$3.5 Billion Real Estate Project Planned In Toronto

[Economy 52,861]

https://www.bnnbloomberg.ca/hudson-yards-developer-plans-one-of-canada-s-biggest-projects-1.1278754

 

Oxford development company wants to spend $3.5 Billion in a mixed use complex project in Toronto

 

It will be 2 tall towers with some of the space being residential while some 200,000 sq feet will be commercial office space

 

If approved this will be among the most expensive real-estate Construction projects ongoing in North America

 

 

[Delusional Aura 5,129]

Yassss.... Toronto really needs it though. I just feel like since it's expensive, the housing will also be expensive to recover the costs. 

[Economy 52,861]

2 hours ago, Delusional Aura said:

Yassss.... Toronto really needs it though. I just feel like since it's expensive, the housing will also be expensive to recover the costs. 

It's near Union station it said so that's not gonna be cheap

 

Plus both towers are supposed to be tall but not "super tall" 

 

Super tall is defined as 300M or higher (I little under 1000 feet) which given the towers are less than 60 stories they probably won't reach that high even if ceilings are on the high side for the office portion of the building

 

Another building under construction that IS "Super Tall" called "The One" is supposed to cost around $1 Billion

 

So at $3.5 Billion (let's say $1.75 Billion each roughly I don't know the exact breakdown) for this project yet they are shorter than the $1 Billion Super Tall building

 

So it must have either more luxury or prime location (probably both) if the buildings are shorter but more expensive

 

Were probably looking at around 600 to 700 feet tops for these buildings even with part of it being office space (which tends to have higher ceilings than residential)

[Delusional Aura 5,129]

I think that with increased construction of things like this we may see a drop in prices but definitely not now since demand outweighs supply. I have been recently thinking of moving to Canada. The people there seems so nice when i was there for New Years. 

[Economy 52,861]

2 hours ago, Delusional Aura said:

I think that with increased construction of things like this we may see a drop in prices but definitely not now since demand outweighs supply. I have been recently thinking of moving to Canada. The people there seems so nice when i was there for New Years. 

Where do u live now?

 

And I don't know. Construction is still below demographic demand and vacancies are at record lows

 

It looks like a tone of construction (Toronto has the most cranes in the world for years now and the most sky scrappers under contruction in North America)

 

But of Canada's 500,000 population growth last year 125,000 was in Toronto

 

As of last year housing starts in the Toronto metropolis was estimated to still be 20% below population growth requirements.

 

It's not just fast population growth. Slow and complicated approval processes and complex zoning laws in Canada slow down construction... There would be even more buildings and houses going up if projects didn't take up to 10 years to approve

 

Things are bad. In 2017 home prices soared 33% that year alone and the government had to introduce the mortgage stress test to cool demand further

 

Rents are horrible too. Check out what happened to this known tv reporter with a good paying job:

 

 

 

[Delusional Aura 5,129]

I currently live in LA, so it's also expensive here. I have my own home here as well. I wanted to rent it and get something in Canada because the culture in LA is so exhausting. People here are very self-centered because alot are here to find a job to be an influencer or some type of entertainer. So no one is really looking for meaningful relationships. Then I went to Toronto for New Years and had the best three weeks of my life, just because people were more 'real' and not clout hungry if that makes sense. So i'm like i should probably move my a$$ their and see what happens. Also i broke up with my bf so my judgement is most likely clouded.