The Condo Construction Boom At Yonge & Eglinton

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…

CondoBoom

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:

YongeEglintonDevelopment
Click photo to enlarge

Let’s divide these condos into four categories:

1) Recently Completed
2) Under-Construction
3) Pre-Construction
4) Proposed

RECENTLY COMPLETED:

The Berwick
Address: 55 & 60 Duplex Avenue
Developer: The Brown Group
17-Storeys
221 Units (plus 24 townhouses)
Completed – 2015

Neon
Address: 58 Orchard View Boulevard
Developer: Pemberton Group
20-Storeys
230 Units
Completed – 2015

 

UNDER CONSTRUCTION:

The Madison
Address: 101 Eglinton Avenue East
Developer: Madison Homes
33-Storeys & 30-Storeys, Plus Podium
644 Units

E-Condos
Address: 8 Eglinton Avenue East
Developer: Bazis, Metropia, & RioCan
58-Storeys & 38-Storeys
854 Units

Minto30Roe
Address: 30 Roehampton Ave
Developer: Minto
34-Storeys
397 Units

101 Erskine Avenue
Address: 101 Erskine Avenue
Developer: Tridel
32-Storeys
431 Units

155 Redpath Avenue
Address: 155 Redpath Avenue:
Developer: Freed
36-Storeys
470 Units

Art Shoppe Lofts & Condos
Address: 2131 Yonge Street
Developer: Freed Developments
28-Storeys & 12-Storeys, Plus Podium
652 Units

 

PRE-CONSTRUCTION:

150 Redpath Avenue
Address: 150 Redpath Avenue
Developer: Freed
38-Storeys
543 Units

The Eglinton
Address: 150 Eglinton Avenue East
Developer: Menkes
34-Storeys
378 Units

2221 Condos
Address: 2221 Yonge Street
Developer: Tower Hill
56-Storeys
566 Units

Montgomery Square
Address: 2384 Yonge Street
Developer: Rockport Group
27-Storeys
233 Units

Whitehaus Condos
Address: 2368 Yonge Street
Developer: LIfetime & Knightstone
29-Storeys
366 Units

 

PROPOSED:

City Lights
Address: Pemberton Group
Developer: 99 Broadway Avenue
37-Storeys
496 Units

55 Eglinton Avenue
Address: 55 Eglinton Avenue East
Developer: State Building Group
47-Storeys
455 Units

Lillian Park
Address: 45 Dunfield Avenue
Developer: Shiplake
26-Storeys & 24 Storeys
862 Units

Development Proposal
Address: 89 Roehampton Ave
36-Storeys
236 Units (might be rentals)

Development Proposal
Address: 198 Redpath, 87,89,91 Broadway
34-Storeys
322 Units

Development Proposal
Address: 100 Broadway Ave, 223-225 Redpath Ave
34-Storeys
329 Units (includes 52 rental units)

Development Proposal
Address: 71, 73 Redpath Ave, 174 to 200 Soudan Ave, 18 Brownlow Ave
25-Storeys & 25-Storeys
436 Units (rentals)

Development Proposal
Address: 132 to 142 Soudan Ave, 11 Lillian Street
17-Storeys
129 Units

Development Proposal
Address: 140 & 144 Redpath Ave, 151-177 Roehampton Ave
38-Storeys
544 Units

In total, we’re looking at the following:

Completed 2015 – 451
Under Construction – 3,448
Pre-Construction – 1,756
Proposed – 3,809
TOTAL: 9,464

That’s staggering.

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…

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  1. powerful love spells says:

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  2. Suzzana says:

    Lemine investment group
    Lemine Group/Thomas Liu/ jessica Wang/ Kyle Chan.
    toronto, NT
    BE CAREFUL, DO NOT DEAL WITH THIS COMPANY.

    Those people has scammed me and many other employees as the have eaten our salaries and commissions also if you do a simple due diligence on them through a solicitor you will discover that they have so many fraud cases against them and they have eaten bank loans with out giving money back Also any brokers deal with them they never give them what they agreed to.

    Company team : 1-Thomas Liu. 2-Jessica Wang. 3-Kyle Chan.
    Company address: 5000 Yonge St #1806, North York, ON M2N, Canada
    Company website: http://www.leminegroup.com/

  3. P. Shoom says:

    The horse left the barn over a decade ago.

    1. What is occurring at Yonge and Eglinton has taken place on Yonge St. north of Highway 401 to an even greater extent. The same issues have been a concern. So if you want to find out how this turns out just look a little further north. While there are problems, the overall result appears positive.

    2. Both areas (Yonge/Eglinton and Yonge/Sheppard) are designated as High Density growth areas in the official plans which are more than 15 years old. Simply put, this is implementation of agreed upon plans from years ago. This should not be a surprise to anyone. Considering that most politicians who supported these plans were re-elected, it is reasonable to assume that these highly publicized plans were not a concern to most people.

