THE PARKER
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MARKET
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OVERVIEW
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The Toronto Midtown neighbourhood has become a prime location for high density condominium and purpose-built rental developers as demand for home ownership and renting in the area continues to surge. Serviced by both Subway Line 1 of the TTC and the Eglinton Crosstown LRT, the Midtown neighbourhood is undoubtedly one of Toronto’s most sought after locations for a wide demographic profile - ranging from students and young professionals, to retirees. The economies achieved in these projects support feasibility for both condominiums and purpose-built rental developments, making this an attractive offering for a range of developers and operators. There are currently 9 active condominium projects within immediate proximity of the Site. Each of these developments have displayed ideal market fundamentals – achieving strong end unit pricing at a high rate of absorption. Of the cumulative 2,785 units, only 315 units remain in inventory and are achieving a significant price per sq. ft. of $1,530 on a weighted average basis. Closest to the Site, Rockport launched their 79 unit “Davisville Condos” project, which is currently 90% sold out in advance of its June 2025 expected occupancy. With immigration and demand for living in the area anticipated to continue, the future development of the Site will ideally lend itself to a range of condominium users, renters and investors. Throughout 2023, the GTA has experienced strong rental housing performance, with key indicators such as price, days on market and listings-to-leased ratios surpassing historic levels in several markets. Toronto’s Midtown neighbourhood has exemplified strong rental market performance, with recent rental activity in nearby projects yielding meaningful rental rates while operating at a low rate of vacancy. There are 16 newly completed purpose-built rental projects in the area, which are achieving significant average rental rates of $4.51 per sq. ft. Additionally, newly completed projects are achieving a strong rental premium, with the likes of “The Parker” by Fitzrovia and “The Whitney on Redpath” by Benvenuto Group achieving average rental rates of $5.67 per sq. ft. and $5.17 per sq. ft., respectively (Altus and Urbanation, 2023).
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NEARBY CONDOS
Available Price (PSF)
Size Range (sq. ft.)
# Development
Builder
Opening
Occupancy
Purchase Price
Units
Sold (%)
1
AKRA Living
Curated Properties
9/24/2022
1/1/2026
$1,535
$694,900 to $1,489,900 407 to 1,168 200
142 (71%)
Source: urbantoronto.ca
Madison Group and Westdale Properties
© Mapbox, © OpenStreetMap 106 (69%)
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Capitol
9/21/2021
7/1/2025
$1,502
$979,900 to $4,199,900 480 to 1,935 153
CAPITOL
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Davisville Condos
Rockport
6/7/2021
6/1/2025
$1,719
$930,900 to $2,928,900 635 to 1,685 79
70 (89%)
Untitled Toronto - North Tower Untitled Toronto - South Tower
Reserve Properties and Westdale Properties Reserve Properties and Westdale Properties
4
2/22/2020
9/1/2024
$1,608
$606,900 to $1,671,900 307 to 1,094 295
278 (94%)
5
2/1/2020
9/1/2024
$1,563
$588,900 to $2,521,900 302 to 1,661
457
434 (95%)
Times Group Corporation
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Sixty Five Broadway
7/29/2019
2/1/2025
$1,463
$579,900 to $1,611,900 435 to 1,111
389
285 (73%)
7
Y&S - Yonge & Soudan
Tribute and TENBlock 2/20/2019
12/1/2024
$1,536
$459,990 to $1,999,990 412 to 1,224 304
278 (91%)
Line 5 Condos - South Tower
Reserve Properties and Westdale Properties Reserve Properties and Westdale Properties
8
1/17/2019
4/1/2024
$1,643
$691,900 to $2,880,900 353 to 1,656 423
402 (95%)
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Line 5 Condos - North Tower
10/16/2018
3/1/2024
$1,616
$474,900 to $1,644,900 347 to 1,009 485
474 (98%)
PURPOSE BUILT RENTAL
First Occupancy Date
Average Monthly Rent (per sq. ft.)
Source: bhhstoronto.ca
Stabilized Occupancy Date
Size Range (sq. ft.)
Vacancy Rate
# Development
Builder
Monthly Rent Range
Units
THE WHITNEY ON REDPATH
E18hteen
KG Group
6/1/2020
3/1/2021
$4.55
$2,450 to $3,295
472 to 794
315
0.0%
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Rockport Group and Woodbourne
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The Montgomery
1/1/2019
3/1/2020
$4.29
$2,343 to $6,394
519 to 1,101
228
4.8%
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The Parker
Fitzrovia
5/1/2022
N/A
$5.67
$2,470 to $4,980
350 to 886 349
16.6%
Minto Roehampton
Minto Communities
4/1/2007
4/1/2008
$4.39
$2,489 to $3,461
510 to 878
148
0.7%
eCentral at ePlace
RioCan Living
2/1/2019
7/1/2020
$4.35
$2,244 to $4,744
454 to 1,253 401
2.2%
The Whitney on Redpath
Benvenuto Group
8/1/2022
11/1/2022
$5.17
$2,270 to $9,000
325 to 1,592 180
45.6%
Vivere
GWL Realty Advisors
2/1/2010
2/1/2011
$4.09
$2,290 to $3,364
520 to 858
141
3.5%
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Lillian Park - 44 Lillian St
Shiplake Properties
10/1/2019
6/1/2021
$4.39
$2,222 to $3,340
497 to 836
272
0.0%
Lillian Park - 33 Dunfield
Shiplake Properties
1/1/2020
3/1/2022
$4.47
$2,000 to $2,930
417 to 773
288
0.3%
Balliol Park - 99 Davisville Shiplake Properties
6/1/2016
1/1/2017
$3.90
$2,350 to $3,300
547 to 956
179
0.0%
Balliol Park - 118 Balliol
Shiplake Properties
9/1/2016
8/1/2017
$4.29
$2,100 to $3,200
432 to 773
342
0.6%
18 // 57-93 Balliol Street
Source: urbantoronto.ca
Conceptual Renderings
Source: Altus and Urbanation, 2023
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