With parking at $50,000 or $60,000 for a parking space in the Toronto downtown core, the majority of condo purchasers are opting to give up the car.
Toronto, Ontario (PRWEB) June 13, 2013
In Condo.ca this week, Canada’s Condominium Magazine reports that Aqualina, a Tridel development, will be the first new residences in the master-planned community of Bayside, part of Toronto’s brand new East Bayfront neighbhourhood. Early registrations came fast, after the Toronto condo builder and its project partner Hines, the international real estate developer, unveiled the plans for the unique waterside condo community. The new community provides an appealing combination of building amenities, lake views, a master planned neighbourhood ambiance, and easy access to downtown Toronto. Quality of life, concern for the environment and a lifestyle that doesn’t depend on cars is what many millennials are looking for, based on the ratio of parking spots to condominium units in the downtown Toronto condominiums. The cost of parking in some downtown condos has risen as high as $65,000 per spot. Developers just aren’t building as many parking spots as they used to.
“Tridel and partner Hines unveil Aqualina condos at Bayside”
Waterfront property in Toronto is an increasing rarity, particularly with the Gardiner Expressway cutting off much of the city from the waterfront. The Bayside developments are creating considerable market excitement as the first condominium community, Aqualina from Tridel, is announced. Bayside will comprise thirteen acres of mixed use development on previously under-utilized land. The Bayside neighbourhood will have two million square feet of residential, commercial and cultural uses, “all on the water’s edge.” Hines is the master planner of the development, selected by Waterfront Toronto in 2010 to transform the semi-derelict area now known as East Bayfront into a vibrant new community, and Tridel is the first to announce a community in Bayside.
Designed by the Miami architectural firm Arquitectonica, the building is a series of cubes set on top of each other, with balconies and large windows designed to take full advantage of the spectacular views of the lake and the city skyline. Suites at Aqualina will range from one-bedroom to three-bedroom, with maximum floor space of about 2,500 square feet. Read more.
“Parking no big deal in a walkable, transit-served city”
With parking at $50,000 or $60,000 for a parking space in the Toronto downtown core, the majority of condo purchasers—based on condominium ratios of parking spots to units—are opting to give up the car. It’s better to keep the money, or put it toward the cost of the condo, and get around the city by other means. Canada is one of several countries where the number of younger people who hold drivers’ licences has fallen over the past twenty-five years. The drop in younger drivers has been matched by an increase in older drivers. Because of this shift, the largest group of drivers in these countries (Finland, Great Britain, Germany, the United States are a few of the others) is now the middle aged. The drop between 1978 and 2008 in the US was dramatic: the percentage of 17-year-old drivers fell from 75 per cent to 49 per cent over that time period. Read more.
“OECD head: more countries should be like Canada”
The Organization for Economic Cooperation last week ranked Canada’s housing market as the third most overvalued in the world. Canada’s real estate market has performed very well, according to the real estate boards. There was no housing crash here, barely even a slowdown, when the rest of the world’s markets were collapsing in 2009. Now the head of the OECD clarifies that his organization did not mean there was a “bubble” in Canada. In fact, more countries in the world would do well to follow Canada’s lead in prudent banking and lending practices, and solid fiscal policies, he said. Read more.
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