    At Toronto Condo News we pretty much exhausted our coverage of this topic in 2015. If you care to review any of this, and we did have a focus on Yonge and Eglinton, articles are in the Condo Archives (www.yscondonews.com/condo-archives.html) under Development and Infrastructure.

    P. Shoom, Publsiher
    Toronto Condo News
    http://www.YSCondoNews.com

  4. Natrx says:

    Let’s get that subway line built to Richmond Hill, and get more bigger developments on Yonge and Bloor. The real best thing to do is replace the subway with a long constant moving flat escalator since there is no way all those people can fit in the subway.

    1. Wut says:

      Escalator would be faster. I couldn’t imagine commuting by the Yonge line from RH, it would take forever, when it’s not broken.

      1. AndrewB says:

        At least you’d get a seat lol

  5. Appraiser says:

    Hot off the press. TREB releases January sales numbers:

    “TORONTO, March 3, 2016 – Toronto Real Estate Board President Mark McLean
    announced Greater Toronto Area REALTORS® reported a record number of home sales
    through TREB’s MLS® System in February 2016. There were 7,621 transactions reported
    this past February – up 21.1 per cent compared to February 2015.”

    *The average selling price overall was up by 14.9% to $685,278.

    *Condo sales in the 416 were up by 25.6% with average prices up 17.8%. WOW!!

    1. Appraiser says:

      Correction: Sales number above are for February not January. Oops.

  6. Julia says:

    The above mentioned Berwick has lovely townhouses which could nicely fit a family of 4. They seem to sell in the $1M-$1.1M range. Let’s say one can afford that – the monthly condo fees are around $1000 per month! How much extra mortgage can you carry for that $1,000/mo? Unless a condo/ townhouse suits your lifestyle, it doesn’t really seem to make much sense, financially speaking.

  7. Appraiser says:

    Wow! I can’t believe that there hasn’t been any comment about exorbitant over-building and the dire predictions of the inevitable condo glut on the horizon.

    Reminds me of this article from 2013, featuring quotes from real estate genius / perma-bear/ perpetually wrong prognosticator, Ben Rabidoux about the level of “ridiculous” over-building in Toronto.

    http://www.huffingtonpost.ca/2013/02/07/toronto-condo-overbuilding_n_2638790.html

    Too funny!

  8. Donny says:

    Mimico along the lakeshore is giving it a run for its money

  9. Squidward says:

    I lived in the neighbourhood from 2004-2009 around the time the two towers south of Eglington on Yonge were being completed. Even back then the TDSB had posted a sign in front of the project saying local schools had no room for new students. The North Toronto Memorial Community Centre was really busy, the lone Metro store was packed all the time, and it was impossible to get on a southbound subway after 8am–it took two or three trains to go by before you could wedge yourself in. The 5 Avenue bus downtown was a much more feasible option even though it didn’t run on frequent service. We also seemed to have more than the usual number of brown outs. On the plus side, the water mains got upgraded, if I remember correctly.

    It’s a great neighbourhood but from an infrastructure perspective, it was overtaxed back then.

    1. Julia says:

      I live in the area now. The new Loblaws and Whole Foods opening soon will certainly help the area as far as grocery stores go. I think that the infrastructure is ok overall, although some extra green space would be great – but the big issue is the TTC – it’s almost impossible to get onto a subway now at rush hour – I can imagine what it’ll be like as time goes on. I’m not sure that the Eglinton line will have that much impact on the people taking the Yonge line south.

  10. Joe Q. says:

    It’s been very interesting to watch the transformation of the area (I lived around there in the mid-late 2000s).

    The critical issue in my mind is public transit. Even if only a quarter of those 4,000-odd units recently completed or under construction has a downtown-bound commuter, that means enough extra subway passengers to completely fill a YUS TR train — and this on a line that is already above capacity. The roads certainly can’t handle more car traffic either.

    1. jeff316 says:

      Agreed. The YUS subway is going to go insane as the Yonge-Eg condos fill up, St.Clair and Eglinton densify, and the York Extension comes online. Ka-boom.

  11. daniel says:

    I agree with every point and sub point on this issue. However, I am more interested in how this will transform all of Eglinton over time and how Bloor and Dundas St W will be influenced by what Eglinton and Yonge will look like from a planning and density standpoint.

    Bloor and Dundas will be very interesting to watch as well.

    1. GinaTO says:

      I live close to Bloor and Dundas, and I don’t understand why it’s been stagnant for so long. I know the community opposed Giraffe, so the northwest corner has been derelict ever since, but I would like to know why nothing else has happened. Gee, even a connection from UPX/GO to the subway couldn’t get done…

      1. AndrewB says:

        The Giraffe developer still owns the land and has no intention of selling it so they’re just sitting on it.

