Tarik Gidamy of TheRedPin.com believes investors and residents alike will clamour for units -- correction or no correction.
“If you look at the trend with condos, it’s not about affordability,” he says. “People are learning to live in smaller spaces, and if they want to live in the heart of the city, next to the infrastructure and be in a super well-designed building, they’ll make that sacrifice. Whether the market does correct itself now, two years from now or four years from now, I believe there will always be a demand for this kind of product.”
The Mirvish plan – the design of celebrated architect Frank Gehry – has been met with both praise and criticism, with some calling it a triumph that will move Toronto into a new era, while others mourn the loss of one of the theatre district’s most beloved treasures. Gidamy has been closely following the story since it broke Monday – with much excitement.
“I think it’s iconic,” he says. “The design will bring flare to an area that’s seen a lot of cookie-cutter architectural expansion, I think it will definitely put Toronto on the map in terms of it’s entertainment district and what the city will look like as a skyline.”
Gidamy shares the opinion of many that Toronto’s structural develop lags behind North American cities such as Chicago and New York. He believes the project is exactly what the city needs to propel it into the league of extraordinary architecture.
“Firstly, I love the architect.” The architect in question is of course Toronto-born Frank Gehry, who at 83-years old, is likely about to oversee his final project. “I hate to see the theatre go, I think it’s a staple of that corridor, but land is meant to be used to the highest potential, and adding the 2,600 units to that area will do that. Its design and location will spark huge demand whether it’s from an investment perspective or people wanting to live there.”
Gehry’s involvement has certainly attracted attention to the project’s design, but from an investors standpoint, is this addition to an already bourgeoning skyline too much, too late?
“The majority of what is going up right now is sold product,” says Gidamy, who affirms that this is a project worthy of investor interest. “It makes sense to buy, hold and rent in this community as the vacancy rates are so low. With 100,000 people moving into the city, interest rates the way they are and Toronto being voted the second-most desirable city to live in North America, people are naturally going to gravitate to here.”
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate