It looks like Toronto's condominium real estate boom isn't about to stop anytime soon, however there are signs that both the industry and government are beginning to seriously consider the fact that a price correction may occur, effecting overall growth. The recently announced legislative review is one such attempt to prevent a dramatic correction or drop in construction, while developers are looking to make changes regarding zoning bylaws, hoping to find ways in which they can decrease costs and pass those savings on to the consumer. The Station, by Brandy Lane Homes, is offering direct from the developer incentives, looking to make ownership more accessible without significant risks.
The Station's "Live Free" program is offering the next 20 purchasers the opportunity to buy in to the project without paying mortgage costs, taxes or maintenance fees for one year. Coupled with their recent drop in initial deposit to 10%, Brandy Lane Homes is looking to attract hesitant buyers or those who are saving up before making a down payment.
The project is located outside the core of Toronto but is minutes from Wilson station making it easily accessible and significantly less costly than similar projects downtown. The building will offer a variety of amenities including indoor/outdoor party rooms, an entertainment centre and an extensive outdoor dining terrace. Suites range from bachelors to "family-friendly" three-bedrooms still listed at pre-construction pricing, however with ground breaking next month we can expect to see prices increase.
It's clear that the discussion of a possible price correction in the condominium market isn't going away anytime soon — what we're looking forward to seeing are the types of incentives developers will be offering in order to attract consumers who are growing increasingly harder to buy over amidst the variety of projects we're seeing in the GTA. For more renderings and stats on The Station you can check out the dataBase listing below, which includes contact information for The Station regarding this limited time offer.