard of high-end, high-density projects.
Over 80% of the Alterra-built project’s 292 suites are sold. Seven penthouse models ranging from 1,255 to 1,971 square feet are available in the $450,000 to $540,000 bracket, with prices including a parking spot.
Even the regular suites, which start at $174,490 for 530 square feet, with sizes running to 1,170 square feet, are tricked out with dens, top-end appliances and inviting floor, wall and bathroom finishes.
Downtown Brampton is nicely suited to become a condominium pocket in light of its close proximity to the GO Train station. And condominium construction is expected to play a major role in the downtown’s revitalization.
In June, Inzola Group, which has been involved in refurbishing several aging landmarks in the downtown area, launched Park Place on James Street. This 223-suite tower project seems to be aiming for the busy, professional-type buyer, but its features also will appeal to older buyers. Prices here range from $160,000 for 632 square feet to $600,000 for 1,764 square feet. One parking spot is included, along with access to a series of common amenities, including a full fitness room and a concierge.
Further north and east, the city of Vaughan is also widely considered to be morphing into a more mature community, even after years of aggressive tract housing development.
A condominium pocket is taking root around the massive Vaughan Mills Shopping Centre on Rutherford Road, just east of Highway 400.
Bellaria, a two-tower project by Solmar Development Corp., has successfully landed buyers for nearly all of the 242 suites in its first phase, a 16-storey tower. Prices start at $234,900 for 724 square feet. Penthouses are 1,200 to 2,000 square feet and cost up to $1.2-million. Only one penthouse remains available.
Like Renaissance, Bellaria is dripping with upscale features, and with domed rooftops and a limestone-and-granite lobby, will be an especially striking architectural presence in an otherwise drab stretch of mall country.
Also impressive are the high, bronze-tinted windows that will look down on a lushly landscaped grounds, which will include nearly three kilometres of walking trails along waterways. Prices here also include a parking spot, and construction of the first tower is under way.
———————————————————————————