      2. Squidward says:

        Metrolinx is saying the UPX-subway connection will take at least five years because of expropriation issues with the Crossways property.

    2. Kyle says:

      This is the perverse thing about planning. Seems you can only build tall buildings were other tall buildings already exist and where they are likely already over-burdening the infrastructure. Makes all kinds of sense to build up Dundas West and Bloor St. There’s a Subway, 504 Streetcar, Go train and UPX all right there, but alas the most they will allow is mid rise. Giraffe wanted 29 storeys and got shot down by the OMB. The most they were allowed to build on their lot is 10 storeys.

  12. CB says:

    I wonder how that compares to the inventory going up at Humber Bay Shores at Parklawn and Lakeshore. I bet that could give Yonge/Eg a run for its money in terms of number of units. But no subway or LRT to absorb the increased population and the traffic in the area is getting crazy. I’m sure even more will go up on the old Christie Cookie factory site which will add more madness. Liberty Village 2.0.

    1. GinaTO says:

      Very good point. David, is it an area you know much? I would love your thoughts on it, and the issues CB is raising.

    2. Squidward says:

      Are there firms plans for condos on the Christie site yet? I know the site was zoned as employment lands, which I understand the City was interested in retaining.

      1. CB says:

        I’ve tried to do research on this and haven’t come up with anything current. It’s over 25 acres apparently – hard to believe. I live just west of that area closer to Royal York and would love to see a mixed use retail/restaurant and light commercial space. Sort of like with Liberty Village has with smaller workplaces. They’d certainly have a good employee pool right across the street. Unfortunately I’m sure there will be more condos.

  13. Julia says:

    We looked at family condos when we moved 4 years ago. We wanted at least 1500-1800 sq ft, 3 bed, 2 bath. The only condos that size we could find in the area were in more upscale buildings and cost MORE than the $1.2M house we ended up buying!

    1. jeff316 says:

      Certainly not my price bracket, but we also considered 3-bed condos before buying a house and they were universally more expensive even before adding condo fees. No wonder the rush on SFH.

      1. GinaTO says:

        Yeah… I always wonder why providing some 3-bedroom units is touted as the ultimate solution for families, when they are so expensive (not to mention those bedrooms, or the living areas, are often tiny). I understand why they are expensive, but then they are not suitable alternatives to SFHs.

        1. condodweller says:

          Currently, large condos are considered luxury and I always found their large maintenance fees punitive. For 3 bedroom condos to be a real alternative to houses I think the maintenance fee formula needs to be adjusted somehow.

          Consider though, that families contemplating condo living are probably doing it out of necessity as they can’t afford houses. In that case a compromise has to be made and one can get a 3 bedroom + den condo for under $600k (not downtown mind you) which should be doable for a young family. I just saw two 3 bed + den floor plans in a pre-construction sale for 1000sqft units that were $530k and $560k with expected maintenance fees of about $600-$700.

          If you add $210k to the price for 25 year’s worth of maintenance you are looking at
          $780k for a new condo with often good amenities which is still $220k less than your average SFH. You can even find a large condo with a large terrace that rivals the backyard of some houses.

          I often hear maintenance fees mentioned as a con for condo ownership but remember that a house needs to be maintained as well, and if you consider you can forego gym memberships, hydro is cheaper, you don’t have roof replacement, driveway paving costs etc. the difference may not be as big as people think.

          1. Joe Q. says:

            Absolutely not as big as people think, but it seems to me that condo living entails an element of unpredictability when it comes to maintenance. You are at the mercy of decisions made (largely) by others, some of whom might not share the same long-term interests as you. Houses are expensive to maintain but at least you can make your own decisions.

  14. Izzy Bedibida says:

    Interesting analysis. I agree with all of the points concerning density, and what will happen to the surrounding neighborhoods. One thing that I do wonder, is how many of the new/proposed units contain proper family sized suits to keep families in the aria, and what does this to to families-especially young families with children.

    1. Paully says:

      There will be lots of family sized units…provided that you can fit you, your spouse, two kids, the dog and a goldfish into 485 sq. ft.

      1. Chroscklh says:

        This not practical fit this size family with dog in 485 sq ft – actually excuse Chroscklh, if family midget it maybe okay. I recommend make 2 level since no need headroom: 900 sf. Voila!. I know many contractor. I help you and tiny family out if need be.

        I have for the long time the wonder if Toronto condo will start be combine to serve family, like in Manhattan?…I see no evidence of this. And most people who contemplate complain that condo fee will double. Make this no really good option. Before I move to house, I consider this when condo below come for sale – $750k (few years ago), plus probably $200-300k to make combo (assume is approve by board of stupid people) – would 2,300 sf, 4 bed, 4 bath condo be worth $1.8mm, but with $1,600/mth condo fee? – Again this, few yrs ago. Today cost much more. Then, I decide buy house for $1.5mm – no regret.

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