I’ve made more than a few references to the BOOM happening at Yonge/Eg over the past month.
So being the real estate nerd that I am, I got in the car one afternoon, and drove up and down every street in the neighbourhood, listing every development proposal, in addition to, of course, the existing construction sites.
My findings are jaw-dropping.
I don’t believe there’s another neighbourhood in Toronto that’s undergoing such a rapid transformation, and I wonder if the area is equipped to deal with the change,.
That’s a topic for another day, but today, let’s look at all the condos being built…
I know it might seem like I’m obsessed with Yonge & Eglinton, given the three videos, and blog posts so far in 2016.
But as I said in the lead-in, I don’t know if there’s another neighbourhood in Toronto with as many cranes in the sky.
Would it surprise you to know that there are TWENTY condominiums either under construction, pre-selling, or proposed?
Twenty. That’s an absolutely staggering number.
Before I delve into what lays ahead, let me first detail where we’ve come from.
Here are the major condominium projects to hit Yonge & Eglinton since the turn of the millennium:
Redpath Residences – 188 Redpath Avenue (2000) – 8-Storeys, 86 Units
Eglinton Place – 123 Eglinton Avenue East (2001) – 18-Storeys, 183 Units
Quantum South – 2181 Yonge Street (2007) – 38-Storeys, 334 Units
Quantum North – 2191 Yonge Street (2008) – 53-Storeys, 556 Units
Panache – 212 Eglinton Avenue East (2008) – 21-Storeys, 196 Units
The 88 on Broadway – 88 Broadway Avenue (2009) – 21-Storeys, 200 Units
The Republic South – 70 Roehampton Avenue (2010) – 27-Storeys, 282 Units
The Republic North – 25 Broadway Avenue (2010) – 21-Storeys, 178 Units
83 Redpath – 83 Redpath Avenue (2010) – 21-Storeys, 212 Units
By my count, over eleven years, there were 2,227 units added to the area.
And considering there were no completions in 2011, 2012, 2013, or 2014, we can say that over a fifteen-year period, there were only 2,227 units added.
Now let’s return back to the current situation at Yonge & Eglinton, where there are twenty condos under construction, or planned for.
Here’s a map of the area with the projects plotted:
Let’s divide these condos into four categories:
1) Recently Completed
Address: 55 & 60 Duplex Avenue
Developer: The Brown Group
221 Units (plus 24 townhouses)
Completed – 2015
Address: 58 Orchard View Boulevard
Developer: Pemberton Group
Completed – 2015
Address: 101 Eglinton Avenue East
Developer: Madison Homes
33-Storeys & 30-Storeys, Plus Podium
Address: 8 Eglinton Avenue East
Developer: Bazis, Metropia, & RioCan
58-Storeys & 38-Storeys
Address: 30 Roehampton Ave
101 Erskine Avenue
Address: 101 Erskine Avenue
155 Redpath Avenue
Address: 155 Redpath Avenue:
Art Shoppe Lofts & Condos
Address: 2131 Yonge Street
Developer: Freed Developments
28-Storeys & 12-Storeys, Plus Podium
150 Redpath Avenue
Address: 150 Redpath Avenue
Address: 150 Eglinton Avenue East
Address: 2221 Yonge Street
Developer: Tower Hill
Address: 2384 Yonge Street
Developer: Rockport Group
Address: 2368 Yonge Street
Developer: LIfetime & Knightstone
Address: Pemberton Group
Developer: 99 Broadway Avenue
55 Eglinton Avenue
Address: 55 Eglinton Avenue East
Developer: State Building Group
Address: 45 Dunfield Avenue
26-Storeys & 24 Storeys
Address: 89 Roehampton Ave
236 Units (might be rentals)
Address: 198 Redpath, 87,89,91 Broadway
Address: 100 Broadway Ave, 223-225 Redpath Ave
329 Units (includes 52 rental units)
Address: 71, 73 Redpath Ave, 174 to 200 Soudan Ave, 18 Brownlow Ave
25-Storeys & 25-Storeys
436 Units (rentals)
Address: 132 to 142 Soudan Ave, 11 Lillian Street
Address: 140 & 144 Redpath Ave, 151-177 Roehampton Ave
In total, we’re looking at the following:
Completed 2015 – 451
Under Construction – 3,448
Pre-Construction – 1,756
Proposed – 3,809
Consider that the condos under construction right now are slated for completion anywhere from 2016 to 2018, and the condos pre-selling are looking at 2019, and let’s assume that the proposed developments are looking at the year 2020.
So from 2015 to 2020 – a six-year period, there will be 9,464 units completed. Maybe more.
And from 2000 to 2014 – a fifteen-year period, there were only 2,227 units completed.
Proportionally, the current boom will construct 1030% more units per year than the previous boom.
And that number is the most staggering of all.
I know some of you might be wondering, “Can Yonge & Eglinton absorb all this inventory?” I believe the answer is “yes,” and this isn’t the right question to be asking.
Instead, we should wonder, “How will the increased density affect existing infrastructure?”
Or better yet, “Can the existing infrastructure support the increased density?”
That Eglinton LRT line can’t come soon enough…