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New places to live are coming to the Downsview area of Toronto's borough of North York. Yorkwoods Condos will be nestled on the edge of parks, green space, schools, with close proximity to malls, restaurants, and transit. CTN Developments is expecting the new Finch West LRT, now under construction, to foster reinvestment in the area similar to what's happening at Regent Park in Downtown Toronto, and the area near Kennedy Station in Scarborough, two communities that are seeing major growth following the construction of new developments and transit lines in their neighbourhoods.
Yorkwoods Condos are to be located at 2839 Jane Street, between Finch and Sheppard avenues. The Jane and Finch area has a reputation for being a rougher part of the city — similar to the way Regent Park was viewed prior to its redevelopment. And with Regent Park only having recently passed the halfway mark of its redevelopment, the revitalizing effects were noticed early on.
Looking north from Yorkwoods Condos
When the first condos were launched in Regent Park years back, people were concerned about the safety of the area, and whether or not the condos would be successful, and attract the amount of growth that they were after. When sales opened for One Cole developed by The Daniels Corporation in 2009, the price per square foot was $396. Today, the area has been built up with new developments and community amenities, and is thriving. As a result, prices have gone up significantly since 2009, with the current River & Fifth condo developed by Broccolini being sold for $1,370 per square foot in 2021.
Not only did Regent Park welcome new residential development, it also made space for a new community centre and pool, as well as a public outdoor track, field, and skating rink. The Jane and Finch area will be welcoming similar amenities, with its new 65,000ft² Jane-Finch Community Hub and Centre for the Arts, to be located at 2050 Finch Avenue West. The facility will showcase and support the community’s diverse skills and talents, housing arts, dance, and recording studios, an indoor swimming pool, community kitchen, youth lounge, and a computer lab.
Jane-Finch Community Hub and Centre for the Arts, image courtesy of CTN Developments
Similarly in Scarborough, due to the construction of the Crosstown LRT, condo prices near the line have appreciated significantly as its construction has progressed. Back in 2011 before the LRT was announced, the average price per square foot for the area around Kennedy Station was $362. Now, prices have increased significantly as the LRT is nearing its completion, with the cost per square foot at Nahid on Kennedy developed by the Nahid Corporation averaging at $915.
"Prices for new condos around the Kennedy station in Scarborough — the LRT's easternmost stop — are sitting at approximately 141% increase from the average price per square foot in Scarborough since construction of the LRT began about a decade ago," said Audrey Lew, Milborne Group Director of Sales and Marketing. "Purchasers who bought in the area then as early bird investors would have leveraged on the highest appreciation."
With the Finch LRT line currently under construction on Finch Avenue West just north of Yorkwoods Condos, similar expectations can be held for the value of the area. The Finch LRT is expected to be completed in 2023, covering 11 kilometres and offering 18 stops.
Finch LRT map, Yorkwoods Condos to be located near Jane and Finch Station
"The revitalization of some of Toronto's historically challenged neighbourhoods are creating affordable ownership opportunities for many Torontonians on the back of new infrastructure," said Hunter Milborne President and CEO of Milborne Group. "This is incredible news for the city!"
There will be connections to other transit lines, too. From the LRT stop, it will be a short ride to Finch West station on the TTC's Yonge-University line and its direct connections to Vaughan Metropolitan Centre, Yorkdale Mall, Downtown Toronto, and many more destinations, while providing connections to other adjacent transit systems including YRT, GO, and more.
"Just like Regent Park and Scarborough, we can look forward to a similar growth due to the City and community support for development in the Jane and Finch area, along with the Finch West LRT," said Lew. "Yorkwoods Condos is also contributing to the neighbourhood growth in development, being the first new condo to be developed there, and already getting community support through purchasers living in the area."
Looking northeast to Yorkwoods Condos, image courtesy of CTN Developments
Designed by AAA Architects Inc., Yorkwoods Condos will stand 13 storeys tall, and house 190 units with three levels of underground parking. Yorkwoods' contemporary design and one, two, and three bedroom suites provide an abundance of options. The development is planned to join the neighbourhood by 2024.
You can learn more from our Database file for the project, linked below. If you'd like, you can join in on the conversation in the associated Project Forum thread, or leave a comment in the space provided on this page.
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