“[Transit proximity] is the single most important characteristic of development today,” developer Peter Freed told the Toronto Star
Freed’s development firm is collaborating with Capital Developments in the construction of condos that would offer easy access to the intersection between the Crosstown LRT and the subway. The two companies are also working on more projects in areas that are projected to experience a two-fold growth in transit-bound pedestrian traffic in the next 10 years.
Lindvest vice president Michoel Klugmann noted that many condo buyers are expecting a resultant increase in prices due to the prime locations of new developments.
“People talk about transit. They talk, talk, talk, but you can feel it. The stations are coming, people are watching the progress and they see it moving east on Eglinton,” Klugmann said.
“People want to be where transit is. They want to hop on a line and get anywhere. Every site we’re developing, you could get on a train at Union Station and get there,” according to Jordan Teperman of Haven Developments.
The trend especially appeals to the younger generation, which is now more wary of investing in potential “money traps” such as automobiles and expansive properties.
“A lot of people my age think they should be living within their means. Having a huge house is not something that most people are interested in, just because there’s no time to maintain it,” business student Karan Kundra said.
“Cutting the lawn and those kinds of things add on to the amount of tasks you have to be able to do within a day. Being able to live in a condo where everything is accessible is something a lot of people are attracted to,” Kundra added.
Toronto high-rise real estate still a great place to invest in
Agents backing TREB
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The recent building boom along Toronto’s newest transit lines is playing a major role in the price spikes along these crucial areas, according to observers.