Will the Pan Am Village Impact the Condo Market

15 July 2015
Remax-Condos-Plus

Today everyone is talking about the Pan Am Games, but I want to talk about the Pan Am Village and how these condos will impact the overall condo market.

People remember the Vancouver the Olympics. After the games, a couple thousand empty units where left to be sold. The developers bailed and the city of Vancouver was forced to sell off these units as a lost.

Is this the case in Toronto? No.

In Toronto there are only 1500 units in 6 buildings that were built. Of these 6 buildings;

  • One is dedicated to George Brown students.
  • Two buildings are dedicated to low income housing
  • and the Fourth goes to the YMCA as a hostel.

Hence there are only two buildings, The Canary Park Condos, which will even enter the resale condo market.

That’s just 437 units with an average purchase price of $500 to $600 per square foot. Hence the absorption of these units should be seamless and the City of Toronto will not have to step in like Vancouver.

This is just another good news story for the Toronto Real Estate Market.