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Toronto Condo Market: Toronto Condo Assignments Commentary

A new is debate is emerging in the condo market. Shall we allow condos without parking in Downtown Toronto ? Immediately the first answer is supposed to be no following the zoning rule that make compulsory condos to get parkings. Meanwhile that what’s happening on University Avenue close from Dundas  located  exactly at the actual site of  the Royal Military Institute where developer Tribute Communities is building a new condo. The new property will be  a few steps from St Patrick Station, close from restaurants, banks, galleries, theatres and shopping plazas and for all these reasons the developper considers there is no better place in the city to market a building with no parking. Is it just buzz marketing or a new revolution coming? The city council must study the case and the approval of the project would be known at the end of the month nonetheless many acknowledge that this project is reflecting the evolution (demographically and socially) of the city growing in size and density like  Tokyo New-York or Paris, where residents don’t even think to own a car as they live in the midst of everything.  Moreover Adam Vaughan concillor for the area stressed the fact that most of  new condo’s residents are young professionnals without no kids to drop and that many buildings failed to fill their parking lot as the mega condo complex CityPlace where the developers expected 50% of the residents to drive to work but just 25% do. If approved this will be a success for environmentalists and yet Tribute Communities plan to build close from the building a nine spaces for auto-sharing rental cars and parking for bicycles inside the building.

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