WD
CREST AT CROSSTOWN
MARKET OVERVIEW
AVERAGE NEW CONDOMINIUM PRICING OF $1,420 PER SQ. FT. WITHIN PROXIMITY OF THE SITE 4
Over the past decade, the Don Mills and Eglinton neighbourhood has experienced a surge in interest from the high-density residential development community. This area continues to see transformative developments such as the 5,000-unit “Crosstown” development by Aspen Ridge Homes and the 900- unit “Auberge on the Park” development by Tridel. Benefitting from its premium accessibility to TTC subway and the Eglinton Crosstown LRT, this highly connected neighbourhood lends itself to a wide demographic profile – boosting demand from home owners and renters alike. From the projects that have recently launched, a multitude of market indicators have displayed market fundamentals that are supportive of a successful project both from a condominium and purpose-built rental perspective. Each of these projects have been summarized on page 21 and discussed in detail below. Since 2021, there have been 5 new condominium launches 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 1,200 units, only 130 units remain in inventory and are achieving a significant price per sq. ft. of $1,420 on a weighted average basis. Closest to the Site, Aspen Ridge Homes launched their 191-unit “Crest at Crosstown” development, which sold 60% of the released units within the first month of sales. The project is nearly sold out with only 35 units left. With immigration and demand for living in the area anticipated to continue, the future development of the Site will ideally lend itself to a wide range of condominium users, renters and investors. Throughout 2023, the Greater Toronto Area 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. The Don Mills and Eglinton 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 have been 2 high-density condominium completions since 2020 within the neighbourhood, each of which experienced several new tenancies in the second quarter of 2023. Specifically, 35 leases were completed at a weighted average rent per sq. ft. of $3.78. There is also 1 recent purpose-built rental completion, which has an average monthly rental rate of $4.36 and a vacancy rate of 6.2% as of Q2 2023.
NEW CONDOMINIUM PROJECTS ACHIEVING A HIGH RATE OF ABSORPTION
CONCEPTUAL RENDERING
METRO PARK
WEIGHTED AVERAGE RENTAL RATE OF $3.80 PER SQ. FT. WITHIN NEARBY CONDOMINIUMS (Q2 2023) AVERAGE RENTAL RATE OF $4.36 PER SQ. FT. WITHIN NEARBY PURPOSE BUILT RENTAL (Q2 2023)
Source: Altus, RealNet and Urbanation, 2023 4 Within projects launched after Jan 1, 2021
CONCEPTUAL RENDERING
175 WYNFORD DRIVE, TORONTO // 19
18 // 175 WYNFORD DRIVE, TORONTO
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