Despite starting off 2020 with a worldwide pandemic, Toronto’s housing market has been on the rise, especially as of late.
Everyone who is looking to purchase or invest has been trying to predict the next city where the housing market will grow. I’m here to tell you that the next hot area is Vaughan City. Vaughan is the city growing the most with all of its latest urban development plans. It is being chosen for many new real estate projects by major real estate developers. Vaughan is definitely projected to have incredible growth. If you want to invest for your (or your family’s) future, Vaughan is a good location to check out.
The project of the year, Festival Condos, is here in Vaughan! It is not just a luxury community but a master planned community. This community has been planned meticulously by veteran and the award winning developers Menkes. Festival Condos is in an extremely beneficial location for users to enjoy! It is located extremely close to the Vaughan Metropolitan Center, perfect access to all modes of public transportation to all other major cities in the GTA, essential daily retail necessities, and immense potential future growth (construction of nearby community parks and schools underway). Festival is located right at the intersection of Hwy 7 and Interchange Way, at the core of the South Vaughan Metropolitan Center. This project consists of 4 high-rise apartments with a total of approximately 1,800 residential units. The initial launch will consist of two apartments, with a variety of apartment choices ranging from bachelor to two-bedroom units. This is a rare master-planned community in Vaughan and a rare investment. There is a large amount of stock available and an incredible potential for the value of the property to rise.
The Ultimate Transportation Hub
As mentioned before, Festival is located close to the TTC subway station at the Vaughan Metropolitan Centre (VMC). The VMC is a transportation hub that includes the Viva, YRT and Zum bus systems. This makes it extremely convenient for commuters to travel to the surrounding cities such as Richmond Hill, Brampton, and Markham. Festival is also situated next to a GO Transit station making commuting to all areas in the Greater Toronto area and Hamilton easy. For Toronto’s motorists, Festival Condos is close to highways: Hwy 400, Hwy 407 and Hwy 7. This makes it very convenient to drive to anywhere from the Festival. The main points to take away from the incredible flexibility of the transportation hub that Festival is located next to is listed below:
6 minutes walk to Vaughan Metropolitan Metro Station
4 minutes on high speed 407, 5 minutes on high speed HWY 400,
8 minutes drive to Vaughan Mills, the largest shopping mall in York
7 minutes by subway to York University
Vaughan Metropolitan Center (VMC)
As a thriving new urban center, the VMC provides diverse and unique lifestyle facilities for its residents. The VMC is a shopper’s dream, as it provides quick commutes to popular shopping centers such as Vaughan Mills and Yorkdale. Caters to gourmets and families with its adult-friendly and family-centric dining options with restaurants such as Jack Astors, Moxies, and Chop Steakhouse & Bar. There are also popular fitness centres like GoodLife Fitness and the YMCA, providing health and entertainment options for every family member. Frequent flyers are also accommodated as the project is located close to the Highway 407 making the travel to Toronto Pearson International Airport under 20 minutes.
Since the Toronto subway line was extended a few years ago, travelling to Vaughan has become very convenient. By subway, it only takes 2 stops from the VMC to York University. The students, faculty, and staff going to York University campus have been upgraded from a 40-minute commute to a 7-minute subway ride. The convenience of transportation has triggered a large interest in investors and first time home-buyers alike.
York University is Canada’s third largest university. Currently, York has more than 55,000 students, and has over 325,000 alumni worldwide. The management program for York University is quite famous among business schools in Canada and considered one of the leaders in the global business development market. In The Economist’s 2011 full-time MBA rankings, York’s Schulich School of Business ranked ninth in the world, and first in Canada, and in CNN Expansion’s ranking of MBA programs, Schulich ranked 18th in the world, placing first in Canada. With such convenient transportation between VMC and YorkU, students and school staff regard Vaughan and VMC as the first choice for convenience-centric housing. All investors who have invested in the university apartments know that Festival is supported by its strong purchasing power and consumption power in the future.
Value in Vaughan
The transportation center of the Greater Toronto Area. As the city of Vaughan develops, its housing options range from single-family houses to high-density apartments. The new Cosmos Condos development project will be located in the Vaughan Metropolitan Center, the “new urban area” of Vaughan, covering more than 400 acres. “A vibrant modern city center, facing residents and businesses, covering all the conveniences of an urban lifestyle! Innovative office buildings, residences, city squares, shopping streets, pedestrian paths, and bicycle paths.
Festival Condos is being developed in collaboration with Menkes and QuadReal. Menkes is one of the most trusted developers in the Toronto real estate industry, with more than 60 years of experience and landmark multi-functional projects. In the past 66 years, Menkes has developed many well-known condominium projects in many sought-after communities in GTA, the most well known projects are Harbour Plaza, Four Seasons Hotel and Residences (Four Seasons Hotel), and Sugar Wharf (Sugar Factory Project). Menkes is also a fully integrated multi-disciplinary real estate organization involved in residential and commercial/retail development. Menkes is equipped with experts on internal design, construction, customer service, and has property management teams. The other partner is QuadReal. They are one of Canada’s largest asset management companies. They are currently involved with 23 cities in 17 countries/regions. Quadreal’s mission is to create sustainable and innovative real estate developments. This core value is being implemented aided by their asset management portfolio totalling an approximate US$145.6 billion. Large community construction and large-scale project investment are their strengths. With the joint efforts of Menkes and QuadReal, the Festival Condos Project will become a highly sustainable and vibrant modern apartment project.
My personal opinions on this project as a veteran real estate agent and having worked with Menkes on previous projects.
First of all, I want to bring to attention the reliability of Menkes and Quadreal. Unfortunately we have seen a lot of projects be cancelled in the recent years because of a lack of experience and lack of capital. The collaboration between Menkes and Quadreal completely fills in this gap the other projects were facing
With Menkes experience and Quadreals capital, they are a good team for forming a master planned community. When we talk about 160 acres of land for revitalization it won’t be an attractive first choice, like the projects in region park and cityplace before. However (insert vmc chart) this is the projected growth
The second key point about this investment is that Vaughan is the only place that has the subway system built before the revitalization development, whereas in other areas the subway comes after the community is built.
The third point is that this project is really worth investing in. This is because we see the plan beginning to pick up speed Ontario, “The places to grow” act. This act focuses on developing and creating satellite cities to alleviate the focus on downtown Toronto. It is important that we have a thriving downtown outside of downtown of Toronto. We need a central business district in the 905 area (outside of downtown Toronto) The reason being that as our places expand, and Toronto grows larger, the government does not want urban sprawl to continue afflicting downtown Toronto
To alleviate the traffic congestion it is important to have a subway and all these different types of transportation tools within the community. Luckily, Vaughan has VIVA, GO, TTC, and Zum in the neighbourhood. By having a variety of transportation in the neighbourhood, it will definitely give everyone in the community peace of mind.