There is so much demand for real estate in the Greater Toronto Area these days that despite their best efforts, developers simply can’t fast enough.
But they sure are trying!
If you are eager to get into the GTA real estate market and are looking at your options, new developments can offer you some of the best quality and value that the city can offer. It should be no surprise that they are so popular. In fact, most new developments are fully sold out before they even complete construction – sometimes before they even start. If you are looking to invest in real estate in the GTA in the coming years, look no further. We have collected some of the most exciting new developments for investors to pay attention to in the GTA.
Why invest in new developments in the GTA?
Before deciding to buy into these new developments, you may be asking yourself why you should go for these properties over a . Well, there is nothing wrong with buying a resale, it simply comes down to what you value in a property and what you want to do with it.
Options
One benefit of new developments is they offer a lot of different options for buyers. For example, in a new condo tower, there will often be different floor plans that vary by size and features. While they share the same building, construction materials, and shared amenities, these different options allow investors to tailor their purchase to their exact needs and budget.
The developer will be happy to help you find exactly what you’re looking for. While there are a lot of options in resale properties, you won’t necessarily find them all in the same place or be able to as easily compare them.
Build quality
One of the biggest benefits of new developments is building quality. These developments are brand new, meaning you won’t need to spend additional money on repairs and maintenance. There are also new sustainable energy technologies that go into new builds, meaning you can actually end up saving on your utilities as a result of more energy-efficient materials and appliances.
And, though new builds do sometimes have defects, there are protections in place such as your that will protect you and help you get repairs in the event of a defect.
Investment and cash flow opportunities
Look at it this way: with the way that real estate has continued to rise in price in the GTA, by buying a new development, you are essentially getting in at what will (hopefully) be the lowest price it will ever sell for. Beyond that, new developments are also often made in up-and-coming areas that can see a lot of appreciation as time goes on.
New builds will also be able to fetch high rents due to their construction quality, attractive locations, and modern amenities. This means if you plan to rent out your property, it can get you some nice returns.
New developments coming soon to the GTA
Lakeview DXE, Mississauga
This new development is located just on the boundary between Mississauga and Toronto. Currently under development by Vandyk properties, it will boast over 50,000 square feet of indoor and outdoor amenities, as well as 10,000 square feet of retail at street level. Residents have access to abundant parks, beaches and waterfront just outside their door, and with easy access to the downtown core via multiple transit lines or the highway.
Lakeview DXE is currently in preconstruction and registration is open now.
Celeste Condominiums, Toronto
This condominium tower is currently under construction by Diamondcorp and Alterra in the heart of Old Toronto. This exclusive area is in high demand and offers residents the vibrancy of the city just beyond their doorstep. The tower will feature over 6,500 square feet of amenities including party rooms, a fitness center, and will top out at 40 storeys.
There are a total of 516 suites on offer, with floor plans from 1-3 bedrooms. The condos are currently in the preconstruction phase and registration is open now.
135 Portland Street Condos, Toronto
This new condominium tower is being developed by ADI in the Fashion District of Toronto. It will feature 117 residential units across 16 storeys, with a variety of floor plans available. This development is located right in the middle of the city’s most popular neighbourhoods and is near numerous locations for shopping, dining, entertainment, and leisure. Registration is open now, and construction will be beginning soon.
Mayfield Village, Brampton
This new neighbourhood is being developed right at the edge of Brampton and Caledon. It features different options for both semi-detached and single-family homes, and the first few phases have already sold fast. The more remote location offers much more competitive prices than other areas in the city, and affords residents access to numerous nearby parks and green spaces, while still being able to conveniently access the city via one of many transit options. There are some units available now, with a new phase opening in spring 2022 available for registration.
OMG 2 Condos, Brampton
Despite what the name may imply, OMG 2 Condos is actually just one condo building, being developed by the Daniels Corporation just between Brampton and Mississauga. The towers offer their residents a boutique lifestyle close to nearby amenities as well as parks and trails. The 4-storey tall development is longer than it is tall, providing for a much more inviting and comfortable appearance than the large behemoth condo towers downtown.
The development is in a prime location that allows its residents easy access to Brampton and Mississauga, as well as a short trip into Toronto if they please. The first OMG development has already sold out, and this second building is going fast as well. Registration is currently open, and the building is already under construction.
Conclusion
This is only a small sampling of the numerous exciting developments that are popping up all over the GTA. Even with so many new builds, there is still a lot of demand and competition for homes. However, if you choose to, and are able to find real estate in one of these or any other developments, they can be a hugely worthwhile investment for your portfolio.
Corben joined CREW as a relative newcomer to the field of real estate and has since immersed himself and learned from the experts about everything there is to know on the topic. As a writer with CREW, Corben produces informative guides that answer the questions you need to know and reports on real estate and investment news developments across Canada. Corben lives in Guelph, Ontario with his partner and their two cats. Outside of work, he loves to cook, play music, and work on all kinds of creative projects. You can contact Corben at corben@crewmedia.ca or find him on Linkedin at https://www.linkedin.com/in/corbengrant/.
