Toronto Aqualuna at Bayside | 61.87m | 18s | Tridel | 3XN

TheKingEast said:
A lot of buyers with deep pockets.
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*sigh* based on recent sales, looks like the average price per square foot in this area is now well north of $1,000 per square foot. I know this isn't the time or place to discuss that topic but I continue to find it difficult to square this type of escalation. Monde was going for $600/sq ft - $700/sq ft just late last year. I know that the waterfront plan calls for a nice slice of affordable housing but looks like there's no room for those caught between the high-end pricepoints and thresholds for affordable housing. I've seen the same thing happen on the East Bayfront. Regent Park is one exception to the rule but I'd be surprised if prices haven't steady escalated there as well. Not great for building a diverse community.
 
jackass42 said:
*sigh* based on recent sales, looks like the average price per square foot in this area is now well north of $1,000 per square foot. I know this isn't the time or place to discuss that topic but I continue to find it difficult to square this type of escalation. Monde was going for $600/sq ft - $700/sq ft just late last year. I know that the waterfront plan calls for a nice slice of affordable housing but looks like there's no room for those caught between the high-end pricepoints and thresholds for affordable housing. I've seen the same thing happen on the East Bayfront. Regent Park is one exception to the rule but I'd be surprised if prices haven't steady escalated there as well. Not great for building a diverse community.
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That's how supply and demand works, no different from any other neighborhood.
 
jackass42 said:
*sigh* based on recent sales, looks like the average price per square foot in this area is now well north of $1,000 per square foot. I know this isn't the time or place to discuss that topic but I continue to find it difficult to square this type of escalation. Monde was going for $600/sq ft - $700/sq ft just late last year. I know that the waterfront plan calls for a nice slice of affordable housing but looks like there's no room for those caught between the high-end pricepoints and thresholds for affordable housing. I've seen the same thing happen on the East Bayfront. Regent Park is one exception to the rule but I'd be surprised if prices haven't steady escalated there as well. Not great for building a diverse community.
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There is recognition by WT that this missing middle is a problem - from the WT Sept Investment and Real Estate Committee Meeting:

http://waterfrontoronto.ca/nbe/wcm/...sentation+-+September+13+2017.pdf?MOD=AJPERES

No specific policy response yet, but they are working on it. Also, there is work in NYC and elsewhere on microapartments.

AoD
 
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jackass42 said:
*sigh* based on recent sales, looks like the average price per square foot in this area is now well north of $1,000 per square foot. I know this isn't the time or place to discuss that topic but I continue to find it difficult to square this type of escalation. Monde was going for $600/sq ft - $700/sq ft just late last year. I know that the waterfront plan calls for a nice slice of affordable housing but looks like there's no room for those caught between the high-end pricepoints and thresholds for affordable housing. I've seen the same thing happen on the East Bayfront. Regent Park is one exception to the rule but I'd be surprised if prices haven't steady escalated there as well. Not great for building a diverse community.
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Yup, unfortunately this has implications on whether or not this ends up being a community or a wealthy enclave. With too much of a upper class, things like retail and services become increasing oriented towards them, to the detriment of inclusivity. For many people, $10 sandwiches and cold-pressed juice are beyond their reasonable price range (reminds me of how DUMBO has evolved over the years)- and it'll be a place they simply won't go to.
 
Mock-up of the balcony design looks quite nice!
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raptor said:
That's how supply and demand works, no different from any other neighborhood.
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This isn't simply supply and demand. Many units are being sold to buyers that have no intention on living in them.
 
I also don't believe many condos are sitting empty. The cap rate on multi-res investments or single family rentals is insanely low, with low cash flows, but also low risk. The market is so tight, that you would not have trouble finding a decent renter easily. I don't see why anyone wouldn't rent out their unit vs. leaving it empty unless they were selling it in short order.
 
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