The Condo Construction Boom At Yonge & Eglinton

TorontoRealtyBlog

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
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…

The post The Condo Construction Boom At Yonge & Eglinton appeared first on Toronto Real Estate Property Sales & Investments | Toronto Realty Blog by David Fleming.

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