October marks the official launch of CentreCourt Developments’, The Forest Hill Condos at 859 Eglinton West in Toronto. The story of this development is a unique tale of residential growth coming to fruition at a time when municipal governing powers often prevent multi-storey developments from being built above transit stations. CentreCourt has been able to overcome the resistance by teaming up with Metrolinx in the development of The Forest Hill Condos-- bringing residents direct access to the Crosstown LRT’s Forest Hill Station through its lobby.
It was not long ago when the Sheppard-Yonge transit line (Line 4) went up with great anticipation of curbing urban sprawl and creating connectivity for those who live in the immediate area. However, due to poor urban planning by the City of Toronto, Line 4 remains underutilized until today. The city has since learned some tough lessons when it comes to transit and community planning and although the resistance to pass residential developments with direct access to the subway is still present, developers like CentreCourt are working to bring transit, the cities most in-demand amenity, just a bit closer to the homes of young families, downsizers and working professionals today.
Currently, less than 1% of new condos have direct connection to the subway out of the 65,000 new units sold since 2017. And in total, there are over 2,650 condo corporations in Toronto with less than 20 of them having a direct connection to the subway.
This quarter will see over 50 new condo launches but only one will have direct subway access, and that is The Forest Hill Condos by CentreCourt Developments.
This new condo project will be 3 transit stops from the Yonge & Eglinton neighbourhood where there are 31,000 jobs per sq. km-- hailing this popular locale as the densest employment centre in the GTA. Additionally, the Forest Hill Subway Station will be 4 stops to Yorkdale Station, 5 stops to U of T, 7 stops to Yonge & Bloor, 9 stops to both York University and Ryerson University, and 11 stops to Union Station. The Forest Hill Condos is in a prime location, and an early adapter when it comes to transit connectivity to the Crosstown LRT, also known as, Line 5.
If you have been living under a rock or in other words, you’ve been able to avoid the monstrous amount of construction along Eglinton Avenue then you may not know that the Eglinton Crosstown LRT is a massive, $5.3 billion transit expansion, owned by Metrolinx and operated by the Toronto Transit Commission (TTC). The plan is for this transit line to be a semi-above and underground light rail train that will run between Mt. Dennis in North York and Kennedy Subway Station in Scarborough. Forest Hill Station will conveniently sit in between two TTC Line 1 transfer stations, Eglinton and Eglinton West.
It should also be noted that Premier Doug Ford has revealed his new transit plan which has designated $4.7 billion to the construction of an Eglinton Crosstown West Extension. What makes this extension so integral is its direct access to Pearson International Airport which is the busiest in Canada and serves as a major employment centre for the province. Currently, Pearson employs approximately 49,000 workers and has the potential to grow to 70,000 jobs by 2035. Not only is the Line 5 extension expected to be completed by 2031 but this means that workers and everyday commuters will be able to arrive at Pearson International Airport easily and for cheaper than it costs today.
When living in a big city such as Toronto, the primary factor that is tied to choosing the right property is its proximity to the public transit system. Many homebuyers, especially downtown condo buyers, are looking for a place that is located very close to the subway so that it is easier to get around. Likewise, seasoned condo investors are looking for opportunities to own rental properties in these high demand areas as well.
That is why owners with direct transit connection carry an 18% premium which means that the city’s most important amenity is also extremely important to an investor looking for a healthy return on investment. A recent study by Ratehub.ca found that the average condo rental is approximately 14% more expensive when located within walking distance to a subway station. Moreover, the study was launched to help condo buyers compare key hubs along the popular TTC transit line, noting that TTC access is increasingly important in the day to day life of Torontonians-- so much so that an average of $1.69 million riders use the TTC each weekday.
Aside from elite transportation infrastructure coming to this affluent neighbourhood, Forest Hill is known for its million-dollar homes. Over the past 12 months, 71 homes sold for an average price of $4.4 million. This means that anyone looking for a home in the neighbourhood would be facing a 20 per cent down payment of nearly one million dollars, right out the gate. But now, with CentreCourt’s release of The Forest Hill Condos, you can own in Forest Hill with a downpayment of approximately $60,000. How many of today’s homebuyers can say that they bought a home in the Forest Hill neighbourhood with a down payment of $60,000? This is a unique opportunity that we predict will sell out in just one weekend.
Address: 859 Eglinton West (SW Corner)
Suite Count: 350
Size Range: Studio - 3 bedrooms
Occupancy: 2023 - Currently under construction
Eglinton Crosstown Completion: 2021
Outdoor Rooftop Terrace
Shared Co-Working Space
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