Look at the puzzle pieces.
The Globe and Mail had a really good article last month on the Alphabet (Google) ‘smart city’ development starting first at Quayside that will transform the waterfront area into with least 3.3 million square feet of residential, office and commercial space, including a new headquarters for Google Canada. https://beta.theglobeandmail.com/news/toronto/google-sidewalk-toronto-waterfront/article36612387/?ref=http://www.theglobeandmail.com&
Then, earlier this week, the Canadian government announced that immigration levels will climb to 310,000 in 2018, 330,000 in 2019 and 340,000 in 2020.
All the projects in the DT core last month had pretty much sold out: Peter & Adelaide, E2, The One, Panda, Canary and others I didn’t even have time to analyze.
The Lakeside Residences project (215 Lakeshore Blvd East) at the waterfront area is in VIP phase and you don’t need to be a rocket surgeon to know what will happen to those units. I have the brochure for it which lists all the details, siteplan and floorplans. It’s just too big to post up.
City Suites right now start at $1000 psf and by the time Google goes gangbusters on the Waterfront area, the later phases of the same project in the future will hit an estimated $1400 psf. So a 2BR at 715 sqft going for $715,000 now will eventually go for around 1M when this waterfront area becomes a prime urban ecosystem.
There’s a reason companies like Google / Alphabet are investing infrastructure in Toronto and being a strong candidate for the next Amazon HQ including the Hyperloop. With the lower exchange rate, Upper Canada topology, and salary discrepancy
with Silicon Valley, expect a lot of things to come at our waterfront.